State of Michigan Retirement System boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 11.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,085 shares of the semiconductor company’s stock after buying an additional 3,825 shares during the quarter. State of Michigan Retirement System’s holdings in Lam Research were worth $11,996,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its position in Lam Research by 96.1% during the first quarter. PNC Financial Services Group Inc. now owns 406,358 shares of the semiconductor company’s stock valued at $97,525,000 after buying an additional 199,127 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Lam Research by 11.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 60,747 shares of the semiconductor company’s stock valued at $14,579,000 after buying an additional 6,054 shares during the period. Empirical Finance LLC grew its position in Lam Research by 13.7% during the second quarter. Empirical Finance LLC now owns 997 shares of the semiconductor company’s stock valued at $322,000 after buying an additional 120 shares during the period. Balentine LLC bought a new position in Lam Research during the first quarter valued at about $135,000. Finally, CNB Bank grew its position in Lam Research by 10.9% during the second quarter. CNB Bank now owns 428 shares of the semiconductor company’s stock valued at $138,000 after buying an additional 42 shares during the period. Institutional investors own 85.05% of the company’s stock.

Several research firms have commented on LRCX. DA Davidson upped their price objective on shares of Lam Research from $270.00 to $370.00 and gave the company a “neutral” rating in a report on Thursday. Deutsche Bank upped their price objective on shares of Lam Research from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday. Cfra dropped their price objective on shares of Lam Research from $310.00 to $290.00 and set a “hold” rating on the stock in a report on Thursday, April 23rd. Wells Fargo & Co upped their price objective on shares of Lam Research from $270.00 to $370.00 in a report on Thursday. Finally, Barclays upped their price objective on shares of Lam Research from $315.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Six research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $370.35.

NASDAQ:LRCX traded down $1.38 during midday trading on Friday, hitting $377.16. 2,040,329 shares of the company traded hands, compared to its average volume of 1,523,933. The firm’s fifty day moving average is $327.42 and its 200-day moving average is $289.35. Lam Research Co. has a 12-month low of $181.38 and a 12-month high of $381.48. The firm has a market capitalization of $54.75 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.73 and a beta of 1.35. The company has a current ratio of 3.43, a quick ratio of 3.67 and a debt-to-equity ratio of 0.96.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $4.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.20 by $0.58. Lam Research had a return on equity of 49.72% and a net margin of 22.42%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.68 billion. During the same quarter in the prior year, the firm posted $3.62 EPS. Lam Research’s quarterly revenue was up 18.2% compared to the same quarter last year. On average, research analysts expect that Lam Research Co. will post 17.13 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, June 16th. This represents a $4.60 annualized dividend and a yield of 1.22%.

In other Lam Research news, EVP Patrick J. Lord sold 10,719 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $343.00, for a total value of $3,676,617.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Vahid Vahedi sold 10,688 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $330.00, for a total value of $3,527,040.00. The disclosure for this sale can be found here. Insiders sold a total of 33,466 shares of company stock worth $11,250,054 in the last ninety days. 0.43% of the stock is currently owned by corporate insiders.

Lam Research Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.

See Also: Neutral Rating

Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

Receive News & Ratings for Lam Research Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lam Research and related companies with MarketBeat.com's FREE daily email newsletter.