Lam Research Co. (NASDAQ:LRCX) Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC trimmed its holdings in Lam Research Co. (NASDAQ:LRCX) by 13.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 87,545 shares of the semiconductor company’s stock after selling 13,418 shares during the period. Lam Research accounts for about 1.2% of Eventide Asset Management LLC’s holdings, making the stock its 23rd biggest holding. Eventide Asset Management LLC’s holdings in Lam Research were worth $71,444,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC boosted its stake in Lam Research by 20.0% during the third quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company’s stock worth $194,451,000 after buying an additional 39,725 shares during the last quarter. Creative Planning boosted its position in shares of Lam Research by 2.5% during the 3rd quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock valued at $38,664,000 after acquiring an additional 1,146 shares during the last quarter. Vest Financial LLC grew its holdings in shares of Lam Research by 68.7% in the third quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock valued at $29,372,000 after purchasing an additional 14,658 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Lam Research by 9.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock valued at $278,165,000 after purchasing an additional 28,089 shares during the period. Finally, Benson Investment Management Company Inc. acquired a new stake in Lam Research during the third quarter worth about $5,182,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on LRCX. Sanford C. Bernstein dropped their price target on shares of Lam Research from $95.00 to $85.00 and set a “market perform” rating for the company in a research note on Friday. Morgan Stanley lowered their price objective on Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reduced their target price on Lam Research from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Lam Research in a report on Thursday, October 24th. Finally, B. Riley reduced their price objective on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.29.

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This trade represents a 13.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

Lam Research Price Performance

LRCX stock opened at $71.57 on Friday. Lam Research Co. has a 1 year low of $68.72 and a 1 year high of $113.00. The firm has a market capitalization of $92.09 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.14 and a beta of 1.48. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 1.74. The business’s 50-day moving average is $76.62 and its two-hundred day moving average is $86.79.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the company earned $6.85 earnings per share. The firm’s revenue was up 19.7% compared to the same quarter last year. Analysts anticipate that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research’s dividend payout ratio is presently 29.74%.

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.