Sumitomo Mitsui Trust Group Inc. Sells 88,685 Shares of Lam Research Corporation $LRCX

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Lam Research Corporation (NASDAQ:LRCX) by 3.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,912,268 shares of the semiconductor company’s stock after selling 88,685 shares during the quarter. Lam Research comprises about 0.6% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 28th biggest position. Sumitomo Mitsui Trust Group Inc.’s holdings in Lam Research were worth $956,709,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Paladin Partners LLC acquired a new position in Lam Research during the 2nd quarter valued at about $26,000. William Mack & Associates Inc. acquired a new stake in Lam Research in the third quarter worth about $25,000. Dakota Community Bank & Trust NA acquired a new stake in Lam Research in the third quarter worth about $33,000. Quintet Private Bank Europe S.A. boosted its holdings in Lam Research by 100.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 100 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 50 shares in the last quarter. Finally, Bravera Wealth purchased a new stake in shares of Lam Research during the second quarter worth about $46,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Lam Research

In other news, insider Ava Harter sold 5,000 shares of Lam Research stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company’s stock, valued at $12,843,056.52. The trade was a 10.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the transaction, the director owned 20,995 shares of the company’s stock, valued at approximately $6,607,966.30. This represents a 31.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.31% of the stock is currently owned by company insiders.

Lam Research Stock Performance

NASDAQ LRCX opened at $239.11 on Friday. The stock has a 50-day simple moving average of $294.47 and a two-hundred day simple moving average of $283.78. The firm has a market capitalization of $298.69 billion, a P/E ratio of 35.63, a PEG ratio of 0.89 and a beta of 1.85. Lam Research Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $438.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.86 and a current ratio of 2.48.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.02. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The business had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $8.14 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. The company’s revenue for the quarter was up 54.4% on a year-over-year basis. On average, equities analysts forecast that Lam Research Corporation will post 9.59 earnings per share for the current year.

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd were given a dividend of $0.33 per share. This is an increase from Lam Research’s previous quarterly dividend of $0.26. This represents a $1.32 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, September 23rd. Lam Research’s dividend payout ratio (DPR) is 19.67%.

Analysts Set New Price Targets

Several research firms have recently issued reports on LRCX. Berenberg Bank set a $420.00 price objective on shares of Lam Research in a report on Wednesday, September 9th. Weiss Ratings cut shares of Lam Research from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Wells Fargo & Company reissued an “overweight” rating and set a $350.00 target price (down from $450.00) on shares of Lam Research in a research report on Thursday, July 30th. Mizuho cut their price target on shares of Lam Research from $365.00 to $360.00 and set an “outperform” rating on the stock in a research note on Thursday, October 22nd. Finally, Citigroup restated a “buy” rating and set a $435.00 price target (down from $450.00) on shares of Lam Research in a research note on Thursday, October 22nd. Twenty-six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $360.23.

About Lam Research

Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company’s product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.