Fred Alger Management LLC Increases Stock Holdings in Lam Research Co. (NASDAQ:LRCX)

Fred Alger Management LLC raised its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 23.1% during the third quarter, Holdings Channel reports. The firm owned 7,895 shares of the semiconductor company’s stock after buying an additional 1,482 shares during the quarter. Fred Alger Management LLC’s holdings in Lam Research were worth $6,443,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Jennison Associates LLC raised its stake in Lam Research by 20.0% in the third quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company’s stock worth $194,451,000 after buying an additional 39,725 shares in the last quarter. Creative Planning raised its position in shares of Lam Research by 2.5% in the 3rd quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock worth $38,664,000 after acquiring an additional 1,146 shares in the last quarter. Vest Financial LLC lifted its stake in shares of Lam Research by 68.7% in the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock valued at $29,372,000 after purchasing an additional 14,658 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Lam Research by 9.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock valued at $278,165,000 after purchasing an additional 28,089 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new stake in Lam Research in the third quarter worth $5,182,000. 84.61% of the stock is currently owned by institutional investors.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. The trade was a 13.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

LRCX has been the subject of several recent research reports. Mizuho lowered their price objective on Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Morgan Stanley lowered their price target on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 23rd. BNP Paribas upgraded shares of Lam Research to a “hold” rating in a report on Thursday, October 24th. UBS Group lowered their target price 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. Finally, Wells Fargo & Company cut their price target on Lam Research from $88.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $97.29.

Lam Research Stock Performance

Shares of NASDAQ LRCX opened at $73.88 on Friday. 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 $68.72 and a 12-month high of $113.00. The firm has a market capitalization of $95.06 billion, a price-to-earnings ratio of 23.91, a price-to-earnings-growth ratio of 1.14 and a beta of 1.48. The firm has a 50 day moving average of $76.52 and a 200 day moving average of $86.67.

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

Lam Research Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 11th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.25%. Lam Research’s payout ratio is currently 29.77%.

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.