Lam Research Co. (LRCX) Stake Lowered by Empire Life Investments Inc.

Empire Life Investments Inc. decreased its holdings in Lam Research Co. (NASDAQ:LRCX) by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,974 shares of the semiconductor company’s stock after selling 24,185 shares during the period. Lam Research comprises approximately 1.6% of Empire Life Investments Inc.’s holdings, making the stock its 25th largest holding. Empire Life Investments Inc. owned approximately 0.07% of Lam Research worth $19,328,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in LRCX. We Are One Seven LLC purchased a new stake in Lam Research in the fourth quarter worth $26,000. Berman Capital Advisors LLC purchased a new stake in Lam Research in the fourth quarter worth $26,000. Duncker Streett & Co. Inc. increased its stake in Lam Research by 100.0% in the fourth quarter. Duncker Streett & Co. Inc. now owns 200 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 100 shares during the period. FTB Advisors Inc. increased its stake in Lam Research by 72.0% in the fourth quarter. FTB Advisors Inc. now owns 215 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 90 shares during the period. Finally, Csenge Advisory Group purchased a new stake in Lam Research in the third quarter worth $35,000. Institutional investors and hedge funds own 88.46% of the company’s stock.

Shares of NASDAQ LRCX opened at $198.63 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.37 and a quick ratio of 2.79. Lam Research Co. has a fifty-two week low of $122.64 and a fifty-two week high of $209.92. The stock has a market capitalization of $29.74 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.57.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 EPS for the quarter, topping the Zacks’ consensus estimate of $3.38 by $0.32. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the company posted $4.79 earnings per share. The company’s revenue was down 15.7% compared to the same quarter last year. On average, equities analysts anticipate that Lam Research Co. will post 14.33 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Wednesday, June 12th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.22%. Lam Research’s dividend payout ratio (DPR) is 24.62%.

Lam Research declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 23rd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 23% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

LRCX has been the topic of several research reports. Zacks Investment Research lowered Lam Research from a “hold” rating to a “sell” rating in a research note on Friday, January 11th. ValuEngine upgraded Lam Research from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Credit Suisse Group restated a “buy” rating and set a $278.00 price target on shares of Lam Research in a research note on Monday, January 21st. Cowen reiterated an “outperform” rating and issued a $185.00 target price (down previously from $210.00) on shares of Lam Research in a research note on Thursday, January 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Lam Research in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $224.78.

In related news, insider Richard A. Gottscho sold 2,155 shares of Lam Research stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $209.00, for a total transaction of $450,395.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar sold 3,988 shares of Lam Research stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $203.00, for a total value of $809,564.00. The disclosure for this sale can be found here. Insiders have sold 35,125 shares of company stock valued at $6,772,290 in the last ninety days. Corporate insiders own 0.44% of the company’s stock.

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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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