Lam Research Co. (NASDAQ:LRCX) Position Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System cut its holdings in Lam Research Co. (NASDAQ:LRCX) by 4.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 110,130 shares of the semiconductor company’s stock after selling 5,093 shares during the period. New York State Teachers Retirement System’s holdings in Lam Research were worth $89,875,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Fortitude Family Office LLC raised its position in shares of Lam Research by 16.7% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock valued at $67,000 after buying an additional 9 shares in the last quarter. Thomasville National Bank grew its position in Lam Research by 1.5% in the second quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock valued at $865,000 after acquiring an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in shares of Lam Research by 3.7% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock valued at $357,000 after purchasing an additional 12 shares during the last quarter. Ignite Planners LLC grew its stake in shares of Lam Research by 2.8% during the second quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after buying an additional 12 shares during the last quarter. Finally, RFP Financial Group LLC grew its position in 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 acquiring an additional 12 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction that occurred 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 directly owns 4,267 shares in the company, valued at $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.32% of the company’s stock.

Lam Research Stock Performance

LRCX traded down $1.40 during midday trading on Wednesday, reaching $76.91. The company had a trading volume of 1,220,121 shares, compared to its average volume of 11,244,330. The business has a 50-day moving average of $78.79 and a two-hundred day moving average of $89.37. The company has a market cap of $10.06 billion, a P/E ratio of 2.88, a P/E/G ratio of 1.89 and a beta of 1.47. Lam Research Co. has a 1 year low of $57.44 and a 1 year high of $113.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter in the prior year, the firm earned $6.85 earnings per share. Lam Research’s revenue was up 19.7% on a year-over-year basis. As a group, equities research analysts predict that Lam Research Co. will post 3.23 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 annualized dividend and a yield of 1.20%. Lam Research’s payout ratio is presently 3.38%.

Analyst Ratings Changes

A number of equities analysts have recently commented on LRCX shares. Morgan Stanley cut their price target on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. BNP Paribas raised Lam Research to a “hold” rating in a research report on Thursday, October 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $100.00 price objective on shares of Lam Research in a research report on Thursday, October 24th. B. Riley decreased their target price on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company reduced their price objective on shares of Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $97.03.

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.