Lam Research Co. (NASDAQ:LRCX) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in shares of Lam Research Co. (NASDAQ:LRCX – Get Rating) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,672 shares of the semiconductor company’s stock after selling 3,758 shares during the quarter. Lam Research makes up about 1.1% of Pinnacle Associates Ltd.’s portfolio, making the stock its 9th largest holding. Pinnacle Associates Ltd. owned about 0.08% of Lam Research worth $63,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Brown Advisory Inc. increased its position in Lam Research by 13.4% in the 4th quarter. Brown Advisory Inc. now owns 3,569 shares of the semiconductor company’s stock valued at $2,566,000 after acquiring an additional 421 shares during the period. Community Bank N.A. increased its position in Lam Research by 50.0% in the 4th quarter. Community Bank N.A. now owns 75 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 25 shares during the period. Paragon Capital Management Ltd acquired a new position in Lam Research in the 4th quarter valued at approximately $41,000. Amplius Wealth Advisors LLC acquired a new position in Lam Research in the 4th quarter valued at approximately $120,000. Finally, Exane Derivatives bought a new stake in shares of Lam Research in the 4th quarter valued at $55,000. 82.34% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Stock Performance

Shares of LRCX stock opened at $467.66 on Thursday. The firm has a 50-day moving average of $454.77 and a 200-day moving average of $510.23. The company has a market cap of $64.87 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.18 and a beta of 1.31. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.83 and a quick ratio of 2.00. Lam Research Co. has a one year low of $375.87 and a one year high of $731.85.

Lam Research (NASDAQ:LRCX – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The semiconductor company reported $8.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.30 by $1.53. Lam Research had a net margin of 27.13% and a return on equity of 75.51%. The business had revenue of $4.64 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the company posted $8.09 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts forecast that Lam Research Co. will post 31.61 EPS for the current fiscal year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 6th. Investors of record on Wednesday, June 15th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $6.00 dividend on an annualized basis and a yield of 1.28%. Lam Research’s dividend payout ratio (DPR) is presently 18.76%.

Analyst Upgrades and Downgrades

LRCX has been the topic of a number of analyst reports. Bank of America reduced their price objective on shares of Lam Research from $650.00 to $540.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Cowen reduced their price objective on shares of Lam Research from $800.00 to $620.00 in a research note on Thursday. Piper Sandler reduced their price objective on shares of Lam Research from $596.00 to $567.00 and set a “neutral” rating on the stock in a research note on Thursday, May 26th. Mizuho cut their target price on shares of Lam Research from $675.00 to $650.00 in a research note on Thursday. Finally, Stifel Nicolaus increased their target price on shares of Lam Research from $775.00 to $837.00 in a research note on Thursday, April 7th. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $609.38.

About Lam Research

(Get Rating)

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.