Convergence Investment Partners LLC Takes Position in Lam Research Co. (NASDAQ:LRCX)

Convergence Investment Partners LLC bought a new stake in shares of Lam Research Co. (NASDAQ:LRCX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 306 shares of the semiconductor company’s stock, valued at approximately $240,000.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in Lam Research by 76,165.7% in the 4th quarter. International Assets Investment Management LLC now owns 318,028 shares of the semiconductor company’s stock worth $249,099,000 after acquiring an additional 317,611 shares during the last quarter. Cerity Partners LLC increased its holdings in Lam Research by 1,125.6% in the 4th quarter. Cerity Partners LLC now owns 342,139 shares of the semiconductor company’s stock worth $267,984,000 after acquiring an additional 314,224 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Lam Research by 10.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,642,367 shares of the semiconductor company’s stock worth $1,029,386,000 after acquiring an additional 159,815 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Lam Research by 106.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 301,071 shares of the semiconductor company’s stock worth $188,702,000 after acquiring an additional 155,240 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Lam Research by 9.7% in the 3rd quarter. Northern Trust Corp now owns 1,523,215 shares of the semiconductor company’s stock worth $954,705,000 after acquiring an additional 134,558 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Stock Performance

NASDAQ:LRCX opened at $925.37 on Monday. The business has a 50 day moving average of $943.67 and a 200 day moving average of $811.51. The company has a market capitalization of $121.32 billion, a price-to-earnings ratio of 34.03, a PEG ratio of 2.88 and a beta of 1.51. Lam Research Co. has a 1-year low of $493.42 and a 1-year high of $1,007.39. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.26 by $0.53. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $6.99 EPS. Lam Research’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, sell-side analysts predict that Lam Research Co. will post 29.54 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Shareholders of record on Wednesday, March 13th were given a $2.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $8.00 annualized dividend and a yield of 0.86%. Lam Research’s payout ratio is currently 29.42%.

Insider Buying and Selling at Lam Research

In other Lam Research news, CAO Christina Corrreia sold 647 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the sale, the chief accounting officer now owns 5,541 shares in the company, valued at $5,386,018.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Abhijit Y. Talwalkar sold 882 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $857,330.46. Following the sale, the director now directly owns 10,541 shares of the company’s stock, valued at $10,246,168.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Christina Corrreia sold 647 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the sale, the chief accounting officer now directly owns 5,541 shares in the company, valued at $5,386,018.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,029 shares of company stock worth $6,559,489. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

LRCX has been the subject of several recent research reports. Citigroup lifted their price objective on Lam Research from $975.00 to $1,025.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company lifted their target price on Lam Research from $930.00 to $980.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Evercore ISI initiated coverage on Lam Research in a report on Tuesday, April 16th. They set an “outperform” rating and a $1,200.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Lam Research in a report on Thursday, April 11th. They set a “hold” rating and a $1,000.00 target price for the company. Finally, StockNews.com raised Lam Research from a “hold” rating to a “buy” rating in a report on Friday. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $950.85.

Lam Research Company Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.