Pinnacle Associates Ltd. decreased its position in Lam Research Co. (NASDAQ:LRCX) by 12.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 710,859 shares of the semiconductor company’s stock after selling 100,823 shares during the period. Lam Research comprises 2.5% of Pinnacle Associates Ltd.’s investment portfolio, making the stock its 2nd biggest position. Pinnacle Associates Ltd. owned approximately 0.44% of Lam Research worth $130,848,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in LRCX. Krilogy Financial LLC boosted its position in Lam Research by 91.6% during the third quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock worth $102,000 after acquiring an additional 263 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Lam Research by 144.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 664 shares of the semiconductor company’s stock valued at $122,000 after acquiring an additional 392 shares during the period. Bollard Group LLC purchased a new stake in shares of Lam Research in the 3rd quarter valued at approximately $130,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Lam Research in the 3rd quarter valued at approximately $134,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Lam Research in the 3rd quarter valued at approximately $185,000. Institutional investors and hedge funds own 90.28% of the company’s stock.
In other Lam Research news, insider Seshasayee Varadarajan sold 25,453 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $215.00, for a total value of $5,472,395.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Patrick J. Lord sold 264 shares of the stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $216.08, for a total transaction of $57,045.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,767 shares of company stock worth $5,540,141. Insiders own 0.41% of the company’s stock.
Shares of Lam Research Co. (NASDAQ LRCX) opened at $193.44 on Wednesday. Lam Research Co. has a 52 week low of $114.82 and a 52 week high of $219.70. The firm has a market cap of $30,620.40, a P/E ratio of 13.71, a P/E/G ratio of 0.76 and a beta of 1.47. The company has a current ratio of 2.47, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, January 24th. The semiconductor company reported $4.34 earnings per share for the quarter, topping the consensus estimate of $3.68 by $0.66. Lam Research had a net margin of 17.60% and a return on equity of 36.08%. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the firm earned $2.24 EPS. The firm’s revenue for the quarter was up 37.1% on a year-over-year basis. analysts predict that Lam Research Co. will post 16.74 earnings per share for the current year.
Lam Research announced that its Board of Directors has approved a share buyback plan on Tuesday, November 14th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Tuesday, March 6th. Lam Research’s dividend payout ratio is presently 22.05%.
A number of equities research analysts have recently issued reports on LRCX shares. Royal Bank of Canada boosted their price target on shares of Lam Research from $210.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, November 15th. B. Riley reissued a “buy” rating and issued a $250.00 price target on shares of Lam Research in a research note on Tuesday, November 14th. Deutsche Bank boosted their price target on shares of Lam Research to $230.00 and gave the company a “buy” rating in a research note on Wednesday, November 15th. KeyCorp reissued a “buy” rating and issued a $225.00 price target on shares of Lam Research in a research note on Sunday, November 19th. Finally, BidaskClub downgraded shares of Lam Research from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $232.41.
About Lam Research
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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