Allspring Global Investments Holdings LLC trimmed its holdings in shares of Lam Research Co. (NASDAQ:LRCX – Get Rating) by 65.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,098 shares of the semiconductor company’s stock after selling 28,451 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lam Research were worth $6,433,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of LRCX. Invesco Ltd. raised its stake in shares of Lam Research by 43.6% during the 1st quarter. Invesco Ltd. now owns 919,096 shares of the semiconductor company’s stock worth $494,117,000 after buying an additional 279,193 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Lam Research by 38.1% in the 1st quarter. Van ECK Associates Corp now owns 953,874 shares of the semiconductor company’s stock worth $512,812,000 after acquiring an additional 263,364 shares during the period. Theleme Partners LLP grew its holdings in shares of Lam Research by 115.3% in the 1st quarter. Theleme Partners LLP now owns 463,000 shares of the semiconductor company’s stock worth $248,913,000 after acquiring an additional 248,000 shares during the period. BlackRock Inc. grew its holdings in shares of Lam Research by 1.7% in the 1st quarter. BlackRock Inc. now owns 11,285,008 shares of the semiconductor company’s stock worth $6,066,932,000 after acquiring an additional 184,139 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Lam Research by 34.0% in the 1st quarter. First Trust Advisors LP now owns 605,220 shares of the semiconductor company’s stock worth $325,372,000 after acquiring an additional 153,410 shares during the period. 80.09% of the stock is owned by hedge funds and other institutional investors.
Lam Research Price Performance
LRCX stock opened at $314.95 on Monday. Lam Research Co. has a 52-week low of $299.59 and a 52-week high of $731.85. The stock’s fifty day simple moving average is $425.09 and its 200-day simple moving average is $453.50. The company has a quick ratio of 1.82, a current ratio of 2.69 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $43.10 billion, a price-to-earnings ratio of 9.62, a price-to-earnings-growth ratio of 1.30 and a beta of 1.38.
Lam Research (NASDAQ:LRCX – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The semiconductor company reported $8.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.31 by $1.52. The business had revenue of $4.64 billion for the quarter, compared to analysts’ expectations of $4.21 billion. Lam Research had a return on equity of 75.71% and a net margin of 26.73%. The business’s revenue was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $8.09 earnings per share. Equities research analysts expect that Lam Research Co. will post 36.2 EPS for the current year.
Lam Research Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 5th. Investors of record on Wednesday, September 14th were given a $1.725 dividend. This is a positive change from Lam Research’s previous quarterly dividend of $1.50. This represents a $6.90 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Tuesday, September 13th. Lam Research’s dividend payout ratio (DPR) is 21.07%.
Wall Street Analyst Weigh In
LRCX has been the topic of a number of research reports. Morgan Stanley lowered their price target on Lam Research from $550.00 to $543.00 and set an “overweight” rating on the stock in a report on Tuesday, September 6th. Citigroup lowered their price target on Lam Research from $720.00 to $700.00 in a report on Thursday, July 28th. Deutsche Bank Aktiengesellschaft lowered their price target on Lam Research from $480.00 to $400.00 and set a “hold” rating on the stock in a report on Thursday. Wells Fargo & Company lowered their price target on Lam Research from $475.00 to $410.00 and set an “equal weight” rating on the stock in a report on Monday, October 10th. Finally, B. Riley lowered their target price on Lam Research from $525.00 to $455.00 and set a “neutral” rating on the stock in a report on Tuesday, October 4th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lam Research presently has a consensus rating of “Hold” and a consensus target price of $566.05.
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.
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