Lam Research Co. (NASDAQ:LRCX) Stock Position Reduced by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lessened its position in shares of Lam Research Co. (NASDAQ:LRCX) by 35.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 270 shares of the semiconductor company’s stock after selling 151 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Lam Research were worth $220,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Lam Research during the 2nd quarter worth approximately $32,000. RFP Financial Group LLC raised its position in shares of Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. Hobbs Group Advisors LLC acquired a new stake in shares of Lam Research during the 2nd quarter worth approximately $40,000. Country Trust Bank acquired a new stake in shares of Lam Research during the 2nd quarter worth approximately $43,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Lam Research during the 2nd quarter worth approximately $45,000. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price target on Lam Research from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Mizuho lowered their target price on Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Stifel Nicolaus restated a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of Lam Research in a research report on Thursday, October 24th. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Lam Research in a research report on Thursday, October 24th. Finally, StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lam Research has a consensus rating of “Moderate Buy” and an average price target of $97.03.

Lam Research Stock Down 6.3 %

Shares of LRCX stock opened at $70.05 on Friday. The stock has a market cap of $90.13 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.74 and a current ratio of 2.53. The business’s fifty day moving average is $77.34 and its 200-day moving average is $88.12. Lam Research Co. has a 1 year low of $68.72 and a 1 year high of $113.00.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.05. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The company’s revenue was up 19.7% compared to the same quarter last year. During the same period last year, the company posted $6.85 EPS. Equities analysts expect that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research’s dividend payout ratio is presently 29.74%.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This trade represents a 13.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

About Lam Research

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.