Cornerstone Capital Management Holdings LLC. trimmed its position in Lam Research Co. (NASDAQ:LRCX) by 7.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 209,061 shares of the semiconductor company’s stock after selling 16,891 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Lam Research were worth $38,479,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. OLD Mission Capital LLC acquired a new position in shares of Lam Research in the 4th quarter valued at $668,000. Elkfork Partners LLC acquired a new position in shares of Lam Research in the 4th quarter valued at $8,634,000. Empire Life Investments Inc. lifted its stake in shares of Lam Research by 1.2% in the 4th quarter. Empire Life Investments Inc. now owns 128,412 shares of the semiconductor company’s stock valued at $23,637,000 after purchasing an additional 1,584 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Lam Research by 40.6% in the 4th quarter. Two Sigma Advisers LP now owns 289,629 shares of the semiconductor company’s stock valued at $53,312,000 after purchasing an additional 83,677 shares during the period. Finally, Stone Ridge Asset Management LLC acquired a new position in shares of Lam Research in the 4th quarter valued at $784,000. Hedge funds and other institutional investors own 90.06% of the company’s stock.
A number of research firms have recently weighed in on LRCX. BidaskClub raised Lam Research from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Vetr downgraded Lam Research from a “strong-buy” rating to a “buy” rating and set a $240.39 price target on the stock. in a research note on Monday. KeyCorp reissued an “outperform” rating and issued a $276.00 price target (up previously from $261.00) on shares of Lam Research in a research note on Tuesday, March 6th. Deutsche Bank increased their price target on Lam Research to $250.00 and gave the company a “buy” rating in a research note on Wednesday, March 7th. Finally, Citigroup reissued a “positive” rating and issued a $290.00 price target (up previously from $260.00) on shares of Lam Research in a research note on Wednesday, March 7th. Twenty-five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $239.28.
Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data 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. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.57 billion. Lam Research had a return on equity of 36.08% and a net margin of 17.60%. The firm’s revenue was up 37.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.24 EPS. analysts expect that Lam Research Co. will post 16.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Tuesday, March 6th. Lam Research’s dividend payout ratio (DPR) is presently 22.05%.
Lam Research declared that its board has initiated a share buyback program on Tuesday, November 14th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other Lam Research news, insider Seshasayee Varadarajan sold 25,453 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $215.00, for a total transaction of $5,472,395.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Timothy Archer sold 6,465 shares of the stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $214.28, for a total value of $1,385,320.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,619 shares of company stock valued at $10,790,107. Corporate insiders own 0.41% of the company’s stock.
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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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