Christina Correia Sells 647 Shares of Lam Research Co. (NASDAQ:LRCX) Stock

Lam Research Co. (NASDAQ:LRCX) CAO Christina Correia sold 647 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Lam Research Price Performance

NASDAQ LRCX traded up $28.94 on Wednesday, reaching $826.32. The company’s stock had a trading volume of 368,634 shares, compared to its average volume of 1,103,942. The firm’s 50 day moving average is $811.37 and its two-hundred day moving average is $918.60. The stock has a market cap of $108.03 billion, a PE ratio of 29.33, a PEG ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. Lam Research Co. has a twelve month low of $574.42 and a twelve month high of $1,130.00.

Shares of Lam Research are going to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be distributed to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.05. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. As a group, sell-side analysts predict that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 annualized dividend and a yield of 0.11%. Lam Research’s payout ratio is presently 33.84%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB acquired a new position in Lam Research in the 1st quarter worth approximately $192,668,000. Van ECK Associates Corp boosted its position in shares of Lam Research by 24.6% in the first quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock worth $940,592,000 after buying an additional 191,230 shares during the period. Vanguard Group Inc. grew its holdings in shares of Lam Research by 1.2% during the first quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock valued at $11,519,576,000 after buying an additional 144,914 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Lam Research by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock valued at $2,875,023,000 after buying an additional 142,903 shares during the period. Finally, Natixis lifted its stake in Lam Research by 1,267.1% in the 1st quarter. Natixis now owns 142,967 shares of the semiconductor company’s stock worth $138,902,000 after acquiring an additional 132,509 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group dropped their price target on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Morgan Stanley dropped their target price on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating on the stock in a report on Tuesday, September 17th. Mizuho decreased their price target on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Cantor Fitzgerald cut their target price on shares of Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $113.00 target price on shares of Lam Research in a report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and fourteen 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 a consensus price target of $100.23.

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.