Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,810 shares of the semiconductor company’s stock after selling 90 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lam Research were worth $1,200,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Advisory Resource Group acquired a new stake in Lam Research in the fourth quarter valued at $872,000. Sound View Wealth Advisors LLC acquired a new stake in Lam Research in the fourth quarter valued at $243,000. Aptus Capital Advisors LLC acquired a new stake in Lam Research in the fourth quarter valued at $1,568,000. JOYN Advisors Inc. raised its holdings in Lam Research by 47.9% in the fourth quarter. JOYN Advisors Inc. now owns 349 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 113 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in Lam Research by 28.2% in the fourth quarter. Bessemer Group Inc. now owns 927 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 204 shares in the last quarter. Institutional investors own 88.11% of the company’s stock.
LRCX has been the topic of several recent analyst reports. Credit Suisse Group reaffirmed a “buy” rating and issued a $278.00 price target on shares of Lam Research in a report on Monday, January 21st. Royal Bank of Canada raised shares of Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a report on Tuesday, January 29th. Needham & Company LLC initiated coverage on shares of Lam Research in a report on Friday, December 21st. They issued a “buy” rating and a $180.00 price target on the stock. KeyCorp cut their price target on shares of Lam Research from $231.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, January 24th. Finally, B. Riley upped their price target on shares of Lam Research to $170.00 and gave the company a “neutral” rating in a report on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company’s stock. Lam Research presently has a consensus rating of “Hold” and an average price target of $212.72.
Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, January 23rd. The semiconductor company reported $3.87 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.20. Lam Research had a net margin of 26.69% and a return on equity of 48.08%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the firm earned $4.34 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts predict that Lam Research Co. will post 13.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, March 19th. This represents a $4.40 annualized dividend and a dividend yield of 2.41%. Lam Research’s dividend payout ratio is currently 24.62%.
Lam Research declared that its board has approved a stock repurchase program on Wednesday, January 23rd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 23% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, SVP Kevin Jennings sold 7,016 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $177.35, for a total transaction of $1,244,287.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christine Heckart sold 2,050 shares of the company’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $172.98, for a total transaction of $354,609.00. The disclosure for this sale can be found here. Insiders have sold 12,311 shares of company stock valued at $2,179,378 in the last 90 days. Insiders own 0.44% of the company’s stock.
Lam Research Company Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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