Deroy & Devereaux Private Investment Counsel Inc. trimmed its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,591 shares of the semiconductor company’s stock after selling 7,850 shares during the period. Lam Research comprises approximately 2.1% of Deroy & Devereaux Private Investment Counsel Inc.’s holdings, making the stock its 7th biggest holding. Deroy & Devereaux Private Investment Counsel Inc. owned 0.07% of Lam Research worth $20,356,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of Lam Research by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 5,014,215 shares of the semiconductor company’s stock valued at $927,828,000 after acquiring an additional 271,546 shares in the last quarter. Nordea Investment Management AB increased its stake in Lam Research by 66.0% during the 3rd quarter. Nordea Investment Management AB now owns 1,575,269 shares of the semiconductor company’s stock worth $291,488,000 after buying an additional 626,034 shares during the period. Old Mutual Global Investors UK Ltd. increased its position in shares of Lam Research by 3.2% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 907,278 shares of the semiconductor company’s stock worth $167,882,000 after purchasing an additional 28,318 shares during the last quarter. Alkeon Capital Management LLC increased its position in shares of Lam Research by 1.2% in the 3rd quarter. Alkeon Capital Management LLC now owns 827,493 shares of the semiconductor company’s stock worth $153,119,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Lam Research by 2.0% in the 3rd quarter. Legal & General Group Plc now owns 820,678 shares of the semiconductor company’s stock worth $151,850,000 after purchasing an additional 15,912 shares during the last quarter. 92.49% of the stock is owned by hedge funds and other institutional investors.
In other Lam Research news, Director Michael R. Cannon sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $212.43, for a total transaction of $1,911,870.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Martin B. Anstice sold 21,955 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $211.16, for a total value of $4,636,017.80. The disclosure for this sale can be found here. Insiders sold 56,722 shares of company stock worth $12,088,028 over the last quarter. 0.41% of the stock is currently owned by company insiders.
Shares of Lam Research Co. (LRCX) traded down $0.39 during trading on Wednesday, hitting $172.56. 2,840,700 shares of the stock were exchanged, compared to its average volume of 3,863,394. Lam Research Co. has a 52 week low of $113.20 and a 52 week high of $219.70. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.09 and a current ratio of 2.47. The company has a market capitalization of $27,950.00, a PE ratio of 19.84, a PEG ratio of 0.70 and a beta of 1.47.
Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, January 24th. The semiconductor company reported $4.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.68 by $0.66. Lam Research had a return on equity of 36.08% and a net margin of 17.60%. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the firm earned $2.24 earnings per share. The business’s quarterly revenue was up 37.1% on a year-over-year basis. equities analysts anticipate that Lam Research Co. will post 16.74 EPS for the current year.
Lam Research declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 14th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 28th. Investors of record on Wednesday, March 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Tuesday, March 6th. Lam Research’s payout ratio is presently 22.03%.
LRCX has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price objective on shares of Lam Research from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. DA Davidson reissued a “buy” rating on shares of Lam Research in a research note on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $225.00 price target (up from $202.00) on shares of Lam Research in a research note on Wednesday, October 18th. B. Riley reaffirmed a “buy” rating and issued a $250.00 price target on shares of Lam Research in a research note on Tuesday, November 14th. Finally, Argus boosted their price target on shares of Lam Research from $196.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Lam Research currently has an average rating of “Buy” and an average target price of $232.41.
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About Lam Research
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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