Huntington National Bank Buys 266,527 Shares of Lam Research Co. (NASDAQ:LRCX)

Huntington National Bank boosted its stake in Lam Research Co. (NASDAQ:LRCX) by 944.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 294,762 shares of the semiconductor company’s stock after purchasing an additional 266,527 shares during the period. Huntington National Bank’s holdings in Lam Research were worth $21,291,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LRCX. Financial Perspectives Inc grew its stake in shares of Lam Research by 908.8% during the 4th quarter. Financial Perspectives Inc now owns 343 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 309 shares during the period. Fairway Wealth LLC lifted its holdings in Lam Research by 900.0% during the fourth quarter. Fairway Wealth LLC now owns 340 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 306 shares in the last quarter. Atwood & Palmer Inc. bought a new position in shares of Lam Research in the fourth quarter worth approximately $27,000. Midwest Capital Advisors LLC purchased a new stake in shares of Lam Research in the fourth quarter worth $27,000. Finally, Bell Investment Advisors Inc raised its position in shares of Lam Research by 836.6% during the 4th quarter. Bell Investment Advisors Inc now owns 384 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 343 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $90.00, for a total value of $9,907,200.00. Following the completion of the transaction, the senior vice president now owns 179,084 shares of the company’s stock, valued at $16,117,560. The trade was a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

LRCX has been the subject of several recent analyst reports. Morgan Stanley upped their target price on shares of Lam Research from $76.00 to $78.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Oppenheimer started coverage on Lam Research in a research report on Thursday, March 20th. They set an “outperform” rating and a $95.00 target price for the company. Jefferies Financial Group boosted their price target on Lam Research from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, March 28th. The Goldman Sachs Group cut their price objective on shares of Lam Research from $96.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 10th. Finally, Sanford C. Bernstein upgraded shares of Lam Research from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $85.00 to $91.00 in a research report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and an average target price of $97.59.

Lam Research Trading Up 0.2 %

NASDAQ LRCX opened at $72.83 on Wednesday. Lam Research Co. has a 12 month low of $68.87 and a 12 month high of $113.00. The company’s 50-day moving average price is $79.18 and its 200-day moving average price is $77.30. The stock has a market cap of $93.49 billion, a PE ratio of 22.12, a PEG ratio of 1.47 and a beta of 1.53. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. Equities research analysts forecast that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Wednesday, March 5th. Lam Research’s payout ratio is 27.96%.

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.