Leavell Investment Management Inc. cut its stake in Lam Research Co. (NASDAQ:LRCX) by 14.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,500 shares of the semiconductor company’s stock after selling 1,250 shares during the period. Leavell Investment Management Inc.’s holdings in Lam Research were worth $1,351,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in LRCX. Oregon Public Employees Retirement Fund boosted its holdings in Lam Research by 35,969.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,760,316 shares of the semiconductor company’s stock valued at $116,000 after purchasing an additional 15,716,622 shares during the period. FMR LLC lifted its holdings in Lam Research by 88.0% during the 4th quarter. FMR LLC now owns 6,652,531 shares of the semiconductor company’s stock worth $905,875,000 after buying an additional 3,114,393 shares during the last quarter. American International Group Inc. lifted its holdings in Lam Research by 1,921.2% during the 4th quarter. American International Group Inc. now owns 2,848,583 shares of the semiconductor company’s stock worth $387,892,000 after buying an additional 2,707,651 shares during the last quarter. Norges Bank purchased a new stake in Lam Research during the 4th quarter worth about $215,477,000. Finally, Parnassus Investments CA lifted its holdings in Lam Research by 114.3% during the 4th quarter. Parnassus Investments CA now owns 1,500,000 shares of the semiconductor company’s stock worth $204,255,000 after buying an additional 800,000 shares during the last quarter. Hedge funds and other institutional investors own 89.12% of the company’s stock.
In other news, insider Patrick J. Lord sold 9,177 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $185.00, for a total transaction of $1,697,745.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kevin Jennings sold 1,553 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was 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 sold a total of 25,476 shares of company stock worth $4,654,783 in the last ninety days. 0.44% of the stock is owned by corporate insiders.
Shares of LRCX stock opened at $194.62 on Wednesday. The stock has a market capitalization of $29.42 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.16 and a beta of 1.52. Lam Research Co. has a 52-week low of $122.64 and a 52-week high of $212.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.61 and a current ratio of 3.39.
Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, January 23rd. The semiconductor company reported $3.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.67 by $0.20. Lam Research had a return on equity of 48.08% and a net margin of 26.69%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the company earned $4.34 EPS. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Lam Research Co. will post 13.89 EPS for the current fiscal year.
Lam Research announced that its Board of Directors has approved a stock buyback program on Wednesday, January 23rd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 23% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Tuesday, March 19th. Lam Research’s dividend payout ratio is presently 24.62%.
LRCX has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Lam Research from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Royal Bank of Canada raised Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 price target for the company in a report on Tuesday, January 29th. KeyCorp decreased their price target on Lam Research from $231.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, January 24th. Deutsche Bank lifted their price target on Lam Research from $160.00 to $180.00 and gave the stock a “hold” rating in a report on Monday, February 25th. Finally, Needham & Company LLC initiated coverage on Lam Research in a report on Friday, December 21st. They set a “buy” rating and a $180.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. Lam Research currently has an average rating of “Hold” and an average price target of $213.51.
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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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