West Coast Financial LLC Lowers Holdings in Lam Research Co. (LRCX)
West Coast Financial LLC lessened its position in shares of Lam Research Co. (NASDAQ:LRCX) by 15.7% in the first quarter, HoldingsChannel.com reports. The fund owned 2,418 shares of the semiconductor company’s stock after selling 450 shares during the quarter. West Coast Financial LLC’s holdings in Lam Research were worth $433,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Lam Research by 1.8% in the third quarter. Bank of New York Mellon Corp now owns 2,254,126 shares of the semiconductor company’s stock worth $341,950,000 after buying an additional 39,853 shares during the last quarter. Martingale Asset Management L P lifted its position in shares of Lam Research by 102.2% during the third quarter. Martingale Asset Management L P now owns 16,252 shares of the semiconductor company’s stock worth $2,466,000 after purchasing an additional 8,214 shares during the last quarter. Kentucky Retirement Systems bought a new stake in shares of Lam Research during the third quarter worth $730,000. Legal & General Group Plc lifted its position in shares of Lam Research by 0.8% during the third quarter. Legal & General Group Plc now owns 717,304 shares of the semiconductor company’s stock worth $108,815,000 after purchasing an additional 5,823 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of Lam Research by 148.0% during the third quarter. Clearbridge Investments LLC now owns 200,584 shares of the semiconductor company’s stock worth $30,429,000 after purchasing an additional 119,698 shares during the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.
In other Lam Research news, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kevin Jennings sold 1,553 shares of Lam Research stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $177.67, for a total value of $275,921.51. The disclosure for this sale can be found here. Insiders sold 25,476 shares of company stock valued at $4,654,783 over the last 90 days. 0.44% of the stock is currently owned by corporate insiders.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, January 23rd. The semiconductor company reported $3.87 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.20. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.50 billion. Lam Research had a return on equity of 48.08% and a net margin of 26.69%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $4.34 earnings per share. On average, analysts anticipate that Lam Research Co. will post 13.89 earnings per share for the current fiscal year.
Lam Research declared that its board has initiated a stock repurchase plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were issued a $1.10 dividend. The ex-dividend date was Tuesday, March 19th. This represents a $4.40 annualized dividend and a dividend yield of 2.25%. Lam Research’s payout ratio is currently 24.62%.
Several analysts have recently weighed in on the company. Cowen reiterated an “outperform” rating and set a $185.00 target price (down from $210.00) on shares of Lam Research in a research report on Thursday, January 24th. B. Riley lifted their target price on Lam Research to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, January 24th. Zacks Investment Research upgraded Lam Research from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 target price on shares of Lam Research in a research report on Thursday, January 24th. Finally, Mizuho reiterated a “buy” rating and set a $180.00 target price on shares of Lam Research in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $217.67.
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Lam Research Company 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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