Artemis Investment Management LLP lowered its position in Lam Research Corp. (NASDAQ:LRCX) by 27.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,231 shares of the company’s stock after selling 39,469 shares during the period. Artemis Investment Management LLP’s holdings in Lam Research Corp. were worth $8,677,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Group LTD raised its stake in Lam Research Corp. by 3.9% in the first quarter. BlackRock Group LTD now owns 1,618,463 shares of the company’s stock worth $133,685,000 after buying an additional 60,958 shares in the last quarter. Franklin Resources Inc. raised its stake in Lam Research Corp. by 0.8% in the first quarter. Franklin Resources Inc. now owns 1,435,651 shares of the company’s stock worth $118,585,000 after buying an additional 10,940 shares in the last quarter. Mckinley Capital Management LLC Delaware raised its stake in Lam Research Corp. by 0.6% in the first quarter. Mckinley Capital Management LLC Delaware now owns 273,105 shares of the company’s stock worth $22,558,000 after buying an additional 1,518 shares in the last quarter. FDO Partners LLC acquired a new stake in Lam Research Corp. during the first quarter worth approximately $1,188,000. Finally, Prudential Financial Inc. raised its stake in Lam Research Corp. by 4.0% in the first quarter. Prudential Financial Inc. now owns 239,775 shares of the company’s stock worth $19,806,000 after buying an additional 9,230 shares in the last quarter.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 0.46% on Wednesday, reaching $92.94. 1,227,477 shares of the company were exchanged. The company’s 50 day moving average is $92.36 and its 200 day moving average is $84.97. Lam Research Corp. has a 12-month low of $63.10 and a 12-month high of $95.77. The firm has a market capitalization of $14.89 billion, a PE ratio of 17.80 and a beta of 1.31.
Lam Research Corp. (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.16. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the firm earned $1.50 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. Analysts forecast that Lam Research Corp. will post $6.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.29%. The ex-dividend date is Monday, September 12th. Lam Research Corp.’s dividend payout ratio is 22.99%.
A number of analysts have commented on the stock. Citigroup Inc. lifted their target price on shares of Lam Research Corp. from $94.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Zacks Investment Research raised shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a report on Friday, July 29th. Cowen and Company reissued an “outperform” rating and issued a $95.00 price target on shares of Lam Research Corp. in a report on Wednesday, August 31st. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price target on shares of Lam Research Corp. in a report on Tuesday, September 20th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $105.00 price target (up previously from $95.00) on shares of Lam Research Corp. in a report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Lam Research Corp. presently has a consensus rating of “Buy” and an average target price of $99.11.
About Lam Research Corp.
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corp. (NASDAQ:LRCX).
Receive News & Ratings for Lam Research Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lam Research Corp. and related companies with MarketBeat.com's FREE daily email newsletter.