Sumitomo Mitsui Trust Group Inc. Sells 88,685 Shares of Lam Research Corporation $LRCX

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,912,268 shares of the semiconductor company’s stock after selling 88,685 shares during the quarter. Lam Research accounts for approximately 0.6% of Sumitomo Mitsui Trust Group Inc.’s investment portfolio, making the stock its 28th largest holding. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Lam Research worth $956,709,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. William Mack & Associates Inc. purchased a new position in Lam Research in the 3rd quarter worth about $25,000. Cedar Mountain Advisors LLC lifted its holdings in Lam Research by 242.9% during the 1st quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 85 shares in the last quarter. Paladin Partners LLC purchased a new stake in Lam Research in the 2nd quarter valued at about $26,000. Quintet Private Bank Europe S.A. boosted its position in Lam Research by 100.0% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 100 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 50 shares during the period. Finally, Dakota Community Bank & Trust NA bought a new position in Lam Research in the 3rd quarter worth about $33,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Stock Performance

Shares of LRCX stock opened at $239.11 on Friday. The firm has a market cap of $298.69 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 0.89 and a beta of 1.85. The company’s 50 day moving average is $294.47 and its 200 day moving average is $283.78. The company has a quick ratio of 1.86, a current ratio of 2.48 and a debt-to-equity ratio of 0.27. Lam Research Corporation has a 52-week low of $135.50 and a 52-week high of $438.50.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, topping the consensus estimate of $2.18 by $0.02. The firm had revenue of $8.22 billion during the quarter, compared to analyst estimates of $8.14 billion. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The business’s revenue for the quarter was up 54.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. On average, sell-side analysts anticipate that Lam Research Corporation will post 9.59 EPS for the current fiscal year.

Lam Research Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 23rd were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 0.6%. This is a boost from Lam Research’s previous quarterly dividend of $0.26. The ex-dividend date was Wednesday, September 23rd. Lam Research’s payout ratio is presently 19.67%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Zacks Research lowered shares of Lam Research from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 22nd. Morgan Stanley set a $339.00 price target on Lam Research and gave the company an “overweight” rating in a report on Thursday, October 22nd. Berenberg Bank set a $420.00 price target on Lam Research in a report on Wednesday, September 9th. HSBC reissued a “hold” rating and issued a $333.00 price objective on shares of Lam Research in a research note on Monday, July 27th. Finally, Mizuho reduced their price objective on Lam Research from $365.00 to $360.00 and set an “outperform” rating on the stock in a report on Thursday, October 22nd. Twenty-six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Lam Research presently has an average rating of “Moderate Buy” and an average target price of $360.23.

Insider Activity

In other Lam Research news, insider Ava Harter sold 5,000 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the sale, the insider directly owned 42,462 shares of the company’s stock, valued at approximately $12,843,056.52. This represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the sale, the director owned 20,995 shares in the company, valued at $6,607,966.30. This represents a 31.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.31% of the stock is owned by insiders.

About Lam Research

Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company’s product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.