LPL Financial LLC boosted its position in Lam Research Co. (NASDAQ:LRCX) by 48.9% in the first quarter, HoldingsChannel.com reports. The firm owned 31,516 shares of the semiconductor company’s stock after purchasing an additional 10,344 shares during the quarter. LPL Financial LLC’s holdings in Lam Research were worth $6,403,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LRCX. Harvest Fund Management Co. Ltd bought a new position in shares of Lam Research in the first quarter valued at $116,000. Psagot Investment House Ltd. increased its holdings in shares of Lam Research by 200.0% in the first quarter. Psagot Investment House Ltd. now owns 600 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 400 shares in the last quarter. Field & Main Bank increased its holdings in shares of Lam Research by 127.3% in the first quarter. Field & Main Bank now owns 625 shares of the semiconductor company’s stock valued at $127,000 after buying an additional 350 shares in the last quarter. Focused Wealth Management Inc bought a new position in shares of Lam Research in the fourth quarter valued at $140,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of Lam Research in the first quarter valued at $165,000. Hedge funds and other institutional investors own 88.02% of the company’s stock.
In other news, CEO Martin B. Anstice sold 25,122 shares of the company’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $203.83, for a total value of $5,120,617.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick J. Lord sold 6,208 shares of the company’s stock in a transaction on Friday, April 20th. The stock was sold at an average price of $193.65, for a total transaction of $1,202,179.20. The disclosure for this sale can be found here. Insiders sold 41,330 shares of company stock worth $8,322,796 over the last ninety days. 0.41% of the stock is currently owned by company insiders.
Shares of NASDAQ:LRCX opened at $174.70 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.21 and a current ratio of 2.64. Lam Research Co. has a 12-month low of $139.24 and a 12-month high of $234.88. The firm has a market cap of $28.88 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 0.58 and a beta of 1.43.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.41. Lam Research had a net margin of 18.32% and a return on equity of 41.13%. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the previous year, the business earned $3.10 EPS. The company’s revenue was up 34.3% on a year-over-year basis. sell-side analysts forecast that Lam Research Co. will post 17.5 earnings per share for the current fiscal year.
Lam Research declared that its board has authorized a share buyback program on Tuesday, March 6th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 27th. Stockholders of record on Wednesday, June 6th will be paid a $1.10 dividend. The ex-dividend date is Tuesday, June 5th. This is an increase from Lam Research’s previous quarterly dividend of $0.50. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.52%. Lam Research’s dividend payout ratio is 44.09%.
LRCX has been the topic of several research reports. Vetr cut Lam Research from a “strong-buy” rating to a “buy” rating and set a $240.39 price target on the stock. in a report on Monday, March 12th. DA Davidson upped their price target on Lam Research to $275.00 and gave the company a “buy” rating in a report on Thursday, March 8th. Deutsche Bank upped their price target on Lam Research to $250.00 and gave the company a “buy” rating in a report on Wednesday, March 7th. Mizuho initiated coverage on Lam Research in a report on Tuesday, March 27th. They issued a “buy” rating and a $250.00 price target on the stock. Finally, Bank of America initiated coverage on Lam Research in a report on Wednesday, March 21st. They issued a “buy” rating and a $305.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $254.66.
Lam Research Company Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures.
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