Moors & Cabot Inc. Sells 610 Shares of Lam Research Co. (NASDAQ:LRCX)

Moors & Cabot Inc. lessened its position in shares of Lam Research Co. (NASDAQ:LRCX) by 19.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,523 shares of the semiconductor company’s stock after selling 610 shares during the period. Moors & Cabot Inc.’s holdings in Lam Research were worth $1,622,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Lam Research by 97,796.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 131,092,612 shares of the semiconductor company’s stock worth $84,274,197,000 after acquiring an additional 130,958,702 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in Lam Research by 117,180.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 32,822,222 shares of the semiconductor company’s stock worth $13,795,180,000 after buying an additional 32,794,236 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Lam Research by 1,018.4% during the first quarter. Envestnet Asset Management Inc. now owns 3,507,601 shares of the semiconductor company’s stock worth $169,077,000 after acquiring an additional 3,193,985 shares in the last quarter. GQG Partners LLC acquired a new stake in Lam Research in the first quarter valued at $913,330,000. Finally, Norges Bank bought a new stake in shares of Lam Research in the 4th quarter valued at about $619,226,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

Insider Activity

In other Lam Research news, EVP Patrick J. Lord sold 1,845 shares of Lam Research stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $691.67, for a total transaction of $1,276,131.15. Following the transaction, the executive vice president now directly owns 9,892 shares of the company’s stock, valued at approximately $6,841,999.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Lam Research news, Director Abhijit Y. Talwalkar sold 882 shares of the stock in a transaction dated Monday, October 2nd. The stock was 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 approximately $7,606,446.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Patrick J. Lord sold 1,845 shares of Lam Research stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $691.67, for a total value of $1,276,131.15. Following the completion of the transaction, the executive vice president now directly owns 9,892 shares of the company’s stock, valued at $6,841,999.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,572 shares of company stock valued at $3,075,182. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on LRCX. JPMorgan Chase & Co. cut their price target on Lam Research from $720.00 to $700.00 and set an “overweight” rating for the company in a report on Thursday, October 19th. Evercore ISI reduced their price target on Lam Research from $750.00 to $700.00 in a research note on Thursday, October 5th. StockNews.com started coverage on Lam Research in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Needham & Company LLC raised shares of Lam Research from a “hold” rating to a “buy” rating and set a $800.00 target price for the company in a research report on Friday, October 13th. Finally, Stifel Nicolaus raised their price target on shares of Lam Research from $725.00 to $750.00 and gave the stock a “buy” rating in a research report on Monday, August 28th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $660.00.

Lam Research Price Performance

Shares of LRCX traded up $8.10 during midday trading on Thursday, hitting $706.00. The company’s stock had a trading volume of 149,951 shares, compared to its average volume of 1,215,694. Lam Research Co. has a one year low of $397.06 and a one year high of $726.53. The company has a quick ratio of 1.94, a current ratio of 3.06 and a debt-to-equity ratio of 0.62. The company’s fifty day simple moving average is $632.20 and its two-hundred day simple moving average is $630.31. The stock has a market capitalization of $93.04 billion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 4.66 and a beta of 1.52.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, October 18th. The semiconductor company reported $6.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.15 by $0.70. The company had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.42 billion. Lam Research had a net margin of 25.08% and a return on equity of 50.02%. The company’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period in the prior year, the business earned $10.42 earnings per share. As a group, equities 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 declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th will be given a $2.00 dividend. This is a boost from Lam Research’s previous quarterly dividend of $0.28. This represents a $8.00 annualized dividend and a yield of 1.13%. The ex-dividend date is Tuesday, December 12th. Lam Research’s dividend payout ratio is 27.20%.

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.