Sumitomo Mitsui Trust Group Inc. Buys 28,089 Shares of Lam Research Co. (NASDAQ:LRCX)

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 9.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 340,855 shares of the semiconductor company’s stock after acquiring an additional 28,089 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Lam Research were worth $278,165,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Creative Planning grew its position in shares of Lam Research by 2.5% during the third quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock valued at $38,664,000 after purchasing an additional 1,146 shares in the last quarter. Vest Financial LLC grew its holdings in Lam Research by 68.7% during the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock valued at $29,372,000 after buying an additional 14,658 shares in the last quarter. Benson Investment Management Company Inc. purchased a new stake in shares of Lam Research during the 3rd quarter worth approximately $5,182,000. Symmetry Investments LP bought a new position in shares of Lam Research during the 2nd quarter valued at approximately $3,229,000. Finally, Vontobel Holding Ltd. boosted its position in shares of Lam Research by 38.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 120,736 shares of the semiconductor company’s stock valued at $98,530,000 after acquiring an additional 33,489 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $100.00 price target on shares of Lam Research in a research note on Thursday, October 24th. UBS Group lowered their price target on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Citigroup reduced their price objective on Lam Research from $99.00 to $89.30 and set a “buy” rating on the stock in a research note on Monday, September 16th. B. Riley lowered their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft cut 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. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Lam Research has an average rating of “Moderate Buy” and a consensus price target of $97.03.

Insider Buying and Selling at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Lam Research Stock Performance

LRCX stock opened at $76.17 on Tuesday. Lam Research Co. has a 1-year low of $67.06 and a 1-year high of $113.00. The business has a 50-day moving average price of $77.55 and a 200 day moving average price of $88.44. The company has a market capitalization of $98.01 billion, a P/E ratio of 24.65, a PEG ratio of 1.24 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.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS 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 business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same quarter in the previous year, the business posted $6.85 EPS. The company’s quarterly revenue was up 19.7% compared to the same quarter last year. As a group, equities research analysts forecast that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $0.92 annualized dividend and a yield of 1.21%. Lam Research’s dividend payout ratio (DPR) is presently 29.77%.

Lam Research 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.