State of Michigan Retirement System Acquires 339,320 Shares of Lam Research Co. (NASDAQ:LRCX)

State of Michigan Retirement System increased its holdings in Lam Research Co. (NASDAQ:LRCX) by 891.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 377,400 shares of the semiconductor company’s stock after acquiring an additional 339,320 shares during the quarter. State of Michigan Retirement System’s holdings in Lam Research were worth $27,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Lam Research by 2,400.0% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 200 shares of the semiconductor company’s stock worth $163,000 after acquiring an additional 192 shares in the last quarter. Insight Wealth Partners LLC bought a new position in shares of Lam Research in the 3rd quarter worth about $202,000. B&L Asset Management LLC purchased a new stake in Lam Research during the 3rd quarter valued at about $204,000. Dynamic Technology Lab Private Ltd purchased a new stake in Lam Research during the 3rd quarter valued at about $220,000. Finally, Concorde Asset Management LLC purchased a new stake in Lam Research during the 3rd quarter valued at about $242,000. 84.61% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 179,084 shares in the company, valued at approximately $16,117,560. The trade was a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on LRCX shares. Wells Fargo & Company increased their price objective on shares of Lam Research from $82.00 to $85.00 and gave the company an “equal weight” rating in a research report on Thursday, January 30th. Susquehanna raised shares of Lam Research from a “neutral” rating to a “positive” rating and increased their price objective for the company from $75.00 to $125.00 in a research report on Thursday, February 20th. Mizuho increased their price objective on shares of Lam Research from $87.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays cut their price objective on shares of Lam Research from $90.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Finally, Sanford C. Bernstein raised shares of Lam Research from a “market perform” rating to an “outperform” rating and raised their price target for the company from $85.00 to $91.00 in a report on Thursday, January 30th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Lam Research currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.22.

Lam Research Price Performance

NASDAQ LRCX opened at $75.78 on Tuesday. Lam Research Co. has a 12 month low of $68.87 and a 12 month high of $113.00. The stock has a market cap of $97.28 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 1.47 and a beta of 1.46. The company’s 50 day moving average is $78.98 and its two-hundred day moving average is $77.96. 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 released its quarterly earnings data on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. As a group, research analysts anticipate that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, March 5th. Lam Research’s payout ratio is currently 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.