New York State Common Retirement Fund lowered its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 313,111 shares of the semiconductor company’s stock after selling 9,900 shares during the period. New York State Common Retirement Fund’s holdings in Lam Research were worth $56,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in 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 purchasing an additional 178,331 shares during the last quarter. Weiss Multi Strategy Advisers LLC acquired a new stake in Lam Research in the 4th quarter valued at approximately $3,404,000. Dupont Capital Management Corp increased its position in Lam Research by 4.6% in the 4th quarter. Dupont Capital Management Corp now owns 30,242 shares of the semiconductor company’s stock valued at $4,118,000 after acquiring an additional 1,325 shares during the period. Lcnb Corp acquired a new stake in Lam Research in the 4th quarter valued at approximately $204,000. Finally, Truvestments Capital LLC acquired a new stake in Lam Research in the 1st quarter valued at approximately $61,000. Hedge funds and other institutional investors own 88.59% of the company’s stock.
Several analysts recently commented on LRCX shares. Mizuho restated a “buy” rating and issued a $180.00 target price on shares of Lam Research in a research report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 price target on shares of Lam Research in a research report on Thursday, January 24th. Citigroup reiterated a “buy” rating and set a $215.00 price target (up from $177.00) on shares of Lam Research in a research report on Friday, March 15th. B. Riley upgraded Lam Research from a “neutral” rating to a “buy” rating and lifted their price target for the company from $170.00 to $235.00 in a research report on Monday, April 22nd. Finally, Morgan Stanley cut Lam Research from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus 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 earnings per share for the quarter, topping the consensus estimate of $3.38 by $0.32. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The company’s revenue was down 15.7% compared to the same quarter last year. During the same period last year, the company posted $4.79 EPS. 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 paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Tuesday, June 11th. Lam Research’s dividend payout ratio is presently 24.62%.
Lam Research announced that its board has authorized a stock repurchase program on Wednesday, January 23rd that authorizes the company to buyback $5.00 billion in 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 an indication that the company’s leadership believes its stock is undervalued.
In other news, SVP Kevin Jennings sold 1,553 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $177.67, for a total transaction of $275,921.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick J. Lord sold 9,177 shares of the firm’s stock in a transaction on 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. Over the last three months, insiders have sold 35,125 shares of company stock valued at $6,772,290. Corporate insiders own 0.44% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “Lam Research Co. (LRCX) Stake Lessened by New York State Common Retirement Fund” was originally published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this story on another publication, it was illegally stolen and republished in violation of US & international trademark and copyright law. The legal version of this story can be read at https://www.baseballdailydigest.com/news/2019/05/23/lam-research-co-lrcx-stake-lessened-by-new-york-state-common-retirement-fund.html.
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.
Featured Story: Diversification in Your Portfolio
Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Co. (NASDAQ:LRCX).
Receive News & Ratings for Lam Research Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lam Research and related companies with MarketBeat.com's FREE daily email newsletter.