Covestor Ltd Trims Stock Position in Lam Research Co. (NASDAQ:LRCX)

Covestor Ltd trimmed its holdings in Lam Research Co. (NASDAQ:LRCX) by 75.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 105 shares of the semiconductor company’s stock after selling 315 shares during the quarter. Covestor Ltd’s holdings in Lam Research were worth $86,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. lifted its holdings in shares of Lam Research by 11.5% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,315 shares of the semiconductor company’s stock worth $2,249,000 after acquiring an additional 239 shares during the last quarter. HBK Sorce Advisory LLC lifted its stake in Lam Research by 79.5% during the first quarter. HBK Sorce Advisory LLC now owns 666 shares of the semiconductor company’s stock worth $647,000 after purchasing an additional 295 shares in the last quarter. Blair William & Co. IL boosted its position in shares of Lam Research by 5.9% during the first quarter. Blair William & Co. IL now owns 5,329 shares of the semiconductor company’s stock worth $5,177,000 after buying an additional 297 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of Lam Research by 1.9% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,115 shares of the semiconductor company’s stock valued at $1,083,000 after buying an additional 21 shares in the last quarter. Finally, Twin Tree Management LP raised its holdings in shares of Lam Research by 75.3% in the 1st quarter. Twin Tree Management LP now owns 15,914 shares of the semiconductor company’s stock valued at $15,462,000 after buying an additional 6,838 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares in the company, valued at $3,488,315.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Lam Research Trading Down 2.4 %

Shares of Lam Research stock opened at $73.85 on Thursday. The company has a fifty day simple moving average of $77.42 and a 200-day simple moving average of $88.34. Lam Research Co. has a 12-month low of $68.39 and a 12-month high of $113.00. The company has a current ratio of 2.53, a quick ratio of 1.74 and a debt-to-equity ratio of 0.53. The stock has a market cap of $95.02 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.20 and a beta of 1.48.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. The company had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same quarter last year, the company posted $6.85 earnings per share. On average, equities analysts forecast that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research’s payout ratio is currently 29.74%.

Analysts Set New Price Targets

LRCX has been the subject of a number of research analyst reports. Citigroup lowered their target price on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a report on Monday, September 16th. BNP Paribas upgraded shares of Lam Research to a “hold” rating in a report on Thursday, October 24th. TD Cowen upped their target price on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reissued a “neutral” rating and issued a $100.00 price target on shares of Lam Research in a research report on Thursday, October 24th. Finally, StockNews.com lowered Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.03.

About Lam Research

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.