Lam Research Co. (NASDAQ:LRCX) Shares Sold by Artemis Investment Management LLP

Artemis Investment Management LLP decreased its position in Lam Research Co. (NASDAQ:LRCX) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,455 shares of the semiconductor company’s stock after selling 456 shares during the quarter. Artemis Investment Management LLP’s holdings in Lam Research were worth $22,405,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Symmetry Investments LP acquired a new stake in Lam Research during the 2nd quarter valued at $3,229,000. Brown Financial Advisors purchased a new position in Lam Research in the 2nd quarter valued at about $1,489,000. 3Chopt Investment Partners LLC acquired a new stake in shares of Lam Research during the second quarter valued at about $1,105,000. Cypress Capital Group increased its position in shares of Lam Research by 23.1% during the second quarter. Cypress Capital Group now owns 3,528 shares of the semiconductor company’s stock worth $3,757,000 after acquiring an additional 661 shares during the last quarter. Finally, Albar Capital Ltd acquired a new position in shares of Lam Research in the second quarter worth about $3,123,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Price Performance

NASDAQ LRCX opened at $81.01 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The firm has a market capitalization of $10.59 billion, a PE ratio of 2.98, a P/E/G ratio of 1.51 and a beta of 1.47. The company’s 50 day simple moving average is $95.12 and its 200 day simple moving average is $96.64. Lam Research Co. has a 12 month low of $57.44 and a 12 month high of $113.00.

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

Lam Research Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were issued a $0.23 dividend. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.14%. Lam Research’s dividend payout ratio is currently 3.38%.

Insider Transactions at Lam Research

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 transaction, the senior vice president now owns 52,370 shares of the company’s stock, valued at approximately $5,535,456.63. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Lam Research news, SVP Neil J. Fernandes sold 16,200 shares of Lam Research stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 52,370 shares in the company, valued at approximately $5,535,456.63. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Christina Correia sold 647 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at $3,488,315.17. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LRCX shares. Cantor Fitzgerald lowered their price objective on Lam Research from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Citigroup decreased their price target on shares of Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company cut their price target on shares of Lam Research from $1,000.00 to $880.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley reduced their price objective on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating on the stock in a research note on Tuesday, September 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $113.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $141.28.

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.