Point72 Asia Hong Kong Ltd purchased a new position in shares of Lam Research Co. (NASDAQ:LRCX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,744 shares of the semiconductor company’s stock, valued at approximately $354,000.
Several other institutional investors have also modified their holdings of LRCX. Swedbank purchased a new position in shares of Lam Research during the 1st quarter worth $222,018,000. Artisan Partners Limited Partnership bought a new stake in shares of Lam Research during the 1st quarter valued at $144,678,000. Boussard & Gavaudan Investment Management LLP raised its position in shares of Lam Research by 731.6% during the 1st quarter. Boussard & Gavaudan Investment Management LLP now owns 382,594 shares of the semiconductor company’s stock valued at $83,145,000 after purchasing an additional 336,588 shares during the period. Point72 Asset Management L.P. raised its position in shares of Lam Research by 74.4% during the 1st quarter. Point72 Asset Management L.P. now owns 731,287 shares of the semiconductor company’s stock valued at $148,568,000 after purchasing an additional 311,901 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Lam Research by 86.3% during the 4th quarter. Alliancebernstein L.P. now owns 561,218 shares of the semiconductor company’s stock valued at $103,303,000 after purchasing an additional 259,974 shares during the period. Institutional investors and hedge funds own 88.18% of the company’s stock.
In other news, COO Timothy Archer sold 16,574 shares of the business’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $221.41, for a total value of $3,669,649.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Martin B. Anstice sold 25,122 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $203.83, for a total transaction of $5,120,617.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,104 shares of company stock worth $16,755,246. Insiders own 0.41% of the company’s stock.
Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.41. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.85 billion. Lam Research had a net margin of 18.32% and a return on equity of 41.13%. Lam Research’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.10 EPS. equities analysts forecast that Lam Research Co. will post 17.55 earnings per share for the current year.
Lam Research announced that its board has authorized a share repurchase program on Tuesday, March 6th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 27th. Shareholders of record on Wednesday, June 6th will be issued a $1.10 dividend. This is an increase from Lam Research’s previous quarterly dividend of $0.50. This represents a $4.40 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Tuesday, June 5th. Lam Research’s payout ratio is currently 44.09%.
LRCX has been the topic of several recent analyst reports. BidaskClub upgraded shares of Lam Research from a “hold” rating to a “buy” rating in a research report on Saturday, March 3rd. KeyCorp restated an “outperform” rating and set a $276.00 price objective (up from $261.00) on shares of Lam Research in a research report on Tuesday, March 6th. Citigroup restated a “positive” rating and set a $290.00 price objective (up from $260.00) on shares of Lam Research in a research report on Wednesday, March 7th. Deutsche Bank raised their price objective on shares of Lam Research to $250.00 and gave the company a “buy” rating in a research report on Wednesday, March 7th. Finally, DA Davidson raised their price objective on shares of Lam Research to $275.00 and gave the company a “buy” rating in a research report on Thursday, March 8th. Five investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Lam Research presently has an average rating of “Buy” and a consensus target price of $254.66.
Lam Research Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures.
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