Published: November 28, 2025
Lam Research Corporation (NASDAQ: LRCX) heads into the shortened Black Friday trading session with its stock trading around the mid‑$150s and up roughly 2% on the day, extending one of 2025’s strongest rallies in the semiconductor equipment space. [1]
Behind today’s move is a fresh wave of institutional filings, a glowing new fundamental scorecard from GuruFocus, and growing attention on the company’s $65 million R&D expansion in Oregon that aims squarely at the AI chip boom. [2]
Lam Research stock on Black Friday: price, valuation and volatility
The U.S. stock market is open on Friday, November 28, 2025, but closes early at 1:00 p.m. Eastern due to the Black Friday schedule. TS2 Tech Within that shortened window, Lam Research shares opened at about $155.14, putting the company’s market capitalization near $195 billion. [3]
Key trading and valuation metrics today include: [4]
- Price: roughly mid‑$150s per share
- Change on the day: about +2.1%, with headlines repeatedly noting “Lam Research stock up 2.1% / trading up 2.1%.”
- 52‑week range:$56.32 – $167.15
- P/E ratio: ~34.2
- P/E/G ratio: ~1.68
- Beta: ~1.87 (higher volatility than the broader market)
- Liquidity: quick ratio ~1.60, current ratio ~2.21, and debt‑to‑equity around 0.37, pointing to a strong balance sheet.
After a 109% year‑to‑date gain as of November 25, Lam has outperformed not only the broader semiconductor industry but also other major chip‑equipment makers like KLA, ASML and Applied Materials. [5] Another analysis earlier this month highlighted a 185% rally from April lows to early November highs above $165, underscoring how explosive the move has been. [6]
With that kind of run, valuation is no longer “cheap” in an absolute sense—but relative to many fast‑growing AI beneficiaries, it’s not extreme either, especially given Lam’s profitability profile.
Today’s big story: a wall of institutional money rotating around LRCX
Most of the November 28 headlines are not about new products or guidance, but about who owns Lam Research now. A cluster of freshly filed 13F disclosures paints a picture of heavy institutional engagement—some large funds adding aggressively, others trimming into strength.
Major new and increased positions
- Norges Bank – Norway’s sovereign wealth fund disclosed a new position of 19,463,578 shares, worth roughly $1.9 billion, representing about 1.52% of Lam Research. [7]
- Grantham Mayo Van Otterloo & Co. (GMO) – Increased its stake by 12.6% in Q2 to 9,677,640 shares, valued near $942 million; Lam is now the firm’s 9th‑largest holding. [8]
- HSBC Holdings – Added 9,555 shares, taking its stake to 3,042,785 shares (about 0.24% of the company) worth roughly $296 million. [9]
- State Board of Administration of Florida Retirement System – Bought an additional 9,216 shares, lifting its holdings to 1,271,816 shares (about $123.8 million, ~0.10% ownership). [10]
- Level Four Advisory Services LLC – Boosted its position by 8.7% to 134,432 shares, valued around $13.1 million. [11]
- Silvant Capital Management LLC – Increased its Lam stake by 18.7%, adding 9,778 shares to reach 62,142 shares, worth about $6.05 million. [12]
Funds trimming exposure
Not all the moves point one way. Among the notable sellers:
- Ceredex Value Advisors LLC – Cut its stake by 59.4% in Q2, selling 542,489 shares and ending the quarter with 371,127 shares (~$36.1 million). [13]
- Groupama Asset Managment – Reduced its holdings by 5.2% to 96,484 shares, valued around $9.38 million. [14]
- Skandinaviska Enskilda Banken AB publ – Trimmed its position by 11.4%, selling 79,148 shares and finishing with 617,838 shares worth about $60.1 million. [15]
Across these reports, one constant keeps popping up: roughly 84–85% of Lam’s float is held by institutions and hedge funds, underscoring how much of the stock is in professional hands. [16]
For everyday investors, that concentrated institutional ownership can cut both ways: it supports liquidity and research coverage, but it can also amplify volatility when big funds decide to rotate en masse—as today’s mixed buying and selling illustrates.
Fundamentals: earnings beat, strong margins and a high “GF Score”
Under the hood, Lam’s financial story remains one of high profitability and robust growth, which helps explain why so much big money is either buying or at least holding on.
Recent earnings and guidance
In its most recent quarter (Lam’s first quarter of fiscal 2026, reported in late October), the company: [17]
- Reported earnings per share (EPS) of $1.26, beating the consensus estimate of $1.22.
- Delivered revenue of $5.32 billion, topping expectations of $5.23 billion and rising about 27.7% year‑over‑year.
- Produced a net margin of ~29.7% and return on equity around 60.6%, very high for a capital‑intensive hardware business.
- Issued Q2 FY2026 EPS guidance of $1.05–$1.25, suggesting continued profitability even if growth normalizes.
Lam also declared a quarterly dividend of $0.26 per share, payable on January 7, 2026 to shareholders of record on December 3. At current prices, that works out to an annualized yield of roughly 0.7% and a payout ratio around 23%, leaving plenty of room for reinvestment and potential dividend growth. [18]
GuruFocus: 94/100 “GF Score”
A new report from GuruFocus published this morning gave Lam Research a GF Score of 94 out of 100, placing it in the platform’s highest band for long‑term outperformance potential. [19]
Key points from that analysis: [20]
- Profitability rank: 10/10, with operating margin for 2025 around 32% and gross margins that have been trending higher over the last five years.
