Burney Co. Has $15.36 Million Stock Position in Lam Research Co. (NASDAQ:LRCX)

Burney Co. cut its stake in Lam Research Co. (NASDAQ:LRCX) by 8.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,888 shares of the semiconductor company’s stock after selling 2,085 shares during the period. Lam Research comprises approximately 0.7% of Burney Co.’s holdings, making the stock its 25th largest holding. Burney Co.’s holdings in Lam Research were worth $15,357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of LRCX. Aspire Private Capital LLC bought a new position in shares of Lam Research during the first quarter valued at $14,424,035,000. Steward Financial Group LLC bought a new stake in Lam Research during the second quarter worth about $32,000. First Manhattan CO. LLC. grew its stake in Lam Research by 117.2% during the first quarter. First Manhattan CO. LLC. now owns 63 shares of the semiconductor company’s stock worth $33,000 after buying an additional 34 shares during the last quarter. Cornerstone Management Inc. raised its stake in shares of Lam Research by 225.0% in the first quarter. Cornerstone Management Inc. now owns 65 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 45 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in shares of Lam Research by 41.3% in the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 65 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 19 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on LRCX shares. Wells Fargo & Company lifted their price objective on Lam Research from $620.00 to $650.00 in a research report on Thursday, July 27th. Barclays upped their price target on shares of Lam Research from $575.00 to $600.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 27th. Raymond James began coverage on shares of Lam Research in a research report on Tuesday, October 17th. They issued an “outperform” rating and a $725.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Lam Research from $720.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, October 19th. Finally, StockNews.com assumed coverage on shares of Lam Research in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Lam Research presently has a consensus rating of “Moderate Buy” and an average target price of $660.00.

Lam Research Trading Up 1.7 %

Shares of Lam Research stock traded up $11.67 during trading on Tuesday, hitting $685.10. 159,537 shares of the company were exchanged, compared to its average volume of 1,219,794. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.06 and a quick ratio of 1.94. The firm has a market capitalization of $90.29 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 4.74 and a beta of 1.52. The firm’s fifty day moving average price is $632.29 and its 200 day moving average price is $628.63. Lam Research Co. has a 1-year low of $397.06 and a 1-year high of $726.53.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 18th. The semiconductor company reported $6.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.15 by $0.70. The firm had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Lam Research had a net margin of 25.08% and a return on equity of 50.02%. The business’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.42 earnings per share. As a group, sell-side analysts expect that Lam Research Co. will post 27.65 earnings per share for the current fiscal year.

Lam Research Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 13th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Tuesday, December 12th. This is an increase from Lam Research’s previous quarterly dividend of $0.28. Lam Research’s dividend payout ratio (DPR) is presently 27.20%.

Insiders Place Their Bets

In other news, EVP Patrick J. Lord sold 1,845 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $675.00, for a total transaction of $1,245,375.00. Following the sale, the executive vice president now owns 11,737 shares of the company’s stock, valued at $7,922,475. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Patrick J. Lord sold 1,845 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $675.00, for a total transaction of $1,245,375.00. Following the completion of the sale, the executive vice president now owns 11,737 shares of the company’s stock, valued at $7,922,475. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 882 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $627.75, for a total transaction of $553,675.50. Following the completion of the sale, the director now directly owns 12,117 shares in the company, valued at $7,606,446.75. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.

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.