Lam Research Corporation $LRCX Stock: Trek Financial LLC Cuts Holdings

Key Points

• Trek Financial LLC cut its Lam Research holdings by 64.1% in the third quarter, selling 16,119 shares and retaining 9,029 shares valued at approximately $2.97 million.
• Despite Trek’s reduction, institutional investors own 84.61% of Lam Research, with major firms including State Street, Bank of America, VanEck, and Amundi increasing their positions.
• Lam Research exceeded quarterly earnings and revenue expectations, while revenue rose 54.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $360.23, and the company increased its quarterly dividend to $0.33 per share.

Trek Financial LLC lessened its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 64.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,029 shares of the semiconductor company's stock after selling 16,119 shares during the quarter. Trek Financial LLC's holdings in Lam Research were worth $2,966,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its position in shares of Lam Research by 2.6% in the second quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company's stock valued at $26,320,468,000 after acquiring an additional 1,545,830 shares during the period. Bank of America Corp DE increased its stake in shares of Lam Research by 5.5% in 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 last quarter. Van ECK Associates Corp lifted its position in shares of 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 worth $4,805,368,000 after buying an additional 8,922,854 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Lam Research in the second quarter valued at about $3,777,585,000. Finally, Amundi boosted its stake in Lam Research by 23.7% in the first quarter. Amundi now owns 10,147,479 shares of the semiconductor company's stock valued at $2,168,107,000 after buying an additional 1,942,862 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Lam Research Stock Performance

NASDAQ:LRCX opened at $227.56 on Tuesday. The stock's 50-day moving average is $292.74 and its 200-day moving average is $283.84. Lam Research Corporation has a 1-year low of $135.50 and a 1-year high of $438.50. The company has a current ratio of 2.48, a quick ratio of 1.86 and a debt-to-equity ratio of 0.27. The stock has a market cap of $284.26 billion, a P/E ratio of 33.91, 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, topping analysts' consensus estimates of $2.18 by $0.02. The firm had revenue of $8.22 billion for the quarter, compared to analyst estimates of $8.14 billion. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The company's revenue for the quarter was up 54.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.26 EPS. Equities research analysts anticipate that Lam Research Corporation will post 9.59 earnings per share for the current year.

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 23rd were paid 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 dividend yield of 0.6%. Lam Research's payout ratio is currently 19.67%.

Insider Activity

In other Lam Research news, Director Bethany Mayer sold 9,557 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the sale, the director owned 20,995 shares of the company's stock, valued at approximately $6,607,966.30. This represents a 31.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ava Harter sold 5,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 42,462 shares in the company, valued at approximately $12,843,056.52. This trade represents a 10.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 Analysts Forecast Growth

A number of research firms have issued reports on LRCX. Mizuho decreased their target price on Lam Research from $365.00 to $360.00 and set an "outperform" rating on the stock in a research report on Thursday, October 22nd. Berenberg Bank set a $420.00 price target on shares of Lam Research in a research note on Wednesday, September 9th. Needham & Company LLC decreased their price target on shares of Lam Research from $390.00 to $290.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Bank of America reiterated a "buy" rating and set a $345.00 price objective on shares of Lam Research in a research report on Thursday, October 22nd. Finally, Stifel Nicolaus increased their price objective 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. Twenty-six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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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