Altman Advisors Inc. bought a new stake in Lam Research Co. (NASDAQ:LRCX) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 6,469 shares of the semiconductor company’s stock, valued at approximately $1,158,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of LRCX. Bank of New York Mellon Corp increased its stake in shares of Lam Research by 1.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,254,126 shares of the semiconductor company’s stock worth $341,950,000 after purchasing an additional 39,853 shares during the last quarter. Martingale Asset Management L P grew its stake in Lam Research by 102.2% in the 3rd quarter. Martingale Asset Management L P now owns 16,252 shares of the semiconductor company’s stock valued at $2,466,000 after buying an additional 8,214 shares during the last quarter. Kentucky Retirement Systems acquired a new position in Lam Research in the 3rd quarter valued at about $730,000. Legal & General Group Plc grew its stake in Lam Research by 0.8% in the 3rd quarter. Legal & General Group Plc now owns 717,304 shares of the semiconductor company’s stock valued at $108,815,000 after buying an additional 5,823 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in Lam Research by 148.0% in the 3rd quarter. Clearbridge Investments LLC now owns 200,584 shares of the semiconductor company’s stock valued at $30,429,000 after buying an additional 119,698 shares during the last quarter. Institutional investors own 89.12% of the company’s stock.
In other Lam Research news, insider Patrick J. Lord sold 9,177 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $185.00, for a total value of $1,697,745.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Abhijit Y. Talwalkar sold 3,988 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were 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 sold a total of 25,476 shares of company stock valued at $4,654,783 in the last three months. Insiders own 0.44% of the company’s stock.
Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $3.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.38 by $0.32. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. Lam Research had a net margin of 26.69% and a return on equity of 48.08%. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.79 EPS. On average, research analysts forecast that Lam Research Co. will post 13.89 EPS for the current fiscal year.
Lam Research announced that its Board of Directors has authorized a share buyback program on Wednesday, January 23rd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 23% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Tuesday, March 19th. Lam Research’s dividend payout ratio is currently 24.62%.
LRCX has been the topic of a number of research reports. ValuEngine lowered shares of Lam Research from a “hold” rating to a “sell” rating in a research note on Friday, January 4th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price target on shares of Lam Research in a research note on Thursday, January 24th. Citigroup reiterated a “buy” rating and issued a $215.00 price target (up previously from $177.00) on shares of Lam Research in a research note on Friday, March 15th. Mizuho reiterated a “buy” rating and issued a $180.00 price target on shares of Lam Research in a research note on Tuesday, April 16th. Finally, Zacks Investment Research upgraded shares of Lam Research from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. Lam Research has a consensus rating of “Buy” and a consensus price target of $221.28.
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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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