Birinyi Associates Inc. Sells 5,867 Shares of Lam Research Corporation $LRCX

Key Points

• Birinyi Associates cut its Lam Research position by 69.2% in the third quarter, selling 5,867 shares and retaining 2,613 shares valued at approximately $858,000. Institutional investors and hedge funds collectively own 84.61% of LRCX.
• Lam Research reported quarterly revenue of $8.22 billion and adjusted earnings of $2.20 per share, exceeding analyst estimates while revenue rose 54.4% year over year. The company also raised its quarterly dividend to $0.33 per share.
• Despite the stock opening at $239.11 after a reported 6% decline, analysts maintained a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $360.23.

Birinyi Associates Inc. reduced its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 69.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,613 shares of the semiconductor company's stock after selling 5,867 shares during the period. Birinyi Associates Inc.'s holdings in Lam Research were worth $858,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in LRCX. State Street Corp raised its holdings in Lam Research by 2.6% during the 2nd quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company's stock worth $26,320,468,000 after purchasing an additional 1,545,830 shares during the last quarter. Bank of America Corp DE lifted its position in Lam Research by 5.5% during the 2nd quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company's stock valued at $4,872,426,000 after purchasing an additional 584,489 shares during the period. Van ECK Associates Corp lifted its position in Lam Research by 411.8% during the 2nd quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company's stock valued at $4,805,368,000 after purchasing an additional 8,922,854 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Lam Research in the 2nd quarter valued at about $3,777,585,000. Finally, Amundi boosted its stake in shares of Lam Research by 23.7% in the 1st quarter. Amundi now owns 10,147,479 shares of the semiconductor company's stock valued at $2,168,107,000 after purchasing an additional 1,942,862 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Lam Research news, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the transaction, the director directly owned 20,995 shares in the company, valued at approximately $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ava Harter sold 5,000 shares of the business's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company's stock, valued at approximately $12,843,056.52. The trade was a 10.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.31% of the stock is owned by corporate insiders.

Lam Research Stock Down 6.0%

Lam Research stock opened at $239.11 on Friday. The company's 50 day simple moving average is $294.47 and its 200 day simple moving average is $283.78. Lam Research Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $438.50. The firm has a market capitalization of $298.69 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 0.94 and a beta of 1.85. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.48 and a quick ratio of 1.86.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, beating the consensus estimate of $2.18 by $0.02. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The firm had revenue of $8.22 billion during the quarter, compared to the consensus estimate of $8.14 billion. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The business's quarterly revenue was up 54.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Lam Research Corporation will post 9.59 EPS for the current year.

Lam Research Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd were given a $0.33 dividend. The ex-dividend date was Wednesday, September 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Lam Research's previous quarterly dividend of $0.26. Lam Research's dividend payout ratio is currently 19.67%.

Wall Street Analysts Forecast Growth

LRCX has been the subject of several analyst reports. Jefferies Financial Group set a $335.00 price target on shares of Lam Research and gave the stock a "buy" rating in a research report on Thursday, July 30th. Morgan Stanley set a $339.00 price objective on shares of Lam Research and gave the company an "overweight" rating in a report on Thursday, October 22nd. Evercore set a $315.00 price objective on shares of Lam Research in a research note on Tuesday, October 20th. Wall Street Zen raised shares of Lam Research from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Finally, Mizuho lowered their target price on shares of Lam Research from $365.00 to $360.00 and set an "outperform" rating for the company in a report on Thursday, October 22nd. Twenty-six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $360.23.

About Lam Research

Lam Research Corporation NASDAQ: LRCX is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company's product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.

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