Fmr LLC Buys 3,114,393 Shares of Lam Research Co. (NASDAQ:LRCX)

FMR LLC boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 88.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,652,531 shares of the semiconductor company’s stock after acquiring an additional 3,114,393 shares during the period. FMR LLC owned 4.36% of Lam Research worth $905,875,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of LRCX. Oregon Public Employees Retirement Fund increased its stake in Lam Research by 35,969.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,760,316 shares of the semiconductor company’s stock worth $116,000 after acquiring an additional 15,716,622 shares during the period. American International Group Inc. boosted its holdings in shares of Lam Research by 1,921.2% in the 4th quarter. American International Group Inc. now owns 2,848,583 shares of the semiconductor company’s stock valued at $387,892,000 after purchasing an additional 2,707,651 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lam Research by 413.7% in the 3rd quarter. Renaissance Technologies LLC now owns 998,956 shares of the semiconductor company’s stock valued at $151,542,000 after purchasing an additional 804,500 shares in the last quarter. Parnassus Investments CA boosted its holdings in shares of Lam Research by 114.3% in the 4th quarter. Parnassus Investments CA now owns 1,500,000 shares of the semiconductor company’s stock valued at $204,255,000 after purchasing an additional 800,000 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Lam Research by 19.6% in the 4th quarter. Bank of New York Mellon Corp now owns 2,696,278 shares of the semiconductor company’s stock valued at $367,153,000 after purchasing an additional 442,152 shares in the last quarter. Hedge funds and other institutional investors own 89.12% of the company’s stock.

A number of brokerages have weighed in on LRCX. Zacks Investment Research raised Lam Research from a “sell” rating to a “hold” rating in a report on Wednesday. Mizuho reaffirmed a “buy” rating and issued a $180.00 target price on shares of Lam Research in a report on Tuesday, April 16th. Citigroup reaffirmed a “buy” rating and issued a $215.00 target price (up previously from $177.00) on shares of Lam Research in a report on Friday, March 15th. Deutsche Bank raised their target price on Lam Research from $160.00 to $180.00 and gave the company a “hold” rating in a report on Monday, February 25th. Finally, Morgan Stanley downgraded Lam Research from an “overweight” rating to an “equal weight” rating in a report on Friday, February 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the company’s stock. Lam Research has a consensus rating of “Hold” and an average target price of $214.06.

In other Lam Research news, insider Patrick J. Lord sold 9,177 shares of Lam Research stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $185.00, for a total transaction of $1,697,745.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Kevin Jennings sold 1,553 shares of Lam Research stock in a transaction dated Friday, March 1st. The stock was 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 three months, insiders have sold 25,476 shares of company stock worth $4,654,783. 0.44% of the stock is currently owned by company insiders.

Shares of NASDAQ LRCX traded down $1.52 during mid-day trading on Friday, hitting $194.77. 1,409,865 shares of the stock traded hands, compared to its average volume of 1,689,550. The company has a quick ratio of 2.61, a current ratio of 3.39 and a debt-to-equity ratio of 0.31. Lam Research Co. has a twelve month low of $122.64 and a twelve month high of $209.92. The company has a market cap of $29.72 billion, a price-to-earnings ratio of 10.90, a price-to-earnings-growth ratio of 1.17 and a beta of 1.52.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, January 23rd. The semiconductor company reported $3.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.67 by $0.20. Lam Research had a return on equity of 48.08% and a net margin of 26.69%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter last year, the business posted $4.34 EPS. Lam Research’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, research analysts anticipate that Lam Research Co. will post 13.89 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Tuesday, March 19th. Lam Research’s dividend payout ratio (DPR) is 24.62%.

Lam Research declared that its Board of Directors has approved a stock buyback program on Wednesday, January 23rd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 23% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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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.

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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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