PNC Financial Services Group Inc. Buys 2,774,135 Shares of Lam Research Co. (NASDAQ:LRCX)

PNC Financial Services Group Inc. increased its holdings in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 887.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,086,571 shares of the semiconductor company's stock after buying an additional 2,774,135 shares during the quarter. PNC Financial Services Group Inc. owned 0.24% of Lam Research worth $222,943,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fisher Asset Management LLC lifted its position in shares of Lam Research by 892.7% during the 4th quarter. Fisher Asset Management LLC now owns 18,578,181 shares of the semiconductor company's stock worth $1,341,902,000 after buying an additional 16,706,708 shares during the last quarter. Bank of New York Mellon Corp raised its position in Lam Research by 860.4% in the fourth quarter. Bank of New York Mellon Corp now owns 11,786,808 shares of the semiconductor company's stock valued at $851,361,000 after purchasing an additional 10,559,508 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Lam Research by 931.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,482,429 shares of the semiconductor company's stock valued at $612,686,000 after purchasing an additional 7,659,830 shares during the last quarter. State Street Corp raised its position in Lam Research by 1.6% in the third quarter. State Street Corp now owns 5,886,676 shares of the semiconductor company's stock valued at $4,817,113,000 after purchasing an additional 94,086 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Lam Research by 827.2% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,160,523 shares of the semiconductor company's stock valued at $228,285,000 after purchasing an additional 2,819,668 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Remove Ads

Insider Buying and Selling at Lam Research

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $90.00, for a total value of $9,907,200.00. Following the completion of the sale, the senior vice president now owns 179,084 shares of the company's stock, valued at approximately $16,117,560. This trade represents a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Lam Research Trading Up 3.3 %

NASDAQ LRCX traded up $2.54 during trading hours on Friday, hitting $79.01. 14,157,556 shares of the company's stock were exchanged, compared to its average volume of 11,054,669. The stock has a 50-day simple moving average of $79.30 and a 200 day simple moving average of $77.74. Lam Research Co. has a 1-year low of $68.87 and a 1-year high of $113.00. The firm has a market cap of $101.42 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 1.47 and a beta of 1.53. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The semiconductor company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. On average, equities analysts forecast that Lam Research Co. will post 3.71 EPS for the current fiscal year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.16%. Lam Research's dividend payout ratio (DPR) is presently 27.96%.

Analyst Ratings Changes

Several research firms have commented on LRCX. Barclays dropped their target price on Lam Research from $90.00 to $75.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. The Goldman Sachs Group dropped their target price on Lam Research from $96.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, January 10th. Wolfe Research downgraded Lam Research from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, January 15th. Morgan Stanley raised their price objective on Lam Research from $76.00 to $78.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. Finally, Sanford C. Bernstein upgraded Lam Research from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $85.00 to $91.00 in a research report on Thursday, January 30th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Lam Research has a consensus rating of "Moderate Buy" and a consensus target price of $98.22.

Lam Research Company Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.