Foundry Partners LLC Sells 26,860 Shares of Lam Research Corporation (LRCX)
Foundry Partners LLC cut its stake in shares of Lam Research Corporation (NASDAQ:LRCX) by 22.6% during the second quarter, Holdings Channel reports. The institutional investor owned 91,975 shares of the semiconductor company’s stock after selling 26,860 shares during the period. Foundry Partners LLC’s holdings in Lam Research Corporation were worth $13,008,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in Lam Research Corporation by 2.7% in the first quarter. IFP Advisors Inc now owns 850 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 22 shares in the last quarter. Stephens Inc. AR increased its position in Lam Research Corporation by 6.8% in the first quarter. Stephens Inc. AR now owns 849 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 54 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Lam Research Corporation during the second quarter valued at about $134,000. Huntington National Bank increased its position in Lam Research Corporation by 82.1% in the first quarter. Huntington National Bank now owns 1,118 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 504 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in Lam Research Corporation by 0.3% in the first quarter. Quadrant Capital Group LLC now owns 1,332 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 4 shares in the last quarter. 98.98% of the stock is owned by institutional investors.
Lam Research Corporation (NASDAQ LRCX) opened at 149.44 on Friday. Lam Research Corporation has a one year low of $88.51 and a one year high of $170.00. The company has a market capitalization of $24.17 billion, a PE ratio of 16.17 and a beta of 1.46. The company has a 50 day moving average price of $153.95 and a 200-day moving average price of $139.07.
Lam Research Corporation (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.02 by $0.09. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Lam Research Corporation had a return on equity of 26.95% and a net margin of 21.19%. The business’s revenue was up 51.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.80 earnings per share. Analysts expect that Lam Research Corporation will post $12.71 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.80 annualized dividend and a yield of 1.20%. Lam Research Corporation’s payout ratio is 19.57%.
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Several research analysts have recently issued reports on LRCX shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $165.00 price objective (up previously from $145.00) on shares of Lam Research Corporation in a research note on Saturday, April 22nd. Deutsche Bank AG increased their target price on shares of Lam Research Corporation from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Citigroup Inc. reissued a “buy” rating and set a $200.00 target price on shares of Lam Research Corporation in a research report on Wednesday, May 17th. Goldman Sachs Group, Inc. (The) downgraded shares of Lam Research Corporation from a “conviction-buy” rating to a “buy” rating and increased their target price for the company from $153.00 to $160.00 in a research report on Monday, May 8th. They noted that the move was a valuation call. Finally, B. Riley reissued a “buy” rating and set a $175.00 target price on shares of Lam Research Corporation in a research report on Monday, April 24th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Lam Research Corporation presently has an average rating of “Buy” and an average price target of $172.41.
In related news, COO Timothy Archer sold 8,942 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $155.51, for a total value of $1,390,570.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick J. Lord sold 2,770 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $155.35, for a total value of $430,319.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,656 shares of company stock worth $7,925,366. 0.46% of the stock is owned by insiders.
Lam Research Corporation Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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