Bleakley Financial Group LLC Trims Position in Lam Research Co. (NASDAQ:LRCX)

Bleakley Financial Group LLC decreased its position in shares of Lam Research Co. (NASDAQ:LRCX) by 13.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,550 shares of the semiconductor company’s stock after selling 409 shares during the period. Bleakley Financial Group LLC’s holdings in Lam Research were worth $2,081,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of LRCX. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research during the second quarter worth approximately $32,000. RFP Financial Group LLC raised its stake in Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. Hobbs Group Advisors LLC purchased a new position in Lam Research during the second quarter worth approximately $40,000. Country Trust Bank purchased a new position in Lam Research during the second quarter worth approximately $43,000. Finally, MFA Wealth Advisors LLC purchased a new position in Lam Research during the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Stock Performance

Lam Research stock opened at $72.84 on Friday. The firm’s fifty day moving average price is $80.15 and its 200 day moving average price is $90.48. The company has a market capitalization of $9.52 billion, a price-to-earnings ratio of 2.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.47. Lam Research Co. has a 12-month low of $57.44 and a 12-month high of $113.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.05. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, research analysts forecast that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s payout ratio is currently 3.38%.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated 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 owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald cut their price target on shares of Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Needham & Company LLC reissued a “buy” rating and issued a $113.00 target price on shares of Lam Research in a research note on Thursday, August 1st. Citigroup reduced their target price on shares of Lam Research from $99.00 to $89.30 and set a “buy” rating on the stock in a report on Monday, September 16th. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Finally, UBS Group reduced their target price on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Lam Research currently has a consensus rating of “Moderate Buy” and an average price target of $141.28.

About Lam Research

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.