Lam Research Corporation $LRCX Stock Holdings Decreased by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors cut its Lam Research stake by 93.4% in the third quarter, selling 8,802 shares and retaining 622 shares valued at approximately $204,000. Institutional investors overall own 84.61% of LRCX.
• Lam Research reported quarterly EPS of $2.20 and revenue of $8.22 billion, exceeding analyst estimates, while revenue increased 54.4% year over year.
• The company raised its quarterly dividend from $0.26 to $0.33 per share. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $360.23.

Hennessy Advisors Inc. lowered its stake in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 93.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 622 shares of the semiconductor company's stock after selling 8,802 shares during the quarter. Hennessy Advisors Inc.'s holdings in Lam Research were worth $204,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its position 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 valued at $26,320,468,000 after buying an additional 1,545,830 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Lam Research by 5.5% during the second 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 acquiring an additional 584,489 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Lam Research by 411.8% during the second quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company's stock valued at $4,805,368,000 after acquiring an additional 8,922,854 shares in the last quarter. Amundi increased its holdings in shares of Lam Research by 23.7% during the first quarter. Amundi now owns 10,147,479 shares of the semiconductor company's stock valued at $2,168,107,000 after acquiring an additional 1,942,862 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Lam Research by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 9,265,026 shares of the semiconductor company's stock valued at $1,975,244,000 after purchasing an additional 181,087 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Lam Research Stock Performance

LRCX opened at $227.56 on Tuesday. The company has a current ratio of 2.48, a quick ratio of 1.86 and a debt-to-equity ratio of 0.27. Lam Research Corporation has a 12-month low of $135.50 and a 12-month high of $438.50. The firm has a 50 day moving average of $292.74 and a two-hundred day moving average of $283.84. The firm has a market capitalization of $284.26 billion, a PE ratio of 37.55, a P/E/G ratio of 0.94 and a beta of 1.85.

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

Lam Research Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders 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 a positive change from Lam Research's previous quarterly dividend of $0.26. This represents a $1.32 annualized dividend and a yield of 0.6%. Lam Research's dividend payout ratio is currently 19.67%.

Analyst Upgrades and Downgrades

LRCX has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their target price on shares of Lam Research from $390.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Weiss Ratings lowered shares of Lam Research from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. Stifel Nicolaus upped their price target on shares of Lam Research from $325.00 to $425.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $375.00 price target on shares of Lam Research in a report on Monday, October 19th. Finally, Evercore set a $315.00 price objective on shares of Lam Research in a research note on Tuesday, October 20th. Twenty-six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Lam Research presently has an average rating of "Moderate Buy" and an average price target of $360.23.

Insider Buying and Selling at Lam Research

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

Lam Research Company 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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