Bank of Stockton acquired a new stake in shares of Lam Research Co. (NASDAQ:LRCX) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 1,625 shares of the semiconductor company’s stock, valued at approximately $290,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Central Bank & Trust Co. raised its position in shares of Lam Research by 0.3% during the 3rd quarter. Central Bank & Trust Co. now owns 33,016 shares of the semiconductor company’s stock valued at $5,008,000 after buying an additional 111 shares in the last quarter. BlackRock Inc. raised its position in Lam Research by 1.6% in the 4th quarter. BlackRock Inc. now owns 11,429,062 shares of the semiconductor company’s stock worth $1,556,294,000 after purchasing an additional 178,331 shares during the period. Weiss Multi Strategy Advisers LLC purchased a new stake in Lam Research in the 4th quarter worth about $3,404,000. Dupont Capital Management Corp raised its position in Lam Research by 4.6% in the 4th quarter. Dupont Capital Management Corp now owns 30,242 shares of the semiconductor company’s stock worth $4,118,000 after purchasing an additional 1,325 shares during the period. Finally, Lcnb Corp purchased a new stake in Lam Research in the 4th quarter worth about $204,000. 89.12% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ LRCX opened at $194.62 on Wednesday. Lam Research Co. has a 52-week low of $122.64 and a 52-week high of $212.85. The stock has a market capitalization of $29.42 billion, a PE ratio of 10.89, a P/E/G ratio of 1.16 and a beta of 1.52. The company has a current ratio of 3.39, a quick ratio of 2.61 and a debt-to-equity ratio of 0.31.
Lam Research declared that its Board of Directors has approved a share repurchase program on Wednesday, January 23rd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 23% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Tuesday, March 19th. This represents a $4.40 dividend on an annualized basis and a yield of 2.26%. Lam Research’s payout ratio is presently 24.62%.
In other Lam Research news, SVP Kevin Jennings sold 1,692 shares of Lam Research stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $180.00, for a total transaction of $304,560.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar sold 3,988 shares of Lam Research stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $195.00, for a total transaction of $777,660.00. The disclosure for this sale can be found here. Insiders have sold 25,476 shares of company stock worth $4,654,783 over the last 90 days. 0.44% of the stock is currently owned by company insiders.
LRCX has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Lam Research from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Royal Bank of Canada raised shares of Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research report on Tuesday, January 29th. KeyCorp reduced their price objective on shares of Lam Research from $231.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, January 24th. Deutsche Bank increased their price objective 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, Needham & Company LLC initiated coverage on shares of Lam Research in a research report on Friday, December 21st. They issued a “buy” rating and a $180.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. Lam Research has a consensus rating of “Hold” and a consensus target price of $213.51.
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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.
See Also: Diversification
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