Lam Research Corporation (LRCX) Position Reduced by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC reduced its position in shares of Lam Research Corporation (NASDAQ:LRCX) by 25.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 364,170 shares of the semiconductor company’s stock after selling 125,334 shares during the period. Wedge Capital Management L L P NC’s holdings in Lam Research Corporation were worth $51,505,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LRCX. Harbour Capital Advisors LLC boosted its position in Lam Research Corporation by 13,054.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,890,919 shares of the semiconductor company’s stock worth $13,370,000 after buying an additional 1,876,544 shares in the last quarter. Soros Fund Management LLC acquired a new position in Lam Research Corporation during the first quarter worth approximately $71,978,000. Vanguard Group Inc. boosted its position in Lam Research Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 15,750,128 shares of the semiconductor company’s stock worth $2,021,687,000 after buying an additional 471,405 shares in the last quarter. Acadian Asset Management LLC boosted its position in Lam Research Corporation by 260.9% in the second quarter. Acadian Asset Management LLC now owns 626,623 shares of the semiconductor company’s stock worth $88,624,000 after buying an additional 452,972 shares in the last quarter. Finally, LSV Asset Management boosted its position in Lam Research Corporation by 22.9% in the first quarter. LSV Asset Management now owns 2,408,170 shares of the semiconductor company’s stock worth $309,112,000 after buying an additional 449,402 shares in the last quarter. Hedge funds and other institutional investors own 98.98% of the company’s stock.
Lam Research Corporation (LRCX) opened at 154.26 on Friday. Lam Research Corporation has a 12-month low of $89.10 and a 12-month high of $170.00. The stock has a market cap of $24.95 billion, a price-to-earnings ratio of 16.69 and a beta of 1.46. The company has a 50-day moving average price of $154.07 and a 200 day moving average price of $139.36.
Lam Research Corporation (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.02 by $0.09. The business had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.31 billion. Lam Research Corporation had a net margin of 21.19% and a return on equity of 26.95%. The business’s quarterly revenue was up 51.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.80 EPS. On average, equities research analysts predict that Lam Research Corporation will post $12.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.80 annualized dividend and a dividend yield of 1.17%. Lam Research Corporation’s payout ratio is 19.57%.
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A number of research analysts have commented on the company. Morgan Stanley restated an “overweight” rating on shares of Lam Research Corporation in a research note on Friday, July 7th. Bank of America Corporation restated a “buy” rating and set a $195.00 price target (up from $165.00) on shares of Lam Research Corporation in a research note on Sunday, June 11th. Stifel Nicolaus restated a “buy” rating and set a $189.00 price target (up from $170.00) on shares of Lam Research Corporation in a research note on Monday, June 19th. Needham & Company LLC upped their price target on Lam Research Corporation from $165.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, June 16th. Finally, Citigroup Inc. restated a “buy” rating and set a $200.00 price target on shares of Lam Research Corporation in a research note on Wednesday, May 17th. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $172.41.
In other Lam Research Corporation news, Director Stephen G. Newberry sold 1,500 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $162.75, for a total value of $244,125.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick J. Lord sold 2,770 shares of the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $155.35, for a total transaction of $430,319.50. The disclosure for this sale can be found here. Insiders have sold a total of 51,656 shares of company stock worth $7,925,366 in the last 90 days. Company insiders own 0.46% of the company’s stock.
About Lam Research Corporation
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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