Lam Research Corporation $LRCX Stock: King Luther Capital Management Corp Boosts Position

King Luther Capital Management Corp raised its position in Lam Research Corporation (NASDAQ:LRCX) by 28.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 108,551 shares of the semiconductor company’s stock after purchasing an additional 24,008 shares during the period. King Luther Capital Management Corp’s holdings in Lam Research were worth $35,660,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Lam Research by 2.6% during the 2nd quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company’s stock worth $26,320,468,000 after buying an additional 1,545,830 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Lam Research by 5.5% in the 2nd quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company’s stock worth $4,872,426,000 after buying an additional 584,489 shares in the last quarter. Van ECK Associates Corp grew its stake in Lam Research by 411.8% in the 2nd quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company’s stock valued at $4,805,368,000 after acquiring an additional 8,922,854 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Lam Research in the 2nd quarter valued at about $3,777,585,000. Finally, Amundi grew its stake in Lam Research by 23.7% in the 1st quarter. Amundi now owns 10,147,479 shares of the semiconductor company’s stock valued at $2,168,107,000 after acquiring an additional 1,942,862 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Insider Transactions at Lam Research

In other news, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the sale, the director directly owned 20,995 shares in the company, valued at $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ava Harter sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company’s stock, valued at approximately $12,843,056.52. This represents a 10.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 14,573 shares of company stock worth $4,523,606. 0.31% of the stock is owned by insiders.

Top Lam Research Stories

Here are a few of the latest stories about LRCX:

• Positive Sentiment: The board authorized up to $25 billion in share repurchases with no set end date and reaffirmed the $0.33 quarterly dividend. The buyback could support shareholder returns and demand for the stock, although it does not by itself resolve concerns about growth. Read More.
• Neutral Sentiment: Lam named longtime employee Kim Tae-won to lead its Korean operations, a region important to the company’s relationships with major chipmakers. The appointment may aid execution but has no clear immediate financial impact. Read More.
• Negative Sentiment: Despite the rebound, LRCX and other equipment stocks had recently suffered steep declines amid concerns about semiconductor spending. Supply constraints could also limit further margin improvement, while ETFs were net sellers on Nov. 6—evidence that sentiment and fund flows have been uneven. Read More. · Read More.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on LRCX shares. Mizuho dropped their target price on shares of Lam Research from $365.00 to $360.00 and set an “outperform” rating for the company in a report on Thursday, October 22nd. Zacks Research downgraded shares of Lam Research from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 22nd. Jefferies Financial Group set a $335.00 price target on shares of Lam Research and gave the company a “buy” rating in a research report on Thursday, July 30th. Berenberg Bank set a $420.00 price target on shares of Lam Research in a research report on Wednesday, September 9th. Finally, Citigroup reissued a “buy” rating and set a $435.00 price objective (down from $450.00) on shares of Lam Research in a research note on Thursday, October 22nd. Twenty-six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and an average price target of $357.57.

Lam Research Stock Up 6.1%

Shares of NASDAQ:LRCX opened at $235.88 on Thursday. The company has a quick ratio of 1.86, a current ratio of 2.48 and a debt-to-equity ratio of 0.27. Lam Research Corporation has a 52-week low of $135.50 and a 52-week high of $438.50. The stock’s fifty day simple moving average is $280.09 and its 200-day simple moving average is $283.74. The company has a market capitalization of $294.65 billion, a P/E ratio of 35.15, a P/E/G ratio of 0.82 and a beta of 1.97.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.02. The business had revenue of $8.22 billion for the quarter, compared to analyst estimates of $8.14 billion. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The business’s revenue for the quarter was up 54.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.26 earnings per share. As a group, equities research analysts forecast that Lam Research Corporation will post 9.60 earnings per share for the current fiscal year.

Lam Research announced that its Board of Directors has initiated a share buyback program on Thursday, November 5th that permits the company to buy back $25 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9% of its shares through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 2nd will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, December 2nd. Lam Research’s dividend payout ratio is 19.67%.

Lam Research Profile

Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits. The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations. Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.