AMF Tjanstepension AB lessened its stake in Lam Research Co. (NASDAQ:LRCX – Free Report) by 7.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,027 shares of the semiconductor company’s stock after selling 2,676 shares during the period. AMF Tjanstepension AB’s holdings in Lam Research were worth $20,606,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Cranbrook Wealth Management LLC raised its position in Lam Research by 450.0% in the first quarter. Cranbrook Wealth Management LLC now owns 55 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Webster Bank N. A. acquired a new position in Lam Research in the first quarter worth about $33,000. First Manhattan CO. LLC. raised its position in Lam Research by 117.2% in the first quarter. First Manhattan CO. LLC. now owns 63 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 34 shares in the last quarter. Cornerstone Management Inc. increased its holdings in shares of Lam Research by 225.0% during the first quarter. Cornerstone Management Inc. now owns 65 shares of the semiconductor company’s stock worth $34,000 after buying an additional 45 shares in the last quarter. Finally, Chilton Capital Management LLC acquired a new stake in shares of Lam Research during the first quarter worth approximately $36,000. Institutional investors own 84.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the stock. B. Riley raised their price objective on shares of Lam Research from $500.00 to $650.00 in a report on Monday, July 17th. Susquehanna raised their price objective on shares of Lam Research from $540.00 to $615.00 in a report on Thursday, July 27th. Barclays raised their price target on shares of Lam Research from $575.00 to $600.00 and gave the company an “equal weight” rating in a report on Thursday, July 27th. Stifel Nicolaus raised their price objective on shares of Lam Research from $725.00 to $750.00 and gave the company a “buy” rating in a research note on Monday, August 28th. Finally, Citigroup raised their price objective on shares of Lam Research from $695.00 to $800.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $570.79.
Insider Transactions at Lam Research
In other Lam Research news, CAO Christina Corrreia sold 1,627 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $708.85, for a total transaction of $1,153,298.95. Following the sale, the chief accounting officer now owns 6,109 shares in the company, valued at approximately $4,330,364.65. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Christina Corrreia sold 1,627 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $708.85, for a total value of $1,153,298.95. Following the completion of the transaction, the chief accounting officer now directly owns 6,109 shares of the company’s stock, valued at $4,330,364.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Abhijit Y. Talwalkar sold 882 shares of Lam Research stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $642.86, for a total transaction of $567,002.52. Following the transaction, the director now directly owns 12,999 shares of the company’s stock, valued at $8,356,537.14. The disclosure for this sale can be found here. Insiders have sold 18,159 shares of company stock worth $12,926,580 in the last quarter. Company insiders own 0.35% of the company’s stock.
Lam Research Price Performance
Shares of LRCX stock traded down $1.58 during trading hours on Thursday, reaching $657.08. The stock had a trading volume of 61,386 shares, compared to its average volume of 1,249,549. Lam Research Co. has a 12 month low of $299.59 and a 12 month high of $726.53. The firm has a market capitalization of $87.07 billion, a PE ratio of 19.88, a PEG ratio of 4.09 and a beta of 1.49. The company has a current ratio of 3.16, a quick ratio of 2.01 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $666.56 and its 200 day simple moving average is $590.21.
Lam Research (NASDAQ:LRCX – Get Free Report) last issued its earnings results on Wednesday, July 26th. The semiconductor company reported $5.98 EPS for the quarter, topping the consensus estimate of $5.03 by $0.95. The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.13 billion. Lam Research had a net margin of 25.88% and a return on equity of 57.40%. The firm’s revenue for the quarter was down 30.8% on a year-over-year basis. During the same period in the previous year, the firm earned $8.83 earnings per share. On average, equities research analysts predict that Lam Research Co. will post 26.75 EPS for the current year.
Lam Research Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Tuesday, September 12th. Lam Research’s payout ratio is presently 24.14%.
About Lam Research
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.
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