CIBC World Markets Inc. boosted its position in shares of Lam Research Co. (NASDAQ:LRCX) by 283.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,067 shares of the semiconductor company’s stock after buying an additional 32,586 shares during the quarter. CIBC World Markets Inc.’s holdings in Lam Research were worth $8,953,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. LSV Asset Management grew its position in Lam Research by 6.3% during the first quarter. LSV Asset Management now owns 2,447,745 shares of the semiconductor company’s stock valued at $497,283,000 after buying an additional 144,655 shares during the period. Geode Capital Management LLC grew its position in Lam Research by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 1,917,899 shares of the semiconductor company’s stock valued at $352,365,000 after buying an additional 74,507 shares during the period. PointState Capital LP acquired a new stake in Lam Research during the first quarter valued at $377,895,000. Franklin Resources Inc. grew its position in Lam Research by 3.7% during the first quarter. Franklin Resources Inc. now owns 1,214,594 shares of the semiconductor company’s stock valued at $246,758,000 after buying an additional 43,205 shares during the period. Finally, Millennium Management LLC grew its position in Lam Research by 80.5% during the first quarter. Millennium Management LLC now owns 1,158,373 shares of the semiconductor company’s stock valued at $235,335,000 after buying an additional 516,453 shares during the period. Institutional investors own 88.02% of the company’s stock.
In related news, insider Timothy Archer sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, April 17th. The shares were sold at an average price of $210.00, for a total transaction of $1,050,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Martin B. Anstice sold 25,122 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $203.83, for a total transaction of $5,120,617.26. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,330 shares of company stock worth $8,322,796. Insiders own 0.41% of the company’s stock.
Several research firms recently commented on LRCX. BidaskClub lowered shares of Lam Research from a “hold” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research lowered shares of Lam Research from a “hold” rating to a “sell” rating in a research report on Tuesday. B. Riley raised their price target on shares of Lam Research from $270.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, April 18th. Vetr upgraded shares of Lam Research from a “buy” rating to a “strong-buy” rating and set a $250.51 price target on the stock in a research report on Thursday, March 15th. Finally, Cowen began coverage on shares of Lam Research in a report on Tuesday, May 15th. They set an “outperform” rating and a $285.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Lam Research presently has a consensus rating of “Buy” and a consensus target price of $254.66.
Lam Research opened at $174.54 on Thursday, MarketBeat Ratings reports. The company has a current ratio of 2.64, a quick ratio of 2.21 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $28.58 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 0.57 and a beta of 1.43. Lam Research Co. has a twelve month low of $139.24 and a twelve month high of $234.88.
Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.38 by $0.41. The firm had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.85 billion. Lam Research had a net margin of 18.32% and a return on equity of 41.13%. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same period last year, the firm posted $3.10 earnings per share. research analysts anticipate that Lam Research Co. will post 17.52 earnings per share for the current year.
Lam Research announced that its board has initiated a stock buyback program on Tuesday, March 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 27th. Stockholders of record on Wednesday, June 6th will be paid a $1.10 dividend. This is an increase from Lam Research’s previous quarterly dividend of $0.50. This represents a $4.40 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Tuesday, June 5th. Lam Research’s dividend payout ratio (DPR) is currently 44.09%.
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 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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