Fort Point Capital Partners LLC Reduces Position in Lam Research Co. (NASDAQ:LRCX)

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Fort Point Capital Partners LLC reduced its position in shares of Lam Research Co. (NASDAQ:LRCX) by 40.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 798 shares of the semiconductor company’s stock after selling 535 shares during the period. Fort Point Capital Partners LLC’s holdings in Lam Research were worth $265,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of LRCX. Mercer Capital Advisers Inc. purchased a new position in Lam Research in the third quarter valued at $25,000. CX Institutional boosted its position in shares of Lam Research by 137.8% during the 2nd quarter. CX Institutional now owns 107 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 62 shares in the last quarter. Keebeck Wealth Management LLC purchased a new position in shares of Lam Research in the 2nd quarter valued at about $48,000. Hudock Inc. lifted its stake in Lam Research by 55.1% during the third quarter. Hudock Inc. now owns 152 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 54 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Lam Research in the third quarter valued at approximately $57,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

In related news, CFO Douglas R. Bettinger sold 8,184 shares of the company’s stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $425.19, for a total value of $3,479,754.96. Also, CEO Timothy Archer sold 15,540 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $370.00, for a total value of $5,749,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,128 shares of company stock worth $23,954,139. Corporate insiders own 0.34% of the company’s stock.

LRCX has been the subject of several recent analyst reports. Needham & Company LLC boosted their price objective on shares of Lam Research from $325.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. 140166 reissued a “buy” rating and issued a $425.00 price target (up from $330.00) on shares of Lam Research in a research report on Wednesday, July 29th. Wells Fargo & Company raised their price objective on Lam Research from $270.00 to $370.00 in a report on Thursday, July 30th. Credit Suisse Group lifted their target price on Lam Research from $370.00 to $450.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, Citigroup upped their target price on Lam Research from $313.00 to $389.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Lam Research has a consensus rating of “Buy” and a consensus target price of $383.67.

NASDAQ LRCX traded down $4.04 during trading hours on Friday, hitting $433.64. 1,445,875 shares of the stock were exchanged, compared to its average volume of 1,964,505. The company has a quick ratio of 2.68, a current ratio of 3.31 and a debt-to-equity ratio of 0.92. The company has a market cap of $62.45 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 1.03 and a beta of 1.18. Lam Research Co. has a 12-month low of $181.38 and a 12-month high of $444.96. The stock has a 50-day moving average of $374.49 and a 200 day moving average of $333.08.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, October 21st. The semiconductor company reported $5.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.17 by $0.50. Lam Research had a return on equity of 55.82% and a net margin of 23.60%. During the same quarter in the previous year, the business posted $3.18 EPS. On average, equities research analysts expect that Lam Research Co. will post 22.31 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 9th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a $5.20 annualized dividend and a dividend yield of 1.20%. Lam Research’s payout ratio is currently 32.60%.

About Lam Research

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Europe, Japan, Korea, Taiwan, and the southeast Asia. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.

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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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