Magnus Financial Group LLC decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 67.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,208 shares of the semiconductor company’s stock after selling 2,521 shares during the period. Magnus Financial Group LLC’s holdings in Lam Research were worth $216,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in LRCX. ARS Investment Partners LLC increased its position in shares of Lam Research by 1,325.7% in the first quarter. ARS Investment Partners LLC now owns 50,557 shares of the semiconductor company’s stock worth $9,050,000 after acquiring an additional 47,011 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Lam Research by 41,187.0% in the first quarter. Acadian Asset Management LLC now owns 22,295 shares of the semiconductor company’s stock worth $3,991,000 after acquiring an additional 22,241 shares in the last quarter. ARP Americas LP purchased a new position in shares of Lam Research in the first quarter worth approximately $2,202,000. Parametric Portfolio Associates LLC increased its position in shares of Lam Research by 20.5% in the first quarter. Parametric Portfolio Associates LLC now owns 634,194 shares of the semiconductor company’s stock worth $113,527,000 after acquiring an additional 108,066 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Lam Research by 7.4% in the first quarter. First Trust Advisors LP now owns 642,650 shares of the semiconductor company’s stock worth $115,041,000 after acquiring an additional 44,142 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have issued reports on LRCX. Royal Bank of Canada upgraded shares of Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 target price for the company in a research note on Tuesday, January 29th. Citigroup reissued a “buy” rating and issued a $215.00 price target (up previously from $177.00) on shares of Lam Research in a research report on Friday, March 15th. Morgan Stanley lowered shares of Lam Research from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 22nd. Deutsche Bank boosted their target price on shares of Lam Research from $160.00 to $180.00 and gave the stock a “hold” rating in a research report on Monday, February 25th. Finally, KeyCorp boosted their target price on shares of Lam Research from $223.00 to $236.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $224.78.
Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.38 by $0.32. Lam Research had a net margin of 25.64% and a return on equity of 46.66%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the company earned $4.79 EPS. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. Analysts expect that Lam Research Co. will post 14.33 EPS for the current fiscal year.
The company 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 annualized dividend and a dividend yield of 2.42%. Lam Research’s dividend payout ratio is presently 24.62%.
In other news, SVP Kevin Jennings sold 1,553 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $177.67, for a total value of $275,921.51. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick J. Lord sold 9,177 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $185.00, for a total transaction of $1,697,745.00. The disclosure for this sale can be found here. Insiders sold a total of 35,125 shares of company stock worth $6,772,290 in the last 90 days. 0.44% of the stock is 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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