Toronto Dominion Bank lifted its holdings in Lam Research Co. (NASDAQ:LRCX) by 11.9% in the 1st quarter, HoldingsChannel reports. The firm owned 99,997 shares of the semiconductor company’s stock after purchasing an additional 10,601 shares during the quarter. Toronto Dominion Bank’s holdings in Lam Research were worth $17,896,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the stock. We Are One Seven LLC purchased a new position in shares of Lam Research during the 4th quarter worth approximately $26,000. Berman Capital Advisors LLC bought a new position in shares of Lam Research in the 4th quarter worth $26,000. Duncker Streett & Co. Inc. lifted its holdings in shares of Lam Research by 100.0% in the 4th quarter. Duncker Streett & Co. Inc. now owns 200 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 100 shares in the last quarter. Stevens First Principles Investment Advisors bought a new position in shares of Lam Research in the 1st quarter worth $36,000. Finally, Lee Financial Co bought a new position in shares of Lam Research in the 1st quarter worth $36,000. Hedge funds and other institutional investors own 89.70% of the company’s stock.
Shares of LRCX traded up $5.27 during mid-day trading on Friday, hitting $199.73. 53,946 shares of the company’s stock traded hands, compared to its average volume of 1,869,872. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.79 and a current ratio of 3.37. Lam Research Co. has a 1 year low of $122.64 and a 1 year high of $209.50. The stock has a market capitalization of $29.31 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 1.14 and a beta of 1.57.
Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the firm earned $4.79 earnings per share. The business’s revenue was down 15.7% compared to the same quarter last year. Research analysts forecast that Lam Research Co. will post 14.33 EPS for the current fiscal year.
Lam Research announced that its board has authorized a stock buyback plan on Wednesday, January 23rd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 23% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Wednesday, June 12th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $4.40 annualized dividend and a dividend yield of 2.20%. Lam Research’s dividend payout ratio is presently 24.62%.
In related news, SVP Kevin Jennings sold 1,553 shares of Lam Research stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $177.67, for a total transaction of $275,921.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Richard A. Gottscho sold 7,248 shares of Lam Research stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $209.26, for a total value of $1,516,716.48. The disclosure for this sale can be found here. Insiders have sold 35,125 shares of company stock worth $6,772,290 over the last 90 days. 0.44% of the stock is currently owned by corporate insiders.
A number of equities analysts recently issued reports on LRCX shares. Citigroup reiterated a “buy” rating and issued a $215.00 target price (up from $177.00) on shares of Lam Research in a report on Friday, March 15th. Needham & Company LLC restated a “buy” rating and issued a $180.00 target price on shares of Lam Research in a research note on Thursday, January 24th. Credit Suisse Group restated a “buy” rating and issued a $278.00 target price on shares of Lam Research in a research note on Monday, January 21st. Mizuho restated a “buy” rating and issued a $180.00 target price on shares of Lam Research in a research note on Tuesday, April 16th. Finally, B. Riley upgraded Lam Research from a “neutral” rating to a “buy” rating and raised their target price for the stock from $170.00 to $235.00 in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $224.78.
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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