Lam Research (NASDAQ:LRCX) Shares Gap Down Following Insider Selling
Lam Research Co. (NASDAQ:LRCX) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $282.54, but opened at $274.13. Lam Research shares last traded at $263.90, with a volume of 2,406,700 shares changing hands.
Specifically, EVP Richard A. Gottscho sold 2,497 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $273.93, for a total value of $684,003.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas R. Bettinger sold 18,693 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $279.03, for a total transaction of $5,215,907.79. The disclosure for this sale can be found here. In the last three months, insiders sold 90,202 shares of company stock valued at $22,176,844. Corporate insiders own 0.43% of the company’s stock.
A number of equities research analysts have recently issued reports on LRCX shares. Needham & Company LLC upped their price objective on shares of Lam Research from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. DA Davidson upped their price objective on shares of Lam Research to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Evercore ISI raised shares of Lam Research from an “in-line” rating to an “outperform” rating in a research note on Tuesday, September 3rd. UBS Group cut shares of Lam Research from a “neutral” rating to a “sell” rating and set a $240.00 price objective for the company. in a research note on Thursday. Finally, Zacks Investment Research cut shares of Lam Research from a “buy” rating to a “hold” rating and set a $273.00 price objective for the company. in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Lam Research has an average rating of “Hold” and a consensus target price of $260.42.
Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, October 23rd. The semiconductor company reported $3.18 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.17. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.17 billion. Lam Research had a return on equity of 43.11% and a net margin of 22.38%. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.36 EPS. As a group, equities research analysts anticipate that Lam Research Co. will post 15.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Wednesday, December 11th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $4.60 annualized dividend and a yield of 1.74%. Lam Research’s payout ratio is 31.62%.
Institutional investors and hedge funds have recently bought and sold shares of the business. Nuveen Asset Management LLC boosted its holdings in shares of Lam Research by 655.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,502,249 shares of the semiconductor company’s stock valued at $470,022,000 after buying an additional 2,171,131 shares in the last quarter. Lansdowne Partners UK LLP bought a new stake in Lam Research during the second quarter worth about $148,977,000. USS Investment Management Ltd purchased a new position in shares of Lam Research during the third quarter valued at approximately $100,687,000. AMF Pensionsforsakring AB boosted its position in shares of Lam Research by 401.9% in the 3rd quarter. AMF Pensionsforsakring AB now owns 442,209 shares of the semiconductor company’s stock worth $102,199,000 after purchasing an additional 354,103 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Lam Research by 20.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,571,906 shares of the semiconductor company’s stock worth $295,267,000 after purchasing an additional 267,189 shares in the last quarter. Institutional investors and hedge funds own 86.38% of the company’s stock.
About Lam Research (NASDAQ:LRCX)
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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