World Asset Management Inc Reduces Position in Lam Research Co. (NASDAQ:LRCX)

World Asset Management Inc lessened its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 2.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,529 shares of the semiconductor company’s stock after selling 257 shares during the quarter. World Asset Management Inc’s holdings in Lam Research were worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the company. Hexavest Inc. purchased a new position in shares of Lam Research during the 2nd quarter valued at $28,000. Marquette Asset Management LLC purchased a new position in shares of Lam Research during the 3rd quarter valued at $35,000. MUFG Americas Holdings Corp lifted its stake in shares of Lam Research by 75.0% during the 2nd quarter. MUFG Americas Holdings Corp now owns 175 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 75 shares in the last quarter. Next Capital Management LLC purchased a new position in shares of Lam Research during the 2nd quarter valued at $35,000. Finally, HM Payson & Co. purchased a new position in shares of Lam Research during the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 88.53% of the company’s stock.

In other news, SVP Seshasayee Varadarajan sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $240.00, for a total value of $4,800,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Richard A. Gottscho sold 3,741 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $219.00, for a total transaction of $819,279.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,888 shares of company stock worth $14,581,887. 0.43% of the stock is currently owned by insiders.

NASDAQ LRCX traded up $29.48 on Thursday, reaching $262.66. The company had a trading volume of 398,058 shares, compared to its average volume of 1,498,080. The company has a quick ratio of 2.96, a current ratio of 3.61 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $34.02 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 1.60 and a beta of 1.65. The firm’s 50 day moving average price is $233.35 and its 200 day moving average price is $203.94. Lam Research Co. has a 12 month low of $122.64 and a 12 month high of $244.98.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $3.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.17. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.17 billion. Lam Research had a net margin of 22.70% and a return on equity of 43.72%. Lam Research’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.36 EPS. On average, research analysts expect that Lam Research Co. will post 13.54 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Tuesday, October 1st were issued a $1.15 dividend. This is an increase from Lam Research’s previous quarterly dividend of $1.10. This represents a $4.60 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Monday, September 30th. Lam Research’s payout ratio is currently 31.62%.

A number of research analysts recently weighed in on LRCX shares. Cowen restated an “outperform” rating and set a $290.00 target price (up previously from $235.00) on shares of Lam Research in a research note on Thursday. Credit Suisse Group restated an “outperform” rating and set a $300.00 target price (up previously from $278.00) on shares of Lam Research in a research note on Thursday. DA Davidson lifted their target price on shares of Lam Research to $250.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank of Canada lifted their target price on shares of Lam Research from $230.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Nomura lifted their target price on shares of Lam Research from $216.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $252.50.

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 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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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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