Cary Street Partners Asset Management LLC Has $4.79 Million Holdings in Lam Research Co. (NASDAQ:LRCX)

Cary Street Partners Asset Management LLC trimmed its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,118 shares of the semiconductor company’s stock after selling 167 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Lam Research were worth $4,792,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Morgan Stanley lifted its position in shares of Lam Research by 3.2% during the third quarter. Morgan Stanley now owns 1,857,918 shares of the semiconductor company’s stock worth $1,164,490,000 after purchasing an additional 56,824 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Lam Research by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 1,642,367 shares of the semiconductor company’s stock worth $1,029,386,000 after purchasing an additional 159,815 shares in the last quarter. Northern Trust Corp lifted its position in shares of Lam Research by 9.7% during the third quarter. Northern Trust Corp now owns 1,523,215 shares of the semiconductor company’s stock worth $954,705,000 after purchasing an additional 134,558 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Lam Research by 12.3% during the fourth quarter. Van ECK Associates Corp now owns 776,885 shares of the semiconductor company’s stock worth $608,503,000 after purchasing an additional 85,102 shares in the last quarter. Finally, WCM Investment Management LLC raised its stake in shares of Lam Research by 0.6% during the fourth quarter. WCM Investment Management LLC now owns 600,594 shares of the semiconductor company’s stock worth $474,271,000 after buying an additional 3,717 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Stock Performance

Shares of LRCX traded down $26.61 during trading hours on Wednesday, hitting $867.80. The company had a trading volume of 260,719 shares, compared to its average volume of 1,061,882. The firm has a market cap of $113.77 billion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.88 and a beta of 1.51. The business has a fifty day moving average of $943.60 and a 200-day moving average of $815.20. Lam Research Co. has a 12 month low of $507.19 and a 12 month high of $1,007.39. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 EPS for the quarter, topping analysts’ consensus estimates of $7.26 by $0.53. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the firm earned $6.99 earnings per share. Lam Research’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities analysts anticipate that Lam Research Co. will post 29.62 EPS for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Shareholders of record on Wednesday, March 13th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 0.92%. The ex-dividend date was Tuesday, March 12th. Lam Research’s dividend payout ratio (DPR) is 29.42%.

Insiders Place Their Bets

In other news, EVP Patrick J. Lord sold 60 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $921.54, for a total value of $55,292.40. Following the completion of the transaction, the executive vice president now directly owns 4,454 shares in the company, valued at approximately $4,104,539.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Christina Corrreia sold 647 shares of Lam Research stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $628,903.41. Following the sale, the chief accounting officer now directly owns 5,541 shares of the company’s stock, valued at approximately $5,386,018.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrick J. Lord sold 60 shares of Lam Research stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $921.54, for a total transaction of $55,292.40. Following the sale, the executive vice president now directly owns 4,454 shares in the company, valued at $4,104,539.16. The disclosure for this sale can be found here. Insiders sold 7,089 shares of company stock worth $6,614,781 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on LRCX shares. Mizuho boosted their price target on shares of Lam Research from $935.00 to $960.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. upped their target price on shares of Lam Research from $900.00 to $950.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $1,030.00 target price on shares of Lam Research in a research note on Thursday, April 25th. StockNews.com raised shares of Lam Research from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. Finally, Susquehanna lowered their target price on shares of Lam Research from $880.00 to $850.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $950.85.

Lam Research Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.