Truist Financial Corp Sells 21,291 Shares of Lam Research Co. (NASDAQ:LRCX)

Truist Financial Corp cut its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 28.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,289 shares of the semiconductor company’s stock after selling 21,291 shares during the period. Truist Financial Corp’s holdings in Lam Research were worth $40,956,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Orion Capital Management LLC bought a new stake in shares of Lam Research during the 3rd quarter worth $25,000. BluePath Capital Management LLC bought a new stake in shares of Lam Research during the 3rd quarter worth $28,000. OFI Invest Asset Management bought a new stake in shares of Lam Research during the 3rd quarter worth $30,000. Asset Dedication LLC raised its stake in Lam Research by 56.7% in the 3rd quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 17 shares during the period. Finally, Valued Wealth Advisors LLC bought a new stake in Lam Research in the 4th quarter valued at about $30,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Stock Performance

NASDAQ:LRCX opened at $925.37 on Monday. The business has a 50 day moving average of $943.67 and a 200 day moving average of $811.51. The company has a market capitalization of $121.32 billion, a price-to-earnings ratio of 34.03, a PEG ratio of 2.88 and a beta of 1.51. Lam Research Co. has a 1-year low of $493.42 and a 1-year high of $1,007.39. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.26 by $0.53. The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.72 billion. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. Lam Research’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.99 EPS. On average, sell-side analysts predict that Lam Research Co. will post 29.54 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Wednesday, March 13th were given a $2.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $8.00 dividend on an annualized basis and a yield of 0.86%. Lam Research’s payout ratio is 29.42%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on LRCX shares. Evercore ISI started coverage on Lam Research in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Susquehanna lowered their price objective on Lam Research from $880.00 to $850.00 and set a “neutral” rating on the stock in a research note on Thursday. TD Cowen boosted their price objective on Lam Research from $975.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft started coverage on Lam Research in a research note on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on Lam Research from $930.00 to $980.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $950.85.

Insider Buying and Selling

In other Lam Research news, CAO Christina Corrreia sold 647 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the sale, the chief accounting officer now owns 5,541 shares in the company, valued at $5,386,018.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Lam Research news, CAO Christina Corrreia sold 647 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the sale, the chief accounting officer now owns 5,541 shares in the company, valued at $5,386,018.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Seshasayee Varadarajan sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the completion of the sale, the senior vice president now owns 22,095 shares of the company’s stock, valued at approximately $20,380,648.95. The disclosure for this sale can be found here. Insiders sold 7,029 shares of company stock worth $6,559,489 in the last quarter. 0.32% of the stock is owned by insiders.

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.