Lam Research Corporation $LRCX Position Lowered by Modera Wealth Management LLC

Key Points

• Modera Wealth Management reduced its Lam Research stake by 8.4% in the third quarter, selling 4,988 shares and retaining 54,598 shares valued at approximately $17.9 million. Institutional investors collectively own 84.61% of the company.
• Lam Research exceeded quarterly expectations, reporting $2.20 in EPS and $8.22 billion in revenue, with revenue rising 54.4% year over year. The company also increased its quarterly dividend to $0.33 per share.
• Wall Street remains broadly positive, with 26 analysts rating the stock a Buy and six assigning a Hold rating; the consensus view is “Moderate Buy” with a $360.23 price target.

Modera Wealth Management LLC reduced its stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 8.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 54,598 shares of the semiconductor company's stock after selling 4,988 shares during the quarter. Modera Wealth Management LLC's holdings in Lam Research were worth $17,936,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Polaris Financial Partners bought a new stake in shares of Lam Research in the third quarter valued at $4,814,000. Bank of America Corp DE grew its stake in shares of 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 worth $4,872,426,000 after acquiring an additional 584,489 shares during the period. Rokos Capital Management LLP grew its stake in shares of Lam Research by 42.0% during the 1st quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company's stock worth $55,532,000 after acquiring an additional 76,840 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in Lam Research in the 1st quarter worth about $59,973,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Lam Research in the 1st quarter worth about $26,489,000. Institutional investors own 84.61% of the company's stock.

Lam Research Stock Performance

Shares of LRCX opened at $239.11 on Friday. Lam Research Corporation has a 52-week low of $135.50 and a 52-week high of $438.50. The stock's 50-day simple moving average is $294.47 and its 200 day simple moving average is $283.78. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.86 and a current ratio of 2.48. The stock has a market capitalization of $298.69 billion, a price-to-earnings ratio of 35.63, a price-to-earnings-growth ratio of 0.94 and a beta of 1.85.

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

Lam Research Increases Dividend

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

Insider Buying and Selling at Lam Research

In related news, Director Bethany Mayer sold 9,557 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total value of $3,007,970.18. Following the sale, the director owned 20,995 shares in the company, valued at approximately $6,607,966.30. This trade represents a 31.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ava Harter sold 5,000 shares of Lam Research stock in a transaction on 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 sale, the insider directly owned 42,462 shares of the company's stock, valued at $12,843,056.52. This represents a 10.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.31% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LRCX. Jefferies Financial Group set a $335.00 price objective on Lam Research and gave the company a "buy" rating in a research note on Thursday, July 30th. Zacks Research lowered shares of Lam Research from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 22nd. Evercore set a $315.00 target price on shares of Lam Research in a research note on Tuesday, October 20th. Mizuho lowered their price target on shares of Lam Research from $365.00 to $360.00 and set an "outperform" rating on the stock in a research report on Thursday, October 22nd. Finally, Berenberg Bank set a $420.00 price target on shares of Lam Research in a research note on Wednesday, September 9th. Twenty-six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $360.23.

Lam Research Profile

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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