PNC Financial Services Group Inc. Sells 31,837 Shares of Lam Research Corporation (NASDAQ:LRCX)

PNC Financial Services Group Inc. lowered its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 1.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,054,734 shares of the semiconductor company’s stock after selling 31,837 shares during the period. PNC Financial Services Group Inc. owned about 0.24% of Lam Research worth $222,079,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Pinnacle Financial Partners Inc bought a new position in shares of Lam Research during the first quarter valued at $201,000. Cerity Partners LLC raised its stake in shares of Lam Research by 781.9% during the fourth quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company’s stock valued at $23,920,000 after acquiring an additional 293,619 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Lam Research during the fourth quarter valued at $6,296,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Lam Research by 27.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company’s stock valued at $3,607,000 after acquiring an additional 10,565 shares during the last quarter. Finally, Pitcairn Co. bought a new position in shares of Lam Research during the fourth quarter valued at $1,013,000. Institutional investors own 84.61% of the company’s stock.

Lam Research Stock Up 1.6%

Lam Research stock opened at $96.37 on Friday. Lam Research Corporation has a fifty-two week low of $56.32 and a fifty-two week high of $102.59. The stock has a market cap of $123.27 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 1.33 and a beta of 1.68. The firm’s 50-day simple moving average is $93.96 and its 200 day simple moving average is $82.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 2.21.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. Research analysts predict that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were issued a dividend of $0.23 per share. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 1.0%. Lam Research’s payout ratio is 22.12%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on LRCX shares. Citigroup raised their price target on shares of Lam Research from $108.00 to $113.00 and gave the company a “buy” rating in a research note on Friday. B. Riley reissued a “buy” rating and set a $115.00 target price (up previously from $95.00) on shares of Lam Research in a research note on Wednesday, June 18th. KeyCorp lifted their target price on shares of Lam Research from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Mizuho lifted their target price on shares of Lam Research from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Summit Insights downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $107.09.

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.