Allspring Global Investments Holdings LLC Sells 15,818 Shares of Lam Research Corporation (NASDAQ:LRCX)

Allspring Global Investments Holdings LLC cut its stake in Lam Research Corporation (NASDAQ:LRCX) by 6.5% in the 1st quarter, Holdings Channel reports. The firm owned 227,684 shares of the semiconductor company’s stock after selling 15,818 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lam Research were worth $16,582,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Huntington National Bank raised its stake in Lam Research by 944.0% in the fourth quarter. Huntington National Bank now owns 294,762 shares of the semiconductor company’s stock worth $21,291,000 after buying an additional 266,527 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Lam Research by 781.9% during the 4th quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company’s stock worth $23,920,000 after acquiring an additional 293,619 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in shares of Lam Research in the 4th quarter worth approximately $6,296,000. Pitcairn Co. purchased a new position in shares of Lam Research in the 4th quarter valued at approximately $1,013,000. Finally, First Citizens Bank & Trust Co. boosted its position in shares of Lam Research by 47.8% during the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company’s stock valued at $8,862,000 after purchasing an additional 39,414 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Lam Research Stock Up 2.1%

Shares of LRCX stock opened at $98.83 on Thursday. The company’s fifty day simple moving average is $84.60 and its two-hundred day simple moving average is $78.66. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $113.00. The stock has a market cap of $126.42 billion, a P/E ratio of 27.54, a PEG ratio of 1.37 and a beta of 1.68. The company has a quick ratio of 1.64, a current ratio of 2.45 and a debt-to-equity ratio of 0.39.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.04. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The business had revenue of $4.72 billion during the quarter, compared to analysts’ expectations of $4.64 billion. During the same quarter last year, the business posted $7.79 EPS. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. Analysts predict that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, June 18th. Lam Research’s dividend payout ratio is presently 25.63%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on LRCX shares. Needham & Company LLC reduced their price target on Lam Research from $96.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Bank of America cut their target price on shares of Lam Research from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. B. Riley reiterated a “buy” rating and set a $115.00 target price (up from $95.00) on shares of Lam Research in a research note on Wednesday, June 18th. Morgan Stanley raised their price target on Lam Research from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price objective on Lam Research from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Lam Research presently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

About Lam Research

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.