Murphy Capital Management Inc. trimmed its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 4.6% in the third quarter, Holdings Channel.com reports. The fund owned 4,150 shares of the semiconductor company’s stock after selling 200 shares during the quarter. Murphy Capital Management Inc.’s holdings in Lam Research were worth $959,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Artemis Investment Management LLP grew its stake in Lam Research by 13,904.4% during the third quarter. Artemis Investment Management LLP now owns 214,688 shares of the semiconductor company’s stock worth $49,517,000 after purchasing an additional 213,155 shares during the period. Altman Advisors Inc. grew its stake in Lam Research by 2.8% during the third quarter. Altman Advisors Inc. now owns 6,764 shares of the semiconductor company’s stock worth $1,563,000 after purchasing an additional 183 shares during the period. Northwest Bancshares Inc. grew its stake in Lam Research by 1.4% during the third quarter. Northwest Bancshares Inc. now owns 16,684 shares of the semiconductor company’s stock worth $3,856,000 after purchasing an additional 227 shares during the period. SevenBridge Financial Group LLC grew its stake in Lam Research by 25.2% during the third quarter. SevenBridge Financial Group LLC now owns 1,400 shares of the semiconductor company’s stock worth $324,000 after purchasing an additional 282 shares during the period. Finally, Courier Capital LLC acquired a new stake in Lam Research during the third quarter worth approximately $269,000. Institutional investors own 88.23% of the company’s stock.
Several equities research analysts recently commented on the company. ValuEngine cut Lam Research from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Nomura assumed coverage on Lam Research in a research note on Wednesday, September 18th. They set a “neutral” rating and a $216.00 target price for the company. BidaskClub raised Lam Research from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 14th. Wells Fargo & Co raised Lam Research to a “market perform” rating and raised their price objective for the company from $200.00 to $235.00 in a research note on Thursday, September 19th. Finally, Needham & Company LLC raised their price objective on Lam Research from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Twelve equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $227.41.
Shares of Lam Research stock opened at $237.09 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.96 and a current ratio of 3.61. Lam Research Co. has a 52 week low of $122.64 and a 52 week high of $244.98. The stock has a 50 day moving average price of $226.08 and a two-hundred day moving average price of $200.69. The stock has a market capitalization of $33.77 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.58 and a beta of 1.65.
Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $3.62 EPS for the quarter, beating the Zacks’ consensus estimate of $3.40 by $0.22. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Lam Research had a return on equity of 43.72% and a net margin of 22.70%. The company’s revenue for the quarter was down 24.5% compared to the same quarter last year. During the same quarter last year, the firm posted $5.31 earnings per share. Research analysts forecast that Lam Research Co. will post 13.61 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Tuesday, October 1st will be given a dividend of $1.15 per share. This is a boost from Lam Research’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Monday, September 30th. This represents a $4.60 annualized dividend and a dividend yield of 1.94%. Lam Research’s payout ratio is presently 31.62%.
In related news, Director Abhijit Y. Talwalkar sold 3,987 shares of Lam Research stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $210.00, for a total transaction of $837,270.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Seshasayee Varadarajan sold 20,000 shares of Lam Research stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $200.00, for a total value of $4,000,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,997 shares of company stock worth $14,854,855. 0.43% of the stock is owned by insiders.
About Lam Research
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.
Further Reading: Understanding the Price to Earnings Ratio (PE)
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