Prudential Financial Inc. reduced its holdings in Lam Research Co. (NASDAQ:LRCX) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 331,044 shares of the semiconductor company’s stock after selling 4,921 shares during the period. Prudential Financial Inc. owned about 0.20% of Lam Research worth $61,256,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Atlantic Trust Group LLC purchased a new stake in shares of Lam Research in the 3rd quarter valued at $1,322,000. Parametric Portfolio Associates LLC lifted its stake in shares of Lam Research by 6.3% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 478,723 shares of the semiconductor company’s stock valued at $88,583,000 after purchasing an additional 28,443 shares during the period. Shelton Capital Management lifted its stake in shares of Lam Research by 91.0% in the 3rd quarter. Shelton Capital Management now owns 33,168 shares of the semiconductor company’s stock valued at $6,137,000 after purchasing an additional 15,800 shares during the period. Central Asset Investments & Management Holdings HK Ltd lifted its stake in shares of Lam Research by 300.3% in the 3rd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 11,340 shares of the semiconductor company’s stock valued at $2,098,000 after purchasing an additional 8,507 shares during the period. Finally, Moors & Cabot Inc. acquired a new position in shares of Lam Research in the 3rd quarter valued at $425,000. 93.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lam Research Co. (NASDAQ LRCX) opened at $188.51 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.31 and a quick ratio of 2.83. Lam Research Co. has a 1-year low of $108.46 and a 1-year high of $219.70. The stock has a market cap of $30,530.00, a PE ratio of 17.22, a P/E/G ratio of 0.86 and a beta of 1.57.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.27 by $0.19. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.46 billion. Lam Research had a net margin of 22.85% and a return on equity of 30.19%. Lam Research’s revenue was up 51.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.81 earnings per share. research analysts expect that Lam Research Co. will post 14.74 EPS for the current fiscal year.
Lam Research declared that its board has approved a stock buyback plan on Tuesday, November 14th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.06%. The ex-dividend date was Tuesday, December 5th. This is a positive change from Lam Research’s previous quarterly dividend of $0.45. Lam Research’s dividend payout ratio (DPR) is 18.26%.
In other Lam Research news, Director Stephen G. Newberry sold 750 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $195.09, for a total transaction of $146,317.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael R. Cannon sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $212.43, for a total transaction of $1,911,870.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,019 shares of company stock valued at $6,761,951. 0.41% of the stock is currently owned by insiders.
LRCX has been the subject of several analyst reports. KeyCorp reiterated an “outperform” rating and issued a $202.00 target price on shares of Lam Research in a research note on Saturday, September 16th. Zacks Investment Research cut shares of Lam Research from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 26th. DA Davidson restated a “buy” rating and set a $215.00 price objective on shares of Lam Research in a research report on Thursday, October 12th. Needham & Company LLC restated a “buy” rating and set a $220.00 price objective (up from $200.00) on shares of Lam Research in a research report on Friday, October 13th. Finally, Vetr cut shares of Lam Research from a “buy” rating to a “hold” rating and set a $196.77 price objective for the company. in a research report on Monday, October 16th. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Lam Research currently has an average rating of “Buy” and a consensus price target of $213.83.
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Lam Research Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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