Lam Research Co. (NASDAQ:LRCX) Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC lessened its stake in Lam Research Co. (NASDAQ:LRCX) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,545 shares of the semiconductor company’s stock after selling 13,418 shares during the period. Lam Research accounts for approximately 1.2% of Eventide Asset Management LLC’s portfolio, making the stock its 23rd largest position. Eventide Asset Management LLC’s holdings in Lam Research were worth $71,444,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC boosted its position in shares of Lam Research by 20.0% in the 3rd quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company’s stock valued at $194,451,000 after purchasing an additional 39,725 shares during the period. Creative Planning lifted its stake in Lam Research by 2.5% in the third quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock valued at $38,664,000 after buying an additional 1,146 shares during the last quarter. Vest Financial LLC boosted its holdings in shares of Lam Research by 68.7% in the third quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock valued at $29,372,000 after acquiring an additional 14,658 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Lam Research by 9.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock worth $278,165,000 after acquiring an additional 28,089 shares during the last quarter. Finally, Benson Investment Management Company Inc. acquired a new position in shares of Lam Research in the 3rd quarter valued at $5,182,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. This trade represents a 13.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LRCX shares. BNP Paribas raised shares of Lam Research to a “hold” rating in a research report on Thursday, October 24th. UBS Group lowered their price target on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of Lam Research in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein cut their price target on Lam Research from $95.00 to $85.00 and set a “market perform” rating for the company in a research note on Friday. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.29.

Lam Research Stock Down 1.5 %

LRCX opened at $71.57 on Friday. Lam Research Co. has a one year low of $68.72 and a one year high of $113.00. The company has a market cap of $92.09 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 1.14 and a beta of 1.48. The business’s fifty day moving average is $76.62 and its two-hundred day moving average is $86.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.74 and a current ratio of 2.53.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. The firm had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm’s revenue was up 19.7% on a year-over-year basis. During the same period in the prior year, the company earned $6.85 EPS. Analysts anticipate that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research’s payout ratio is 29.74%.

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.