Neuberger Berman Group LLC grew its holdings in Lam Research Co. (NASDAQ:LRCX) by 68.7% during the 2nd quarter, Holdings Channel reports. The fund owned 512,884 shares of the semiconductor company’s stock after purchasing an additional 208,802 shares during the period. Neuberger Berman Group LLC’s holdings in Lam Research were worth $165,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Lam Research by 96.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 406,358 shares of the semiconductor company’s stock valued at $97,525,000 after acquiring an additional 199,127 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Lam Research by 11.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 60,747 shares of the semiconductor company’s stock worth $14,579,000 after buying an additional 6,054 shares during the period. Empirical Finance LLC increased its position in Lam Research by 13.7% in the second quarter. Empirical Finance LLC now owns 997 shares of the semiconductor company’s stock worth $322,000 after buying an additional 120 shares during the period. CNB Bank increased its position in Lam Research by 10.9% in the second quarter. CNB Bank now owns 428 shares of the semiconductor company’s stock worth $138,000 after buying an additional 42 shares during the period. Finally, Balentine LLC acquired a new stake in Lam Research in the first quarter worth $135,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.
Lam Research stock traded down $1.84 during mid-day trading on Wednesday, hitting $307.09. The company’s stock had a trading volume of 80,900 shares, compared to its average volume of 2,081,609. Lam Research Co. has a 52-week low of $181.38 and a 52-week high of $387.70. The firm’s 50 day moving average is $352.75 and its 200 day moving average is $298.24. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.43 and a quick ratio of 2.83. The company has a market cap of $44.99 billion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.07 and a beta of 1.27.
Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $4.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.20 by $0.58. Lam Research had a return on equity of 49.69% and a net margin of 22.42%. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.68 billion. During the same period last year, the business earned $3.62 EPS. The business’s quarterly revenue was up 18.2% on a year-over-year basis. As a group, analysts forecast that Lam Research Co. will post 20.68 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This is an increase from Lam Research’s previous quarterly dividend of $1.15. This represents a $5.20 dividend on an annualized basis and a dividend yield of 1.69%. Lam Research’s dividend payout ratio (DPR) is 28.84%.
In other news, SVP Vahid Vahedi sold 10,688 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $330.00, for a total transaction of $3,527,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard A. Gottscho sold 17,655 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $370.82, for a total value of $6,546,827.10. The disclosure for this sale can be found here. Insiders have sold a total of 66,037 shares of company stock valued at $23,254,085 over the last ninety days. Company insiders own 0.43% of the company’s stock.
Several brokerages have weighed in on LRCX. Wells Fargo & Company increased their target price on Lam Research from $270.00 to $370.00 in a research report on Thursday, July 30th. UBS Group raised their price target on Lam Research from $385.00 to $420.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Cfra reissued a “buy” rating on shares of Lam Research in a report on Sunday, August 16th. KeyCorp raised their price target on Lam Research from $348.00 to $421.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Finally, Needham & Company LLC raised their price target on Lam Research from $325.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $376.38.
About Lam Research
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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