First Citizens Bank & Trust 13F: Cuts LRCX Stake by $15M

First Citizens Bank & Trust has reduced its stake in Lam Research Corporation (LRCX) by 44,310 shares, now holding 61,931 shares worth about $20.3 million as of October 14, 2026. This filing reflects the bank's position from the latest Form 13F with the SEC, showing a 41.7% decrease in its investment.

The bank's move comes during a period when Lam Research shares are trading at $266.20, significantly below their 52-week high of $438.50. Even with this reduction, the company continues to maintain a strong market presence in the semiconductor equipment and materials industry, where it designs and manufactures processing equipment used in making integrated circuits.

Other Institutional Activity in Lam Research

Several other major institutional investors have also adjusted their positions in Lam Research. BlackRock Inc. reduced its holdings by 119,563 shares, ending with 132,727,776 shares valued at approximately $35.2 billion. Meanwhile, Vanguard Capital Management LLC increased its stake by 527,515 shares, bringing its total to 81,683,639 shares worth about $21.7 billion. State Street Corporation added 1,544,077 shares, ending with 60,704,130 shares valued at roughly $16.1 billion. Invesco Ltd. also raised its holdings by 1,857,036 shares, totaling 52,319,973 shares worth about $13.9 billion, while JPMorgan Chase & Co. boosted its stake by 12,604,363 shares, now holding 45,317,479 shares worth about $12.0 billion.

Lam Research Corporation Stock Down 7.2%

As of today, Lam Research trades at $266.20, which is 7.2% lower than its previous close of $286.92. The stock's price is well below its 200-day moving average of $281.50, indicating that the shares are under some pressure in the current market environment. The stock has a market cap of approximately $347.2 billion and a P/E ratio of 52.25, reflecting its high valuation in the semiconductor sector.

Recent Earnings

For the quarter ended June 30, 2026, Lam Research reported revenue of $23.2 billion, marking a 30% increase compared to the previous year. The company's earnings per share (EPS) stood at $5.31, with a net margin of 31.3% and a return on equity (ROE) of 65.1%. The next earnings report is scheduled for October 21, 2026.

Insider Buying and Selling at Lam Research Corporation

Several insiders have recently sold shares in Lam Research. On September 9, 2026, Director Bethany J. Mayer sold 9,557 shares at an average price of $314.74 for a total value of about $3.0 million. CEO Timothy M. Archer sold 30,000 shares at a price of $319.26, totaling approximately $9.6 million. Officer Varadarajan Seshasayee sold 59,750 shares at $291.32, valued at around $17.4 million, while Officer Ava Harter sold 5,000 shares at $302.46 for about $1.5 million.

Analysts Set New Price Targets

On October 5, 2026, Morgan Stanley maintained an Overweight rating on Lam Research with a price target of $385.00, up from a previous target of $367.00. B. Riley Securities also maintained a Buy rating, raising its target to $390.00 from $350.00 on October 1, 2026. UBS maintained a Buy rating with a target of $425.00, although down slightly from $435.00 on September 1, 2026. The consensus among analysts currently stands as a strong buy, with a mean price target of $375.81 based on 31 analyst opinions.

About Lam Research

Lam Research Corporation designs, manufactures, and services semiconductor processing equipment essential for making integrated circuits. The company operates globally, with significant activities in the U.S., China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The reduction in First Citizens Bank & Trust's stake comes amid notable adjustments by other major investors in the semiconductor sector.

Bottom Line

Investors should keep an eye on Lam Research's upcoming earnings report on October 21, 2026, as well as any further institutional filings that might reflect changes in investor sentiment. This 13F filing shows how First Citizens Bank & Trust has adjusted its position, but it's important to remember that these filings reflect past holdings and may not reflect current positions.