AustralianSuper Pty Ltd Sells 2,991 Shares of Lam Research Co. (NASDAQ:LRCX)

AustralianSuper Pty Ltd cut its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 55.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,446 shares of the semiconductor company’s stock after selling 2,991 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Lam Research were worth $1,996,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research in the 2nd quarter worth approximately $32,000. RFP Financial Group LLC grew its position in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 12 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of Lam Research in the second quarter worth about $40,000. Country Trust Bank purchased a new stake in shares of Lam Research in the second quarter worth about $43,000. Finally, MFA Wealth Advisors LLC bought a new position in Lam Research during the second quarter valued at approximately $45,000. Institutional investors own 84.61% of the company’s stock.

Insider Activity

In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Lam Research Stock Performance

LRCX opened at $74.35 on Friday. The firm has a 50 day moving average of $78.33 and a two-hundred day moving average of $89.13. The firm has a market capitalization of $95.67 billion, a PE ratio of 24.03, a P/E/G ratio of 1.22 and a beta of 1.47. The company has a current ratio of 2.53, a quick ratio of 1.74 and a debt-to-equity ratio of 0.53. Lam Research Co. has a 12-month low of $57.44 and a 12-month high of $113.00.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The company had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm’s revenue was up 19.7% on a year-over-year basis. During the same period in the prior year, the company earned $6.85 earnings per share. On average, analysts anticipate that Lam Research Co. will post 3.52 EPS for the current year.

Lam Research Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.24%. Lam Research’s dividend payout ratio (DPR) is currently 29.74%.

Analyst Ratings Changes

A number of research firms have recently commented on LRCX. Citigroup lowered their target price on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research report on Monday, September 16th. UBS Group lowered their price objective on Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Mizuho cut their target price on Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Morgan Stanley dropped their price objective on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price on shares of Lam Research in a research note on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Lam Research Profile

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.