Lam Research Co. (NASDAQ:LRCX) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in Lam Research Co. (NASDAQ:LRCX) by 12.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 77,943 shares of the semiconductor company’s stock after purchasing an additional 8,548 shares during the quarter. Lam Research comprises about 1.0% of Pinnacle Associates Ltd.’s portfolio, making the stock its 20th biggest holding. Pinnacle Associates Ltd.’s holdings in Lam Research were worth $61,049,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of LRCX. Fortitude Family Office LLC lifted its position in Lam Research by 16.7% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 9 shares during the period. Thomasville National Bank boosted its holdings in shares of Lam Research by 1.5% during the second quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after purchasing an additional 12 shares during the period. Ignite Planners LLC increased its stake in Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock valued at $484,000 after buying an additional 12 shares during the period. U.S. Capital Wealth Advisors LLC boosted its stake in shares of Lam Research by 3.7% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 12 shares during the period. Finally, RFP Financial Group LLC raised its holdings 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 worth $37,000 after acquiring an additional 12 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Insider Buying and Selling

In other news, CAO Christina Correia sold 647 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on LRCX. Citigroup cut their target price on shares of Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research report on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Lam Research in a research note on Thursday, October 24th. Wells Fargo & Company cut their price objective on Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Stifel Nicolaus reissued a “buy” rating and set a $100.00 price target (down from $105.00) on shares of Lam Research in a report on Thursday, October 24th. Finally, UBS Group dropped their price objective on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Lam Research Stock Performance

Shares of LRCX traded down $1.92 during mid-day trading on Wednesday, hitting $76.39. The stock had a trading volume of 2,701,653 shares, compared to its average volume of 11,250,036. The business has a fifty day moving average price of $78.79 and a 200-day moving average price of $89.37. Lam Research Co. has a 52 week low of $57.44 and a 52 week high of $113.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The firm has a market cap of $9.99 billion, a P/E ratio of 2.82, a PEG ratio of 1.89 and a beta of 1.47.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same period in the previous year, the business earned $6.85 EPS. The business’s revenue for the quarter was up 19.7% on a year-over-year basis. On average, equities research analysts expect that Lam Research Co. will post 3.23 EPS for the current year.

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is presently 3.38%.

About Lam Research

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.