Pinnacle Associates Ltd. Has $61.05 Million Holdings in Lam Research Co. (NASDAQ:LRCX)

Pinnacle Associates Ltd. raised its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 12.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 accounts for approximately 1.0% of Pinnacle Associates Ltd.’s portfolio, making the stock its 20th largest position. Pinnacle Associates Ltd.’s holdings in Lam Research were worth $61,049,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Fortitude Family Office LLC boosted its holdings in Lam Research by 16.7% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares during the last quarter. Thomasville National Bank raised its holdings in shares of Lam Research by 1.5% in the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock valued at $865,000 after acquiring an additional 12 shares in the last quarter. Ignite Planners LLC increased its holdings in shares of Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after buying an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC boosted its stake in Lam Research by 3.7% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after buying an additional 12 shares in the last quarter. Finally, RFP Financial Group LLC raised its position in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. 84.61% of the stock is owned by institutional investors.

Insider Activity at Lam Research

In other news, CAO Christina Correia sold 647 shares of the business’s 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 completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.32% of the company’s stock.

Lam Research Stock Down 2.5 %

Lam Research stock traded down $1.92 during mid-day trading on Wednesday, reaching $76.39. 2,701,653 shares of the company’s stock were exchanged, compared to its average volume of 11,250,036. Lam Research Co. has a twelve month low of $57.44 and a twelve month high of $113.00. The company has a fifty day moving average of $78.79 and a 200-day moving average of $89.37. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The company has a market cap of $9.99 billion, a P/E ratio of 2.82, a P/E/G ratio of 1.89 and a beta of 1.47.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data 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 company had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period in the previous year, the business posted $6.85 earnings per share. Lam Research’s quarterly revenue was up 19.7% on a year-over-year basis. Sell-side analysts expect that Lam Research Co. will post 3.23 EPS for the current year.

Lam Research Cuts Dividend

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

Analyst Ratings Changes

LRCX has been the topic of a number of research reports. B. Riley reduced their price target on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. 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. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 1st. UBS Group lowered their target price on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Finally, BNP Paribas raised shares of Lam Research to a “hold” rating in a report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Lam Research presently has an average rating of “Moderate Buy” and a consensus price target of $97.03.

Lam Research Company Profile

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.