Profund Advisors LLC decreased its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 11.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,609 shares of the semiconductor company’s stock after selling 2,233 shares during the quarter. Profund Advisors LLC’s holdings in Lam Research were worth $3,308,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Lcnb Corp increased its stake in shares of Lam Research by 2.2% in the second quarter. Lcnb Corp now owns 2,306 shares of the semiconductor company’s stock valued at $433,000 after buying an additional 50 shares during the period. Cypress Capital LLC increased its position in Lam Research by 1.4% during the 2nd quarter. Cypress Capital LLC now owns 4,126 shares of the semiconductor company’s stock valued at $775,000 after purchasing an additional 56 shares during the period. Confluence Wealth Management LLC increased its position in Lam Research by 2.0% during the 2nd quarter. Confluence Wealth Management LLC now owns 2,906 shares of the semiconductor company’s stock valued at $546,000 after purchasing an additional 56 shares during the period. ETF Managers Group LLC increased its position in Lam Research by 9.0% during the 1st quarter. ETF Managers Group LLC now owns 713 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 59 shares during the period. Finally, Synovus Financial Corp increased its position in Lam Research by 10.7% during the 1st quarter. Synovus Financial Corp now owns 654 shares of the semiconductor company’s stock valued at $117,000 after purchasing an additional 63 shares during the period. 88.65% of the stock is owned by hedge funds and other institutional investors.
In related news, SVP Sarah A. O’dowd sold 5,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $229.08, for a total value of $1,145,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Vahid Vahedi sold 12,007 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $220.00, for a total value of $2,641,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 45,857 shares of company stock worth $9,679,188 over the last 90 days. Company insiders own 0.44% of the company’s stock.
Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.22. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Lam Research had a return on equity of 43.72% and a net margin of 22.70%. The company’s revenue for the quarter was down 24.5% compared to the same quarter last year. During the same period in the prior year, the business earned $5.31 EPS. On average, analysts expect that Lam Research Co. will post 13.6 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.94%. This is a boost from Lam Research’s previous quarterly dividend of $1.10. The ex-dividend date is Monday, September 30th. Lam Research’s dividend payout ratio is presently 30.24%.
A number of analysts have weighed in on the stock. Goldman Sachs Group downgraded shares of Lam Research from a “buy” rating to a “neutral” rating in a research report on Monday, July 22nd. DA Davidson downgraded shares of Lam Research from a “buy” rating to a “neutral” rating and decreased their target price for the company from $225.00 to $200.00 in a research report on Monday, July 8th. Credit Suisse Group reissued a “positive” rating on shares of Lam Research in a research report on Monday, July 8th. They noted that the move was a valuation call. ValuEngine downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, BidaskClub raised shares of Lam Research from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Lam Research currently has an average rating of “Hold” and a consensus target price of $221.88.
About Lam Research
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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