Grandview Asset Management LLC lowered its stake in Lam Research Co. (NASDAQ:LRCX) by 21.9% during the first quarter, HoldingsChannel.com reports. The fund owned 4,240 shares of the semiconductor company’s stock after selling 1,188 shares during the quarter. Grandview Asset Management LLC’s holdings in Lam Research were worth $759,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Asset Management Company LTD grew its stake in Lam Research by 360.8% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 263,803 shares of the semiconductor company’s stock valued at $47,223,000 after acquiring an additional 206,558 shares during the period. Raymond James & Associates grew its position in Lam Research by 25.4% in the 1st quarter. Raymond James & Associates now owns 81,961 shares of the semiconductor company’s stock valued at $14,673,000 after acquiring an additional 16,597 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Lam Research by 9.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,804 shares of the semiconductor company’s stock valued at $4,083,000 after acquiring an additional 1,932 shares in the last quarter. Family Firm Inc. acquired a new position in Lam Research in the 1st quarter valued at about $213,000. Finally, Chemical Bank grew its position in Lam Research by 28.7% in the 1st quarter. Chemical Bank now owns 4,014 shares of the semiconductor company’s stock valued at $719,000 after acquiring an additional 896 shares in the last quarter. 89.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lam Research stock traded up $0.73 during trading hours on Thursday, hitting $196.21. 35,767 shares of the company were exchanged, compared to its average volume of 2,370,444. Lam Research Co. has a 1 year low of $122.64 and a 1 year high of $209.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.37 and a quick ratio of 2.79. The stock has a market capitalization of $29.31 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 1.09 and a beta of 1.57.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.38 by $0.32. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the business earned $4.79 earnings per share. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Lam Research Co. will post 14.33 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Tuesday, June 11th. Lam Research’s dividend payout ratio (DPR) is presently 24.62%.
Lam Research announced that its board has authorized a stock buyback plan on Wednesday, January 23rd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 23% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
LRCX has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price target on shares of Lam Research in a report on Thursday, January 24th. Citigroup reiterated a “buy” rating and issued a $215.00 price objective (up previously from $177.00) on shares of Lam Research in a research note on Friday, March 15th. ValuEngine upgraded Lam Research from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Mizuho reiterated a “buy” rating and issued a $180.00 price objective on shares of Lam Research in a research note on Tuesday, April 16th. Finally, Zacks Investment Research upgraded Lam Research from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $224.78.
In other Lam Research news, insider Richard A. Gottscho sold 7,248 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $209.26, for a total value of $1,516,716.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kevin Jennings sold 1,553 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $177.67, for a total value of $275,921.51. The disclosure for this sale can be found here. Insiders have sold 35,125 shares of company stock valued at $6,772,290 in the last 90 days. Company insiders own 0.44% of the company’s stock.
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Lam Research Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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