Pendal Group Ltd grew its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 175.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,749 shares of the semiconductor company’s stock after purchasing an additional 53,294 shares during the period. Pendal Group Ltd owned approximately 0.05% of Lam Research worth $14,476,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LRCX. Stone Ridge Asset Management LLC purchased a new stake in Lam Research in the 4th quarter valued at approximately $784,000. Elkfork Partners LLC purchased a new stake in Lam Research in the 4th quarter valued at approximately $8,634,000. Verition Fund Management LLC lifted its stake in Lam Research by 35.6% in the 4th quarter. Verition Fund Management LLC now owns 3,671 shares of the semiconductor company’s stock valued at $676,000 after buying an additional 964 shares in the last quarter. Financial Advocates Investment Management purchased a new stake in Lam Research in the 4th quarter valued at approximately $227,000. Finally, Macquarie Group Ltd. lifted its stake in Lam Research by 134.8% in the 4th quarter. Macquarie Group Ltd. now owns 38,050 shares of the semiconductor company’s stock valued at $6,684,000 after buying an additional 21,842 shares in the last quarter. Institutional investors own 88.76% of the company’s stock.
A number of research firms recently issued reports on LRCX. Evercore ISI reduced their target price on Lam Research to $240.00 and set an “outperform” rating on the stock in a research note on Tuesday. BidaskClub raised Lam Research from a “sell” rating to a “hold” rating in a research note on Thursday. Citigroup reduced their target price on Lam Research from $245.00 to $239.00 and set a “buy” rating on the stock in a research note on Friday, July 13th. Susquehanna Bancshares reduced their target price on Lam Research from $290.00 to $260.00 and set a “positive” rating on the stock in a research note on Monday, July 9th. Finally, Zacks Investment Research lowered Lam Research from a “hold” rating to a “sell” rating in a research note on Monday, June 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Lam Research currently has a consensus rating of “Buy” and an average price target of $256.10.
Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.41. Lam Research had a return on equity of 41.13% and a net margin of 18.32%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the prior year, the company posted $3.10 EPS. The business’s revenue for the quarter was up 34.3% compared to the same quarter last year. analysts expect that Lam Research Co. will post 17.5 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 27th. Shareholders of record on Wednesday, June 6th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Tuesday, June 5th. This is a positive change from Lam Research’s previous quarterly dividend of $0.50. Lam Research’s dividend payout ratio is currently 44.09%.
In other news, CEO Martin B. Anstice sold 25,122 shares of the company’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $203.83, for a total transaction of $5,120,617.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick J. Lord sold 6,208 shares of the company’s stock in a transaction on Friday, April 20th. The stock was sold at an average price of $193.65, for a total value of $1,202,179.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,330 shares of company stock worth $7,272,796. Corporate insiders own 0.41% of the company’s stock.
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 thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures.
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