Cibc World Markets Corp trimmed its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 95.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,539 shares of the semiconductor company’s stock after selling 507,053 shares during the quarter. Cibc World Markets Corp’s holdings in Lam Research were worth $15,317,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in Lam Research by 3.4% during the first quarter. BlackRock Inc. now owns 11,679,103 shares of the semiconductor company’s stock worth $6,951,867,000 after purchasing an additional 385,985 shares during the period. Geode Capital Management LLC boosted its position in shares of Lam Research by 1.5% in the first quarter. Geode Capital Management LLC now owns 2,220,685 shares of the semiconductor company’s stock valued at $1,318,105,000 after acquiring an additional 32,283 shares during the period. Franklin Resources Inc. boosted its position in shares of Lam Research by 9.2% in the first quarter. Franklin Resources Inc. now owns 1,232,418 shares of the semiconductor company’s stock valued at $733,585,000 after acquiring an additional 104,137 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Lam Research by 6.5% in the first quarter. Nuveen Asset Management LLC now owns 1,196,723 shares of the semiconductor company’s stock valued at $712,337,000 after acquiring an additional 73,069 shares during the period. Finally, Fisher Asset Management LLC boosted its position in shares of Lam Research by 5.2% in the second quarter. Fisher Asset Management LLC now owns 1,066,557 shares of the semiconductor company’s stock valued at $694,009,000 after acquiring an additional 52,962 shares during the period. 81.32% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Timothy Archer sold 4,464 shares of Lam Research stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $600.00, for a total value of $2,678,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.34% of the company’s stock.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, July 28th. The semiconductor company reported $8.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.53 by $0.56. Lam Research had a return on equity of 70.92% and a net margin of 26.72%. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4 billion. During the same period last year, the firm posted $4.78 EPS. As a group, equities analysts anticipate that Lam Research Co. will post 33.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 13th. Stockholders of record on Tuesday, September 28th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, September 27th. This is a positive change from Lam Research’s previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.99%. Lam Research’s dividend payout ratio (DPR) is currently 19.09%.
LRCX has been the subject of several recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $790.00 price objective on shares of Lam Research in a research report on Friday, September 10th. Mizuho upped their price objective on shares of Lam Research from $705.00 to $725.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. Zacks Investment Research downgraded Lam Research from a “buy” rating to a “hold” rating and set a $653.00 price objective for the company. in a research note on Wednesday, June 23rd. Susquehanna downgraded Lam Research from a “positive” rating to a “neutral” rating and lowered their price objective for the company from $750.00 to $690.00 in a research note on Tuesday. Finally, Exane BNP Paribas downgraded Lam Research from an “outperform” rating to a “neutral” rating and set a $640.00 price objective for the company. in a research note on Tuesday, September 7th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Lam Research presently has a consensus rating of “Buy” and a consensus target price of $704.35.
Lam Research Profile
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.
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