Metropolitan Life Insurance Co NY cut its holdings in Lam Research Co. (NASDAQ:LRCX – Free Report) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,855 shares of the semiconductor company’s stock after selling 181 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Lam Research were worth $3,764,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich grew its position in Lam Research by 97,796.1% during the 2nd 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 during the last quarter. Moneta Group Investment Advisors LLC boosted its stake in shares of 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 valued at $13,795,180,000 after purchasing an additional 32,794,236 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Lam Research by 1,018.4% in the first quarter. Envestnet Asset Management Inc. now owns 3,507,601 shares of the semiconductor company’s stock worth $169,077,000 after purchasing an additional 3,193,985 shares during the last quarter. GQG Partners LLC purchased a new position in shares of Lam Research in the first quarter worth $913,330,000. Finally, Norges Bank bought a new stake in Lam Research during the 4th quarter valued at $619,226,000. 84.08% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Patrick J. Lord sold 1,845 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $675.00, for a total value of $1,245,375.00. Following the completion of the transaction, the executive vice president now directly owns 11,737 shares in the company, valued at approximately $7,922,475. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Patrick J. Lord sold 1,845 shares of Lam Research stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $675.00, for a total value of $1,245,375.00. Following the completion of the sale, the executive vice president now directly owns 11,737 shares in the company, valued at approximately $7,922,475. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Patrick J. Lord sold 2,832 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $700.00, for a total value of $1,982,400.00. Following the completion of the transaction, the executive vice president now directly owns 9,892 shares of the company’s stock, valued at approximately $6,924,400. The disclosure for this sale can be found here. Insiders have sold a total of 7,404 shares of company stock worth $5,057,582 over the last 90 days. 0.32% of the stock is currently owned by insiders.
Lam Research Stock Performance
Lam Research (NASDAQ:LRCX – Get Free Report) last released its earnings results on Wednesday, October 18th. The semiconductor company reported $6.85 EPS for the quarter, topping analysts’ consensus estimates of $6.15 by $0.70. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.42 billion. Lam Research had a return on equity of 50.02% and a net margin of 25.08%. The company’s quarterly revenue was down 31.4% on a year-over-year basis. During the same period in the prior year, the firm posted $10.42 earnings per share. On average, equities research analysts predict that Lam Research Co. will post 27.65 earnings per share for the current fiscal year.
Lam Research Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. 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 1.11%. Lam Research’s payout ratio is 27.20%.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price objective 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. Wells Fargo & Company upped their price target on Lam Research from $620.00 to $650.00 in a research report on Thursday, July 27th. StockNews.com began coverage on Lam Research in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Wolfe Research started coverage on Lam Research in a report on Thursday, September 14th. They set an “outperform” rating and a $825.00 target price for the company. Finally, UBS Group dropped their price target on Lam Research from $750.00 to $725.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Lam Research presently has an average rating of “Moderate Buy” and an average target price of $660.00.
Lam Research Company 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.
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