Carret Asset Management LLC increased its position in shares of Lam Research Co. (NASDAQ:LRCX) by 56.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,139 shares of the semiconductor company’s stock after buying an additional 4,380 shares during the period. Carret Asset Management LLC’s holdings in Lam Research were worth $2,246,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Asset Management One Co. Ltd. boosted its holdings in shares of Lam Research by 3.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 298,089 shares of the semiconductor company’s stock worth $54,983,000 after buying an additional 9,626 shares during the period. AMP Capital Investors Ltd raised its stake in shares of Lam Research by 35.8% in the 3rd quarter. AMP Capital Investors Ltd now owns 171,217 shares of the semiconductor company’s stock valued at $31,681,000 after buying an additional 45,176 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Lam Research by 619.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 217,314 shares of the semiconductor company’s stock valued at $40,212,000 after buying an additional 187,128 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Lam Research by 20.2% in the 3rd quarter. Synovus Financial Corp now owns 4,037 shares of the semiconductor company’s stock valued at $749,000 after buying an additional 679 shares in the last quarter. Finally, Graticule Asia Macro Advisors LLC acquired a new position in shares of Lam Research in the 3rd quarter valued at $51,400,000. 93.37% of the stock is owned by institutional investors and hedge funds.
In other news, insider Martin B. Anstice sold 21,955 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $211.16, for a total value of $4,636,017.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $190.00, for a total value of $142,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,769 shares of company stock valued at $6,904,451. Insiders own 0.41% of the company’s stock.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.27 by $0.19. Lam Research had a net margin of 22.85% and a return on equity of 30.19%. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the business posted $1.81 earnings per share. Lam Research’s quarterly revenue was up 51.8% on a year-over-year basis. research analysts expect that Lam Research Co. will post 14.74 EPS for the current fiscal year.
Lam Research declared that its board has initiated a stock buyback plan on Tuesday, November 14th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Wednesday, December 6th will be given a dividend of $0.50 per share. This is a boost from Lam Research’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $2.00 annualized dividend and a yield of 1.09%. Lam Research’s dividend payout ratio is currently 18.28%.
A number of brokerages have recently issued reports on LRCX. Zacks Investment Research upgraded shares of Lam Research from a “sell” rating to a “hold” rating and set a $221.00 price objective for the company in a research note on Friday, October 13th. Argus assumed coverage on shares of Lam Research in a research report on Tuesday, September 12th. They set a “buy” rating and a $196.00 target price for the company. KeyCorp reiterated a “buy” rating and set a $225.00 target price on shares of Lam Research in a research report on Sunday, November 19th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective (up previously from $200.00) on shares of Lam Research in a research report on Friday, October 13th. Finally, Berenberg Bank restated a “buy” rating and issued a $240.00 price objective on shares of Lam Research in a research report on Thursday, October 19th. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Lam Research currently has a consensus rating of “Buy” and an average target price of $212.99.
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Lam Research Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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