Cary Street Partners Asset Management LLC Has $4.79 Million Position in Lam Research Co. (NASDAQ:LRCX)

Cary Street Partners Asset Management LLC reduced its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,118 shares of the semiconductor company’s stock after selling 167 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in Lam Research were worth $4,792,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. International Assets Investment Management LLC grew its position in shares of Lam Research by 76,165.7% in the 4th quarter. International Assets Investment Management LLC now owns 318,028 shares of the semiconductor company’s stock valued at $249,099,000 after purchasing an additional 317,611 shares during the period. Cerity Partners LLC grew its holdings in Lam Research by 1,125.6% in the 4th quarter. Cerity Partners LLC now owns 342,139 shares of the semiconductor company’s stock valued at $267,984,000 after buying an additional 314,224 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Lam Research by 10.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,642,367 shares of the semiconductor company’s stock valued at $1,029,386,000 after buying an additional 159,815 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Lam Research by 106.5% in the third quarter. Canada Pension Plan Investment Board now owns 301,071 shares of the semiconductor company’s stock worth $188,702,000 after purchasing an additional 155,240 shares during the period. Finally, Northern Trust Corp increased its position in shares of Lam Research by 9.7% in the third quarter. Northern Trust Corp now owns 1,523,215 shares of the semiconductor company’s stock worth $954,705,000 after purchasing an additional 134,558 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lam Research

In related news, CAO Christina Corrreia sold 647 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total transaction of $628,903.41. Following the completion of the transaction, the chief accounting officer now owns 5,541 shares in the company, valued at $5,386,018.23. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Lam Research news, SVP Seshasayee Varadarajan sold 5,500 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $922.41, for a total value of $5,073,255.00. Following the transaction, the senior vice president now owns 22,095 shares of the company’s stock, valued at $20,380,648.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Christina Corrreia sold 647 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the transaction, the chief accounting officer now directly owns 5,541 shares in the company, valued at approximately $5,386,018.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,089 shares of company stock valued at $6,614,781. 0.32% of the stock is owned by corporate insiders.

Lam Research Price Performance

LRCX traded down $26.61 on Wednesday, hitting $867.80. 260,719 shares of the stock were exchanged, compared to its average volume of 1,061,882. The firm has a market capitalization of $113.77 billion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.88 and a beta of 1.51. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84. Lam Research Co. has a 12 month low of $507.19 and a 12 month high of $1,007.39. The business has a 50-day moving average of $943.60 and a two-hundred day moving average of $815.20.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.26 by $0.53. The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. Lam Research’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $6.99 EPS. Sell-side analysts forecast that Lam Research Co. will post 29.62 EPS for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 13th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Tuesday, March 12th. Lam Research’s payout ratio is 29.42%.

Analyst Ratings Changes

A number of equities analysts recently commented on LRCX shares. Susquehanna cut their price objective on Lam Research from $880.00 to $850.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. B. Riley raised Lam Research from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $870.00 to $1,100.00 in a research report on Friday, April 19th. Citigroup upped their price target on Lam Research from $975.00 to $1,025.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. upped their target price on Lam Research from $900.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $1,030.00 price objective on shares of Lam Research in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $950.85.

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.