First Midwest Bank Trust Division cut its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,645 shares of the semiconductor company’s stock after selling 160 shares during the quarter. First Midwest Bank Trust Division’s holdings in Lam Research were worth $1,369,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. We Are One Seven LLC acquired a new position in shares of Lam Research in the fourth quarter valued at $26,000. Berman Capital Advisors LLC acquired a new position in shares of Lam Research in the fourth quarter valued at $26,000. Duncker Streett & Co. Inc. raised its stake in shares of Lam Research by 100.0% in the fourth quarter. Duncker Streett & Co. Inc. now owns 200 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 100 shares in the last quarter. FTB Advisors Inc. raised its stake in shares of Lam Research by 72.0% in the fourth quarter. FTB Advisors Inc. now owns 215 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 90 shares in the last quarter. Finally, Csenge Advisory Group acquired a new position in shares of Lam Research in the third quarter valued at $35,000. Institutional investors own 89.70% of the company’s stock.
A number of brokerages have weighed in on LRCX. Zacks Investment Research upgraded Lam Research from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Deutsche Bank upped their price target on Lam Research from $180.00 to $195.00 and gave the company a “hold” rating in a research report on Thursday, April 25th. UBS Group upped their price target on Lam Research from $170.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Mizuho reiterated a “hold” rating on shares of Lam Research in a research report on Thursday, April 25th. Finally, Cowen reiterated an “outperform” rating and issued a $235.00 price target (up from $223.00) on shares of Lam Research in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the stock. Lam Research presently has an average rating of “Hold” and a consensus target price of $224.78.
In related news, insider Richard A. Gottscho sold 2,155 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $209.00, for a total value of $450,395.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kevin Jennings sold 1,553 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $177.67, for a total value of $275,921.51. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,125 shares of company stock worth $6,772,290. 0.44% of the stock is owned by company insiders.
Shares of LRCX stock traded up $0.27 during trading hours on Wednesday, hitting $187.18. 1,132,400 shares of the company’s stock were exchanged, compared to its average volume of 2,358,431. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.79 and a current ratio of 3.37. The stock has a market capitalization of $28.01 billion, a PE ratio of 10.47, a PEG ratio of 1.13 and a beta of 1.57. Lam Research Co. has a 52 week low of $122.64 and a 52 week high of $209.50.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 EPS for the quarter, topping the consensus estimate of $3.38 by $0.32. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The business’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.79 earnings per share. As a group, analysts forecast that Lam Research Co. will post 14.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Wednesday, June 12th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.35%. The ex-dividend date is Tuesday, June 11th. Lam Research’s dividend payout ratio is 24.62%.
Lam Research declared that its board has initiated a stock repurchase plan on Wednesday, January 23rd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 23% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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About Lam Research
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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