Burney Co. Increases Stake in Lam Research by Over 10%

Burney Co. has expanded its investment in Lam Research Corporation (NASDAQ: LRCX) by 10.4% during the second quarter of this year. According to the firm’s recent filing with the Securities and Exchange Commission (SEC), Burney Co. now holds 324,314 shares of the semiconductor company after acquiring an additional 30,436 shares. This investment makes up approximately 1.1% of Burney Co.’s overall portfolio, ranking it as the firm’s 15th largest position, valued at about $31,569,000 at the conclusion of the latest reporting period.

Other institutional investors have also adjusted their positions in Lam Research recently. Empowered Funds LLC increased its holdings by 10.5% in the first quarter, now owning 187,472 shares worth approximately $13,629,000 following a purchase of 17,833 shares. In a similar move, China Universal Asset Management Co. Ltd. boosted its stake by 27.1% during the same quarter, now holding 49,505 shares valued at $3,607,000.

A significant portion of Lam Research’s stock, approximately 84.61%, is owned by institutional investors and hedge funds.

Analyst Ratings Reflect Positive Sentiment

Recent reports from analysts indicate a generally optimistic outlook on Lam Research’s stock. B. Riley has raised its price target from $160.00 to $175.00, assigning a “buy” rating in a report published on October 20, 2023. KeyCorp also increased its target price from $105.00 to $115.00, granting an “overweight” rating.

Furthermore, JPMorgan Chase & Co. elevated its price target from $113.00 to $165.00, while Needham & Company LLC raised its target from $150.00 to $160.00, both on October 23, 2023. The stock has received a mix of ratings, with one analyst giving a “Strong Buy,” twenty-six recommending a “Buy,” and nine suggesting a “Hold.” According to data from MarketBeat, Lam Research has an average rating of “Moderate Buy” with an average price target of $148.54.

Insider Transactions and Stock Performance

In related news, insider activity has seen some notable transactions. Senior Vice President Vahid Vahedi sold 52,190 shares on October 13, 2023, at an average price of $138.90, totaling approximately $7,249,191.00. Following this sale, Vahedi holds 251,047 shares, valued at around $34,870,428.30, reflecting a 17.21% decrease in ownership.

Additionally, insider Ava Harter sold 9,010 shares on October 27, 2023, at an average price of $157.47, amounting to about $1,418,804.70. Harter’s remaining ownership stands at 56,786 shares, valued at approximately $8,942,091.42, representing a 13.69% decrease in their stake.

As of October 22, 2023, Lam Research had reported earnings of $1.26 per share, exceeding analyst expectations of $1.22. The company achieved revenue of $5.32 billion, surpassing projections of $5.23 billion. With a net margin of 29.66% and a return on equity of 60.60%, Lam Research’s revenue has increased by 27.7% compared to the same quarter last year.

The company recently announced a quarterly dividend of $0.26 per share, up from the previous $0.23. This dividend was paid on October 15, 2023, to shareholders on record as of September 24, 2023, representing an annualized yield of 0.7% with a payout ratio of 22.91%.

Founded in 1980, Lam Research Corporation specializes in semiconductor processing equipment used in integrated circuit fabrication. The company offers a range of products designed to enhance semiconductor manufacturing, including systems for film deposition and plasma-enhanced chemical vapor deposition.

For further details on institutional holdings and insider transactions, investors can visit HoldingsChannel.com to access the latest filings and reports related to Lam Research Corporation.