Rainier Investment Management LLC Reduces Stake in Lam Research Corporation (LRCX)
Rainier Investment Management LLC lowered its position in Lam Research Corporation (NASDAQ:LRCX) by 62.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,600 shares of the semiconductor company’s stock after selling 42,110 shares during the period. Rainier Investment Management LLC’s holdings in Lam Research Corporation were worth $3,620,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Main Street Research LLC raised its position in Lam Research Corporation by 3.6% in the second quarter. Main Street Research LLC now owns 97,974 shares of the semiconductor company’s stock worth $13,856,000 after buying an additional 3,367 shares during the period. Van ECK Associates Corp raised its position in Lam Research Corporation by 81.0% in the first quarter. Van ECK Associates Corp now owns 239,488 shares of the semiconductor company’s stock worth $30,741,000 after buying an additional 107,149 shares during the period. Highland Capital Management LLC purchased a new position in Lam Research Corporation during the second quarter worth approximately $578,000. Soros Fund Management LLC purchased a new position in Lam Research Corporation during the first quarter worth approximately $71,978,000. Finally, Rafferty Asset Management LLC raised its position in Lam Research Corporation by 21.9% in the first quarter. Rafferty Asset Management LLC now owns 46,035 shares of the semiconductor company’s stock worth $5,909,000 after buying an additional 8,255 shares during the period. Hedge funds and other institutional investors own 98.98% of the company’s stock.
Lam Research Corporation (NASDAQ:LRCX) opened at 158.46 on Friday. The company has a 50 day moving average of $155.41 and a 200 day moving average of $140.62. Lam Research Corporation has a 52 week low of $89.80 and a 52 week high of $170.00. The stock has a market capitalization of $25.74 billion, a P/E ratio of 17.15 and a beta of 1.46.
Lam Research Corporation (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $3.02 by $0.09. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.31 billion. Lam Research Corporation had a return on equity of 26.78% and a net margin of 21.19%. The company’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.80 EPS. Equities analysts expect that Lam Research Corporation will post $12.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 12th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.14%. Lam Research Corporation’s dividend payout ratio is currently 19.57%.
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A number of equities research analysts recently weighed in on LRCX shares. BidaskClub raised shares of Lam Research Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $176.00 target price on shares of Lam Research Corporation in a research note on Monday. Citigroup Inc. reaffirmed a “buy” rating and issued a $200.00 target price on shares of Lam Research Corporation in a research note on Wednesday, May 17th. UBS AG reaffirmed a “buy” rating and issued a $158.00 target price (up from $144.00) on shares of Lam Research Corporation in a research note on Saturday, April 22nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $189.00 target price (up from $170.00) on shares of Lam Research Corporation in a research note on Monday, June 19th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $175.18.
In related news, COO Timothy Archer sold 6,897 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $160.50, for a total transaction of $1,106,968.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen G. Newberry sold 1,500 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $162.75, for a total value of $244,125.00. The disclosure for this sale can be found here. Insiders have sold a total of 31,609 shares of company stock valued at $4,918,116 over the last quarter. Corporate insiders own 0.46% of the company’s stock.
Lam Research Corporation Company Profile
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.
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