Progressive Investment Management Corp Has $3.06 Million Stake in Lam Research Co. (NASDAQ:LRCX)

Progressive Investment Management Corp boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 869.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,425 shares of the semiconductor company’s stock after purchasing an additional 38,051 shares during the period. Progressive Investment Management Corp’s holdings in Lam Research were worth $3,064,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in LRCX. Parisi Gray Wealth Management increased its stake in shares of Lam Research by 652.9% in the fourth quarter. Parisi Gray Wealth Management now owns 8,350 shares of the semiconductor company’s stock worth $603,000 after acquiring an additional 7,241 shares during the last quarter. Burns J W & Co. Inc. NY acquired a new position in Lam Research in the 4th quarter worth about $815,000. Centerpoint Advisors LLC lifted its holdings in shares of Lam Research by 900.0% during the 4th quarter. Centerpoint Advisors LLC now owns 1,000 shares of the semiconductor company’s stock valued at $72,000 after buying an additional 900 shares during the last quarter. Worldquant Millennium Advisors LLC grew its stake in shares of Lam Research by 51.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 215,420 shares of the semiconductor company’s stock valued at $175,800,000 after buying an additional 73,648 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in Lam Research by 4,085.9% in the third quarter. Benjamin Edwards Inc. now owns 13,395 shares of the semiconductor company’s stock worth $10,932,000 after buying an additional 13,075 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Insider Buying and Selling at Lam Research

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of Lam Research stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the completion of the transaction, the senior vice president now directly owns 179,084 shares of the company’s stock, valued at approximately $16,117,560. This trade represents a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on LRCX. Needham & Company LLC reissued a “buy” rating and issued a $90.00 target price on shares of Lam Research in a research report on Thursday, January 30th. Oppenheimer began coverage on shares of Lam Research in a report on Thursday, March 20th. They issued an “outperform” rating and a $95.00 price objective for the company. Wells Fargo & Company raised their target price on Lam Research from $82.00 to $85.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $100.00 price target on shares of Lam Research in a research note on Tuesday, February 18th. Finally, Susquehanna raised Lam Research from a “neutral” rating to a “positive” rating and raised their price objective for the company from $75.00 to $125.00 in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.59.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $72.61 on Friday. The firm has a market capitalization of $93.21 billion, a PE ratio of 22.06, 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 Co. has a 1-year low of $68.87 and a 1-year high of $113.00. The business’s 50 day moving average is $79.51 and its 200-day moving average is $77.28.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share 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%. Sell-side analysts predict that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Wednesday, March 5th. Lam Research’s dividend 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.