South Dakota Investment Council lifted its stake in Lam Research Co. (NASDAQ:LRCX) by 16.9% in the first quarter, HoldingsChannel.com reports. The fund owned 136,730 shares of the semiconductor company’s stock after purchasing an additional 19,730 shares during the period. South Dakota Investment Council’s holdings in Lam Research were worth $24,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its position in shares of Lam Research by 35,969.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,760,316 shares of the semiconductor company’s stock worth $116,000 after buying an additional 15,716,622 shares in the last quarter. BlackRock Inc. raised its position in shares of Lam Research by 1.6% in the fourth quarter. BlackRock Inc. now owns 11,429,062 shares of the semiconductor company’s stock worth $1,556,294,000 after buying an additional 178,331 shares in the last quarter. FMR LLC raised its position in shares of Lam Research by 88.0% in the fourth quarter. FMR LLC now owns 6,652,531 shares of the semiconductor company’s stock worth $905,875,000 after buying an additional 3,114,393 shares in the last quarter. LSV Asset Management raised its position in shares of Lam Research by 5.3% in the fourth quarter. LSV Asset Management now owns 3,045,010 shares of the semiconductor company’s stock worth $414,639,000 after buying an additional 153,891 shares in the last quarter. Finally, American International Group Inc. raised its position in shares of Lam Research by 1,921.2% in the fourth quarter. American International Group Inc. now owns 2,848,583 shares of the semiconductor company’s stock worth $387,892,000 after buying an additional 2,707,651 shares in the last quarter. 88.46% of the stock is owned by hedge funds and other institutional investors.
LRCX has been the topic of a number of recent analyst reports. Credit Suisse Group reiterated a “buy” rating and issued a $278.00 price objective on shares of Lam Research in a research report on Monday, January 21st. Royal Bank of Canada upgraded Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research report on Tuesday, January 29th. Citigroup restated a “buy” rating and set a $215.00 price target (up previously from $177.00) on shares of Lam Research in a research report on Friday, March 15th. Morgan Stanley downgraded Lam Research from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 22nd. Finally, KeyCorp lowered their price target on Lam Research from $231.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, January 24th. One 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. The stock has a consensus rating of “Hold” and an average price target of $224.78.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $3.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.38 by $0.32. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The company’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.79 earnings per share. Equities research analysts forecast that Lam Research Co. will post 14.33 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 12th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.24%. Lam Research’s dividend payout ratio is currently 24.62%.
Lam Research declared that its board has approved a stock buyback program on Wednesday, January 23rd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 23% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, SVP Kevin Jennings sold 7,016 shares of Lam Research stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $177.35, for a total value of $1,244,287.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $1,697,745.00. 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. Company 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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