Lam Research Corporation (NASDAQ:LRCX) Position Cut by Morse Asset Management Inc
Morse Asset Management Inc lowered its position in Lam Research Corporation (NASDAQ:LRCX) by 18.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,950 shares of the semiconductor company’s stock after selling 2,200 shares during the period. Morse Asset Management Inc’s holdings in Lam Research Corporation were worth $1,407,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of LRCX. Legacy Capital Partners Inc. bought a new stake in shares of Lam Research Corporation during the second quarter worth approximately $384,000. HL Financial Services LLC raised its stake in shares of Lam Research Corporation by 1.6% in the second quarter. HL Financial Services LLC now owns 52,765 shares of the semiconductor company’s stock worth $7,463,000 after buying an additional 830 shares during the last quarter. Sanctuary Wealth Advisors LLC bought a new stake in shares of Lam Research Corporation during the second quarter worth approximately $3,090,000. TD Asset Management Inc. raised its stake in shares of Lam Research Corporation by 4.3% in the second quarter. TD Asset Management Inc. now owns 128,400 shares of the semiconductor company’s stock worth $18,160,000 after buying an additional 5,283 shares during the last quarter. Finally, ARP Americas LLC bought a new stake in shares of Lam Research Corporation during the second quarter worth approximately $369,000. Institutional investors and hedge funds own 98.98% of the company’s stock.
Shares of Lam Research Corporation (NASDAQ:LRCX) traded up 1.28% during mid-day trading on Friday, hitting $160.49. 1,924,780 shares of the company traded hands. The firm has a 50-day moving average of $155.93 and a 200-day moving average of $140.94. The stock has a market capitalization of $26.07 billion, a price-to-earnings ratio of 17.37 and a beta of 1.46. Lam Research Corporation has a one year low of $89.80 and a one year high of $170.00.
Lam Research Corporation (NASDAQ:LRCX) last issued its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $3.02 by $0.09. The firm had revenue of $2.34 billion during the quarter, compared to analyst estimates of $2.31 billion. Lam Research Corporation had a net margin of 21.19% and a return on equity of 26.78%. The company’s quarterly revenue was up 51.6% on a year-over-year basis. During the same quarter last year, the business earned $1.80 earnings per share. On average, equities analysts predict that Lam Research Corporation will post $12.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.80 dividend on an annualized basis and a yield of 1.12%. Lam Research Corporation’s dividend payout ratio is presently 19.57%.
A number of brokerages recently commented on LRCX. B. Riley restated a “buy” rating and set a $220.00 price objective on shares of Lam Research Corporation in a report on Tuesday. Morgan Stanley restated an “overweight” rating and set a $176.00 price objective on shares of Lam Research Corporation in a report on Monday, August 14th. ValuEngine upgraded shares of Lam Research Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 3rd. Citigroup Inc. lowered shares of Lam Research Corporation from a “buy” rating to a “neutral” rating and lowered their price target for the company from $200.00 to $175.00 in a research note on Thursday, August 3rd. Finally, BidaskClub lowered shares of Lam Research Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $175.18.
In other Lam Research Corporation news, insider Patrick J. Lord sold 2,770 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $155.35, for a total transaction of $430,319.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Sarah A. O’dowd sold 10,000 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $150.92, for a total transaction of $1,509,200.00. The disclosure for this sale can be found here. Insiders have sold 31,609 shares of company stock valued at $4,918,116 in the last quarter. Company insiders own 0.46% of the company’s stock.
About Lam Research Corporation
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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