Allspring Global Investments Holdings LLC Boosts Stock Position in Lam Research Co. (NASDAQ:LRCX)

Allspring Global Investments Holdings LLC raised its position in shares of Lam Research Co. (NASDAQ:LRCX) by 39.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,338 shares of the semiconductor company’s stock after buying an additional 5,484 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Lam Research were worth $15,781,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Lam Research in the second quarter valued at approximately $32,000. RFP Financial Group LLC grew its stake in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after buying an additional 12 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Lam Research during the 2nd quarter worth $40,000. Country Trust Bank purchased a new stake in Lam Research in the second quarter valued at about $43,000. Finally, MFA Wealth Advisors LLC acquired a new stake in Lam Research in the second quarter worth about $45,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LRCX has been the topic of several recent analyst reports. StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. TD Cowen raised their price target on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus reissued a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of Lam Research in a research report on Thursday. Wells Fargo & Company lowered their price target on Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, UBS Group cut their price objective on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $97.03.

Lam Research Price Performance

NASDAQ:LRCX opened at $77.68 on Friday. The firm has a market cap of $100.68 billion, a P/E ratio of 26.96, a price-to-earnings-growth ratio of 1.89 and a beta of 1.47. The stock has a 50 day moving average of $79.44 and a two-hundred day moving average of $89.84. Lam Research Co. has a 12 month low of $57.44 and a 12 month high of $113.00. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The firm had revenue of $4.17 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the prior year, the company earned $6.85 EPS. The firm’s revenue was up 19.7% compared to the same quarter last year. On average, analysts expect that Lam Research Co. will post 3.23 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Tuesday, September 17th. Lam Research’s dividend payout ratio is currently 31.72%.

Insider Activity

In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Lam Research 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.