Great Lakes Advisors LLC Reduces Position in Lam Research Corporation (LRCX)
Great Lakes Advisors LLC cut its position in shares of Lam Research Corporation (NASDAQ:LRCX) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,552 shares of the semiconductor company’s stock after selling 194 shares during the period. Great Lakes Advisors LLC’s holdings in Lam Research Corporation were worth $1,210,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc raised its stake in shares of Lam Research Corporation by 2.7% in the first quarter. IFP Advisors Inc now owns 850 shares of the semiconductor company’s stock worth $109,000 after buying an additional 22 shares in the last quarter. Stephens Inc. AR raised its stake in shares of Lam Research Corporation by 6.8% in the first quarter. Stephens Inc. AR now owns 849 shares of the semiconductor company’s stock worth $109,000 after buying an additional 54 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Lam Research Corporation during the second quarter worth $134,000. Huntington National Bank raised its stake in shares of Lam Research Corporation by 82.1% in the first quarter. Huntington National Bank now owns 1,118 shares of the semiconductor company’s stock worth $144,000 after buying an additional 504 shares in the last quarter. Finally, Financial Architects Inc raised its stake in shares of Lam Research Corporation by 1,164.8% in the second quarter. Financial Architects Inc now owns 1,366 shares of the semiconductor company’s stock worth $193,000 after buying an additional 1,258 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.
Lam Research Corporation (NASDAQ:LRCX) opened at 162.32 on Wednesday. The company has a market capitalization of $26.37 billion, a PE ratio of 17.57 and a beta of 1.46. The stock’s 50 day moving average is $158.09 and its 200-day moving average is $142.48. Lam Research Corporation has a 12 month low of $89.80 and a 12 month high of $170.00.
Lam Research Corporation (NASDAQ:LRCX) last released its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.02 by $0.09. The firm had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.31 billion. Lam Research Corporation had a net margin of 21.19% and a return on equity of 26.78%. The company’s revenue was up 51.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.80 EPS. On average, analysts expect that Lam Research Corporation will post $12.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Tuesday, September 12th. Lam Research Corporation’s dividend payout ratio is presently 19.57%.
LRCX has been the subject of a number of research reports. Stifel Nicolaus reissued a “buy” rating and issued a $189.00 price target (up previously from $170.00) on shares of Lam Research Corporation in a report on Monday, June 19th. Needham & Company LLC raised their price objective on shares of Lam Research Corporation from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, June 16th. BidaskClub cut shares of Lam Research Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. UBS AG reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Lam Research Corporation in a research note on Tuesday, June 13th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $195.00 price objective (up from $165.00) on shares of Lam Research Corporation in a research note on Sunday, June 11th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $175.18.
In other news, SVP Sarah A. O’dowd sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $150.92, for a total value of $1,509,200.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $160.50, for a total transaction of $120,375.00. The disclosure for this sale can be found here. Insiders sold a total of 31,609 shares of company stock worth $4,918,116 over the last ninety days. Insiders own 0.46% of the company’s stock.
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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