Financial Gravity Asset Management Inc. Sells 120 Shares of Lam Research Co. (NASDAQ:LRCX)

Financial Gravity Asset Management Inc. cut its stake in Lam Research Co. (NASDAQ:LRCXGet Rating) by 14.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 732 shares of the semiconductor company’s stock after selling 120 shares during the period. Financial Gravity Asset Management Inc.’s holdings in Lam Research were worth $177,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Sands Capital Management LLC increased its position in shares of Lam Research by 43.0% during the second quarter. Sands Capital Management LLC now owns 1,877,199 shares of the semiconductor company’s stock worth $799,968,000 after acquiring an additional 564,607 shares during the period. Price T Rowe Associates Inc. MD raised its position in Lam Research by 345.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,224,808 shares of the semiconductor company’s stock valued at $521,952,000 after purchasing an additional 949,749 shares in the last quarter. Amundi lifted its holdings in shares of Lam Research by 3.7% in the 2nd quarter. Amundi now owns 1,211,060 shares of the semiconductor company’s stock worth $509,336,000 after buying an additional 42,874 shares during the period. Van ECK Associates Corp grew its position in shares of Lam Research by 6.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,140,329 shares of the semiconductor company’s stock worth $417,360,000 after buying an additional 66,847 shares in the last quarter. Finally, Pictet Asset Management SA increased its stake in shares of Lam Research by 0.8% during the second quarter. Pictet Asset Management SA now owns 876,836 shares of the semiconductor company’s stock valued at $373,664,000 after buying an additional 6,836 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on LRCX. Citigroup lowered their price objective on shares of Lam Research from $700.00 to $560.00 and set a “buy” rating for the company in a research note on Wednesday, October 19th. JPMorgan Chase & Co. reduced their price objective on shares of Lam Research from $640.00 to $515.00 and set an “overweight” rating for the company in a research note on Thursday, October 20th. Sanford C. Bernstein lowered their target price on Lam Research to $425.00 in a report on Thursday, October 20th. DA Davidson reiterated a “neutral” rating on shares of Lam Research in a report on Tuesday, January 3rd. Finally, Evercore ISI set a $450.00 price objective on Lam Research in a research note on Wednesday, November 23rd. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $492.27.

Lam Research Stock Performance

Shares of NASDAQ LRCX opened at $490.78 on Tuesday. The stock has a market cap of $66.93 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.93 and a beta of 1.42. Lam Research Co. has a 12 month low of $299.59 and a 12 month high of $623.24. The company has a 50 day simple moving average of $448.83 and a two-hundred day simple moving average of $435.39. The company has a current ratio of 2.69, a quick ratio of 1.83 and a debt-to-equity ratio of 0.67.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 14th were issued a $1.725 dividend. This represents a $6.90 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend was Tuesday, December 13th. Lam Research’s payout ratio is 19.79%.

Insider Buying and Selling at Lam Research

In related news, EVP Richard A. Gottscho sold 3,540 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $450.00, for a total transaction of $1,593,000.00. Following the sale, the executive vice president now directly owns 26,672 shares of the company’s stock, valued at $12,002,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Lam Research news, Director Abhijit Y. Talwalkar sold 880 shares of Lam Research stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $429.72, for a total value of $378,153.60. Following the completion of the transaction, the director now owns 14,762 shares of the company’s stock, valued at $6,343,526.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard A. Gottscho sold 3,540 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $450.00, for a total value of $1,593,000.00. Following the sale, the executive vice president now owns 26,672 shares in the company, valued at $12,002,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,420 shares of company stock worth $1,971,154. Insiders own 0.35% of the company’s stock.

Lam Research Company Profile

(Get Rating)

Lam Research Corp. engages in manufacturing and servicing of wafer processing semiconductor manufacturing equipment. It operates through the following geographical segments: the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. It offers thin film deposition, plasma etch, photoresist strip, and wafer cleaning.

Further Reading

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

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