New York State Teachers Retirement System Sells 34,541 Shares of Lam Research Corporation (NASDAQ:LRCX)

New York State Teachers Retirement System cut its stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 989,227 shares of the semiconductor company's stock after selling 34,541 shares during the period. New York State Teachers Retirement System owned about 0.08% of Lam Research worth $71,917,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Amalgamated Bank grew its holdings in Lam Research by 2.4% during the 1st quarter. Amalgamated Bank now owns 272,613 shares of the semiconductor company's stock worth $19,819,000 after acquiring an additional 6,274 shares in the last quarter. BankPlus Wealth Management LLC grew its holdings in Lam Research by 4.3% during the 1st quarter. BankPlus Wealth Management LLC now owns 5,143 shares of the semiconductor company's stock worth $374,000 after acquiring an additional 214 shares in the last quarter. Citizens National Bank Trust Department grew its holdings in Lam Research by 34.0% during the 1st quarter. Citizens National Bank Trust Department now owns 603 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 153 shares in the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Lam Research by 7.8% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 6,447 shares of the semiconductor company's stock worth $469,000 after acquiring an additional 467 shares in the last quarter. Finally, Westfuller Advisors LLC grew its holdings in Lam Research by 6.3% during the 1st quarter. Westfuller Advisors LLC now owns 9,114 shares of the semiconductor company's stock worth $665,000 after acquiring an additional 543 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Lam Research Stock Performance

Shares of Lam Research stock opened at $97.20 on Monday. The firm has a market capitalization of $124.33 billion, a P/E ratio of 27.09, a PEG ratio of 1.37 and a beta of 1.65. The company has a quick ratio of 1.64, a current ratio of 2.45 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average price of $82.59 and a 200 day moving average price of $78.24. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $113.00.

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

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Wednesday, June 18th. Lam Research's dividend payout ratio is presently 25.63%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Lam Research from $81.00 to $82.00 and gave the stock an "equal weight" rating in a report on Thursday, April 24th. Bank of America decreased their price target on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Needham & Company LLC decreased their price target on shares of Lam Research from $96.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. TD Cowen decreased their price target on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Argus raised shares of Lam Research to a "strong-buy" rating in a research report on Friday, April 25th. 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $93.97.

About Lam Research

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.

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