Everence Capital Management Inc. decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 15.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,870 shares of the semiconductor company’s stock after selling 513 shares during the quarter. Everence Capital Management Inc.’s holdings in Lam Research were worth $514,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Legal & General Group Plc lifted its stake in Lam Research by 0.8% during the third quarter. Legal & General Group Plc now owns 717,304 shares of the semiconductor company’s stock valued at $108,815,000 after buying an additional 5,823 shares in the last quarter. Ipswich Investment Management Co. Inc. bought a new position in Lam Research in the fourth quarter worth $67,000. First Citizens Bank & Trust Co. lifted its position in Lam Research by 206.6% in the fourth quarter. First Citizens Bank & Trust Co. now owns 11,664 shares of the semiconductor company’s stock worth $1,589,000 after purchasing an additional 7,860 shares during the period. American Trust Investment Advisors LLC lifted its position in Lam Research by 62.3% in the fourth quarter. American Trust Investment Advisors LLC now owns 20,421 shares of the semiconductor company’s stock worth $2,781,000 after purchasing an additional 7,840 shares during the period. Finally, Legacy Financial Advisors Inc. lifted its position in Lam Research by 85.0% in the fourth quarter. Legacy Financial Advisors Inc. now owns 433 shares of the semiconductor company’s stock worth $59,000 after purchasing an additional 199 shares during the period. 89.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:LRCX opened at $192.44 on Thursday. Lam Research Co. has a twelve month low of $122.64 and a twelve month high of $209.50. The firm has a market capitalization of $29.31 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.09 and a beta of 1.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.37 and a quick ratio of 2.79.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 12th will be paid a $1.10 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.29%. Lam Research’s dividend payout ratio (DPR) is presently 24.62%.
Lam Research announced that its Board of Directors has approved a share buyback program on Wednesday, January 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 23% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
LRCX has been the subject of several research reports. ValuEngine raised Lam Research from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Credit Suisse Group reaffirmed a “buy” rating and issued a $278.00 target price on shares of Lam Research in a research report on Monday, January 21st. Cowen reissued an “outperform” rating and set a $185.00 price objective (down from $210.00) on shares of Lam Research in a report on Thursday, January 24th. Needham & Company LLC reissued a “buy” rating and set a $180.00 price objective on shares of Lam Research in a report on Thursday, January 24th. Finally, KeyCorp cut their price objective on Lam Research from $231.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, January 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company’s stock. Lam Research has an average rating of “Hold” and an average price target of $224.78.
In related news, insider Patrick J. Lord sold 9,177 shares of Lam Research stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $185.00, for a total value of $1,697,745.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kevin Jennings sold 1,553 shares of Lam Research stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $177.67, for a total value of $275,921.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,125 shares of company stock valued at $6,772,290. 0.44% of the stock is currently owned by corporate insiders.
Lam Research Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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