Conning Inc. Trims Stock Holdings in Lam Research Corporation (NASDAQ:LRCX)

Conning Inc. reduced its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 10.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,613 shares of the semiconductor company's stock after selling 7,443 shares during the quarter. Conning Inc.'s holdings in Lam Research were worth $4,407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in LRCX. Huntington National Bank increased its position in Lam Research by 944.0% during the 4th quarter. Huntington National Bank now owns 294,762 shares of the semiconductor company's stock worth $21,291,000 after purchasing an additional 266,527 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Lam Research by 781.9% during the fourth quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company's stock worth $23,920,000 after buying an additional 293,619 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Lam Research in the 4th quarter worth approximately $6,296,000. Pitcairn Co. purchased a new stake in Lam Research in the 4th quarter worth approximately $1,013,000. Finally, First Citizens Bank & Trust Co. grew its stake in Lam Research by 47.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after acquiring an additional 39,414 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Stock Down 0.2%

Shares of NASDAQ LRCX traded down $0.17 on Friday, hitting $98.66. The company had a trading volume of 5,028,931 shares, compared to its average volume of 12,373,875. The firm has a market capitalization of $126.20 billion, a P/E ratio of 27.50, a PEG ratio of 1.39 and a beta of 1.68. Lam Research Corporation has a 12-month low of $56.32 and a 12-month high of $113.00. The business has a 50 day moving average of $85.70 and a two-hundred day moving average of $78.97. The company has a quick ratio of 1.64, a current ratio of 2.45 and a debt-to-equity ratio of 0.39.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. The firm had revenue of $4.72 billion during the quarter, compared to analysts' expectations of $4.64 billion. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. Lam Research's quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $7.79 EPS. As a group, equities research analysts forecast that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.92 annualized dividend and a dividend yield of 0.93%. Lam Research's dividend payout ratio (DPR) is presently 25.63%.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price objective on Lam Research from $82.00 to $87.00 and gave the company an "equal weight" rating in a research report on Tuesday. TD Securities lowered their price target on Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Evercore ISI boosted their target price on shares of Lam Research from $95.00 to $99.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Stifel Nicolaus lowered their target price on shares of Lam Research from $100.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft set a $70.00 price objective on shares of Lam Research and gave the company a "hold" rating in a research note on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $94.20.

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.