Investec Asset Management North America Inc. cut its position in shares of Lam Research Corporation (NASDAQ:LRCX) by 86.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,601 shares of the semiconductor company’s stock after selling 103,959 shares during the quarter. Investec Asset Management North America Inc.’s holdings in Lam Research Corporation were worth $2,348,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of LRCX. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Lam Research Corporation by 5.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 560,705 shares of the semiconductor company’s stock valued at $79,301,000 after purchasing an additional 28,662 shares in the last quarter. Main Street Research LLC grew its stake in Lam Research Corporation by 3.6% in the second quarter. Main Street Research LLC now owns 97,974 shares of the semiconductor company’s stock valued at $13,856,000 after purchasing an additional 3,367 shares in the last quarter. Van ECK Associates Corp grew its stake in Lam Research Corporation by 81.0% in the first quarter. Van ECK Associates Corp now owns 239,488 shares of the semiconductor company’s stock valued at $30,741,000 after purchasing an additional 107,149 shares in the last quarter. Pacad Investment Ltd. grew its stake in Lam Research Corporation by 252.5% in the second quarter. Pacad Investment Ltd. now owns 36,369 shares of the semiconductor company’s stock valued at $5,144,000 after purchasing an additional 26,052 shares in the last quarter. Finally, Highland Capital Management LLC bought a new position in Lam Research Corporation in the second quarter valued at approximately $578,000. Institutional investors and hedge funds own 93.96% of the company’s stock.
Lam Research Corporation (NASDAQ:LRCX) traded up 2.23% during mid-day trading on Monday, reaching $176.85. The company had a trading volume of 519,179 shares. The company’s 50-day moving average is $161.26 and its 200-day moving average is $147.54. Lam Research Corporation has a one year low of $90.56 and a one year high of $177.83. The stock has a market capitalization of $28.73 billion, a PE ratio of 19.14 and a beta of 1.47.
Lam Research Corporation (NASDAQ:LRCX) last released its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.09. Lam Research Corporation had a return on equity of 26.78% and a net margin of 21.19%. The company had revenue of $2.34 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the company posted $1.80 earnings per share. Lam Research Corporation’s quarterly revenue was up 51.6% on a year-over-year basis. Equities research analysts anticipate that Lam Research Corporation will post $12.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Tuesday, September 12th. Lam Research Corporation’s dividend payout ratio (DPR) is 19.57%.
LRCX has been the subject of a number of analyst reports. BidaskClub upgraded Lam Research Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Morgan Stanley restated an “overweight” rating and issued a $176.00 price target on shares of Lam Research Corporation in a research note on Monday, August 14th. Stifel Nicolaus restated a “buy” rating and issued a $189.00 price target (up from $170.00) on shares of Lam Research Corporation in a research note on Monday, June 19th. DA Davidson restated a “buy” rating and issued a $175.00 price target on shares of Lam Research Corporation in a research note on Wednesday, July 26th. Finally, Credit Suisse Group restated a “buy” rating on shares of Lam Research Corporation in a research note on Tuesday, August 29th. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Lam Research Corporation currently has a consensus rating of “Buy” and a consensus target price of $177.68.
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In other Lam Research Corporation news, Director Stephen G. Newberry sold 750 shares of the stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $155.41, for a total transaction of $116,557.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Timothy Archer sold 6,897 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $160.50, for a total value of $1,106,968.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,338 shares of company stock valued at $4,717,492. 0.46% of the stock is owned by corporate insiders.
About Lam Research Corporation
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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