Convergence Investment Partners LLC Has $3.70 Million Stake in Lam Research Corporation (LRCX)

Convergence Investment Partners LLC grew its stake in shares of Lam Research Corporation (NASDAQ:LRCX) by 11.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,993 shares of the semiconductor company’s stock after acquiring an additional 2,112 shares during the quarter. Convergence Investment Partners LLC’s holdings in Lam Research were worth $3,700,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Wetherby Asset Management Inc. increased its holdings in shares of Lam Research by 0.7% during the second quarter. Wetherby Asset Management Inc. now owns 1,789 shares of the semiconductor company’s stock valued at $253,000 after acquiring an additional 12 shares in the last quarter. Fiduciary Trust Co. increased its holdings in shares of Lam Research by 1.0% during the second quarter. Fiduciary Trust Co. now owns 2,044 shares of the semiconductor company’s stock valued at $289,000 after acquiring an additional 20 shares in the last quarter. Smithfield Trust Co. increased its holdings in shares of Lam Research by 0.9% during the second quarter. Smithfield Trust Co. now owns 2,382 shares of the semiconductor company’s stock valued at $337,000 after acquiring an additional 22 shares in the last quarter. Hanseatic Management Services Inc. increased its holdings in shares of Lam Research by 1.0% during the second quarter. Hanseatic Management Services Inc. now owns 2,242 shares of the semiconductor company’s stock valued at $317,000 after acquiring an additional 22 shares in the last quarter. Finally, ETRADE Capital Management LLC increased its holdings in shares of Lam Research by 0.5% during the second quarter. ETRADE Capital Management LLC now owns 5,833 shares of the semiconductor company’s stock valued at $825,000 after acquiring an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 93.82% of the company’s stock.

Lam Research Corporation (LRCX) opened at $187.81 on Monday. The stock has a market capitalization of $30,415.08, a PE ratio of 16.18, a price-to-earnings-growth ratio of 0.86 and a beta of 1.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.31 and a quick ratio of 2.83. Lam Research Corporation has a 12-month low of $98.35 and a 12-month high of $219.70.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.19. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.46 billion. Lam Research had a return on equity of 30.19% and a net margin of 22.85%. The business’s revenue for the quarter was up 51.8% on a year-over-year basis. During the same period last year, the firm posted $1.81 earnings per share. equities analysts anticipate that Lam Research Corporation will post 14.74 EPS for the current fiscal year.

Lam Research declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 14th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.06%. This is a boost from Lam Research’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, December 5th. Lam Research’s dividend payout ratio (DPR) is presently 16.45%.

In other Lam Research news, COO Timothy Archer sold 8,691 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $171.76, for a total value of $1,492,766.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen G. Newberry sold 750 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $170.00, for a total value of $127,500.00. The disclosure for this sale can be found here. Insiders sold 71,688 shares of company stock worth $13,783,130 over the last three months. Insiders own 0.41% of the company’s stock.

LRCX has been the subject of several analyst reports. Argus started coverage on Lam Research in a report on Tuesday, September 12th. They set a “buy” rating and a $196.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Lam Research in a research report on Friday, September 1st. ValuEngine cut Lam Research from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Credit Suisse Group reaffirmed a “buy” rating on shares of Lam Research in a research report on Tuesday, August 29th. Finally, B. Riley reaffirmed a “buy” rating and set a $220.00 price objective on shares of Lam Research in a research report on Tuesday, August 15th. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Lam Research currently has an average rating of “Buy” and a consensus target price of $212.89.

COPYRIGHT VIOLATION WARNING: This report was originally published by Community Financial News and is the property of of Community Financial News. If you are reading this report on another site, it was illegally copied and republished in violation of international copyright and trademark legislation. The correct version of this report can be read at https://www.com-unik.info/2017/12/04/convergence-investment-partners-llc-has-3-70-million-stake-in-lam-research-corporation-lrcx.html.

Lam Research Profile

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.

Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

What are top analysts saying about Lam Research Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Lam Research Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit