Central Pacific Bank Trust Division Decreases Stock Position in Lam Research Co. (NASDAQ:LRCX)

Central Pacific Bank Trust Division reduced its position in Lam Research Co. (NASDAQ:LRCX) by 67.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 351 shares of the semiconductor company’s stock after selling 720 shares during the period. Central Pacific Bank Trust Division’s holdings in Lam Research were worth $286,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH raised its holdings in Lam Research by 2.4% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 2,074 shares of the semiconductor company’s stock worth $1,693,000 after acquiring an additional 49 shares during the last quarter. American National Bank & Trust raised its stake in Lam Research by 34.0% during the 3rd quarter. American National Bank & Trust now owns 288 shares of the semiconductor company’s stock valued at $235,000 after buying an additional 73 shares during the last quarter. Mattson Financial Services LLC purchased a new stake in Lam Research during the 2nd quarter valued at $2,365,000. Alternative Investment Advisors LLC. purchased a new stake in Lam Research during the 2nd quarter valued at $2,507,000. Finally, Newbridge Financial Services Group Inc. raised its stake in Lam Research by 20.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 412 shares of the semiconductor company’s stock valued at $439,000 after buying an additional 70 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on LRCX. Mizuho decreased their target price on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Morgan Stanley decreased their target price on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating for the company in a research note on Tuesday, September 17th. Cantor Fitzgerald decreased their target price on shares of Lam Research from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and set a $113.00 target price on shares of Lam Research in a research note on Thursday, August 1st. Finally, Wells Fargo & Company decreased their target price on shares of Lam Research from $1,000.00 to $880.00 and set an “equal weight” rating for the company in a research note on Thursday. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Lam Research has a consensus rating of “Moderate Buy” and an average target price of $141.28.

Insider Buying and Selling at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 16,200 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $105.70, for a total transaction of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 52,370 shares of the company’s stock, valued at approximately $5,535,456.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Neil J. Fernandes sold 16,200 shares of Lam Research stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $105.70, for a total value of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 52,370 shares in the company, valued at $5,535,456.63. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the transaction, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.

Lam Research Trading Down 0.4 %

Shares of Lam Research stock opened at $81.11 on Friday. The company has a market capitalization of $10.60 billion, a P/E ratio of 2.98, a P/E/G ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The company has a fifty day moving average of $95.45 and a 200 day moving average of $96.80. Lam Research Co. has a fifty-two week low of $57.44 and a fifty-two week high of $113.00.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.76 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is presently 33.84%.

Lam Research 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.