Westpac Banking Corp Raises Position in Lam Research Co. (NASDAQ:LRCX)

Westpac Banking Corp grew its position in Lam Research Co. (NASDAQ:LRCX - Free Report) by 825.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 82,795 shares of the semiconductor company's stock after acquiring an additional 73,845 shares during the period. Westpac Banking Corp's holdings in Lam Research were worth $5,980,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of LRCX. Parisi Gray Wealth Management lifted its stake in Lam Research by 652.9% in the 4th quarter. Parisi Gray Wealth Management now owns 8,350 shares of the semiconductor company's stock valued at $603,000 after buying an additional 7,241 shares in the last quarter. Burns J W & Co. Inc. NY purchased a new stake in shares of Lam Research during the fourth quarter worth approximately $815,000. Centerpoint Advisors LLC raised its stake in Lam Research by 900.0% in the 4th quarter. Centerpoint Advisors LLC now owns 1,000 shares of the semiconductor company's stock valued at $72,000 after purchasing an additional 900 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its holdings in Lam Research by 51.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 215,420 shares of the semiconductor company's stock valued at $175,800,000 after purchasing an additional 73,648 shares in the last quarter. Finally, Transform Wealth LLC acquired a new stake in Lam Research during the 4th quarter worth $17,269,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of the company'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 transaction of $9,907,200.00. Following the completion of the sale, the senior vice president now directly owns 179,084 shares of the company's stock, valued at $16,117,560. This represents a 38.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Remove Ads

Lam Research Stock Up 2.8 %

Shares of NASDAQ LRCX traded up $1.77 during mid-day trading on Tuesday, reaching $63.97. The company had a trading volume of 5,221,761 shares, compared to its average volume of 11,879,396. Lam Research Co. has a 52-week low of $56.32 and a 52-week high of $113.00. The stock has a market cap of $82.11 billion, a P/E ratio of 19.61, a PEG ratio of 1.47 and a beta of 1.52. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51. The firm has a 50 day simple moving average of $77.99 and a two-hundred day simple moving average of $76.98.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.04. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. Sell-side analysts predict that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Investors of record on Wednesday, March 5th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Wednesday, March 5th. Lam Research's dividend payout ratio is currently 27.96%.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on shares of Lam Research from $82.00 to $85.00 and gave the company an "equal weight" rating in a research report on Thursday, January 30th. Sanford C. Bernstein upgraded Lam Research from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $85.00 to $91.00 in a report on Thursday, January 30th. Barclays cut their price objective 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. Mizuho increased their target price on shares of Lam Research from $87.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, Wolfe Research lowered shares of Lam Research from an "outperform" rating to a "peer perform" rating in a report on Wednesday, January 15th. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Lam Research presently has an average rating of "Moderate Buy" and an average price target of $97.59.

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.