- Growth rank: 10/10, with a 3‑year revenue growth rate of ~5.3% and EBITDA growth in the mid‑single to mid‑teens percentages over three‑ and five‑year periods.
- Financial strength: interest coverage ratio of about 36.8 and an Altman Z‑Score of 14.3, signaling very low bankruptcy risk and a conservative balance sheet.
- Momentum rank: 9/10, a nod to the powerful share price trend.
Taken together, these metrics paint Lam as a company that combines high returns on capital, solid balance‑sheet strength and consistent growth—a mix that helps justify its premium multiple relative to some slower‑growing peers.
Strategic backdrop: $65 million Oregon expansion aimed at the AI era
While today’s headlines are dominated by 13F filings and valuation talk, a key piece of Lam’s longer‑term story is unfolding in Oregon’s “Silicon Forest.”
On November 21, Lam held a ribbon‑cutting ceremony in Tualatin, Oregon, celebrating the opening of “Building G,” a new $65 million, four‑story, 120,000‑square‑foot office facility at its existing campus. [21]
According to the company and local press coverage, the building:
- Adds capacity for up to 700 additional workspaces at Lam’s research and development operations.
- Is part of a multi‑year expansion strategy to scale R&D and infrastructure close to key customers as the semiconductor industry marches toward a projected $1 trillion size in the coming years.
- Was inaugurated alongside Oregon political leaders and community stakeholders, underscoring Lam’s position as a major regional employer and AI‑infrastructure player.
The Tualatin expansion complements Lam’s global footprint and is explicitly framed as an investment to support advanced semiconductor fabrication for AI and data‑center chips—exactly the segments driving much of the company’s current growth. [22]
AI, export risks and what the macro backdrop means for Lam
Lam operates at the center of several powerful, and sometimes conflicting, macro forces:
- AI and data‑center build‑out
Zacks and other analysts have highlighted how AI workloads, high‑bandwidth memory (HBM) and advanced packaging are driving demand for Lam’s etch and deposition tools. Management has previously noted that shipments tied to advanced nodes and packaging exceeded $1 billion in 2024 and could triple to over $3 billion by 2025, underscoring multi‑year tailwinds from AI infrastructure spending. [23] - Export controls and China risk
At the same time, U.S. chip‑equipment makers—including Lam—have warned that tightening export restrictions on sales to China could weigh on revenue and R&D investment. Recent reporting on a new U.S. bill targeting Chinese semiconductor tools notes concerns from firms like Lam that CHIPS Act grant rules might further complicate how equipment is sourced and sold. [24]
The current setup, then, is tumultuous but potentially rewarding: Lam stands to benefit from historic AI‑driven capex cycles while navigating geopolitical constraints that could cap upside or add volatility.
How Wall Street sees Lam Research now
Despite the stock’s big move, analyst sentiment remains broadly constructive:
- Multiple MarketBeat round‑ups indicate 26 Buy ratings vs. 10 Hold ratings and a “Moderate Buy” consensus. [25]
- The average 12‑month price target sits around $152—slightly below where the stock trades today after its recent surge, but many newer targets from bullish firms suggest more upside is possible if AI momentum persists. [26]
That split—strong fundamentals and upbeat research views, but a share price already above the consensus target—is exactly why you’re seeing some institutions adding while others take profits in today’s filings.
Key takeaways for LRCX watchers
For readers following Lam Research stock into the year’s final stretch, today’s flurry of news boils down to a few core themes:
- Price action: LRCX is trading around the mid‑$150s, up roughly 2% in a shortened Black Friday session, and sits not far below its all‑time highs after triple‑digit gains this year. [27]
- Institutional rotation: Sovereign funds, global banks and asset managers are actively adjusting positions—Norges Bank’s new multibillion‑dollar stake stands out on the buy side, while firms like Ceredex, Groupama and Skandinaviska have crystallized profits by selling into strength. [28]
- Fundamental strength: Lam continues to beat earnings expectations, deliver ~30%+ margins, and maintain a fortress‑like balance sheet, all while returning some cash via a modest but growing dividend. [29]
- Strategic AI positioning: The $65 million Tualatin expansion is a tangible sign that Lam is investing to stay at the heart of AI‑era chipmaking, expanding R&D near customers as industry capex ramps. [30]
- Risks: Elevated valuation after a 100%+ YTD rally, high institutional ownership, and ongoing export‑control uncertainty around China could all amplify future volatility. [31]
For long‑term investors, the combination of dominant market position, AI tailwinds and strong financials makes Lam Research a name to keep near the top of any semiconductor watchlist. For short‑term traders, the story is more nuanced: the stock is richly valued and heavily owned, but the same momentum that carried it this far could continue if AI spending and institutional support stay intact.
This article is for informational and educational purposes only and does not constitute financial or investment advice. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
References
1. www.marketbeat.com, 2. www.gurufocus.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.nasdaq.com, 6. www.nasdaq.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. www.marketbeat.com, 12. www.marketbeat.com, 13. www.marketbeat.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. www.gurufocus.com, 20. www.gurufocus.com, 21. www.prnewswire.com, 22. ng.investing.com, 23. www.nasdaq.com, 24. m.economictimes.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.marketbeat.com, 28. www.marketbeat.com, 29. www.marketbeat.com, 30. www.prnewswire.com, 31. www.nasdaq.com
