Harvest Fund Management Co. Ltd Trims Holdings in Lam Research Co. (NASDAQ:LRCX)

Harvest Fund Management Co. Ltd cut its stake in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 55.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,282 shares of the semiconductor company's stock after selling 9,050 shares during the period. Harvest Fund Management Co. Ltd's holdings in Lam Research were worth $5,943,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. CarsonAllaria Wealth Management Ltd. acquired a new position in Lam Research in the 2nd quarter worth $32,000. RFP Financial Group LLC increased its stake in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock valued at $37,000 after buying an additional 12 shares during the last quarter. Hobbs Group Advisors LLC bought a new stake in Lam Research during the 2nd quarter worth about $40,000. Country Trust Bank acquired a new position in shares of Lam Research during the 2nd quarter worth about $43,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Lam Research in the second quarter valued at about $45,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the firm's stock in a transaction on 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 sale, the chief accounting officer now owns 4,267 shares of the company's stock, valued at $3,488,315.17. This trade represents a 13.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of analyst reports. Wells Fargo & Company decreased their price target on Lam Research from $88.00 to $85.00 and set an "equal weight" rating for the company in a research note on Thursday, October 24th. StockNews.com downgraded shares of Lam Research from a "buy" rating to a "hold" rating in a report on Friday, October 11th. B. Riley decreased their price objective on shares of Lam Research from $132.50 to $105.00 and set a "buy" rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley cut their target price on shares of Lam Research from $81.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 23rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $97.97.

Lam Research Stock Up 0.5 %

Shares of LRCX stock traded up $0.39 during trading hours on Monday, reaching $73.03. The company had a trading volume of 5,358,038 shares, compared to its average volume of 11,213,481. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 1.74. The company has a market cap of $93.97 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 1.15 and a beta of 1.48. The business has a fifty day simple moving average of $76.93 and a 200-day simple moving average of $87.29. Lam Research Co. has a 12 month low of $68.72 and a 12 month high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. The firm had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The business's revenue was up 19.7% compared to the same quarter last year. During the same period last year, the firm posted $6.85 EPS. On average, research analysts expect that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Wednesday, December 11th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Wednesday, December 11th. Lam Research's dividend payout ratio is currently 29.77%.

Lam Research Company 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.