Jennison Associates LLC Acquires 39,725 Shares of Lam Research Co. (NASDAQ:LRCX)

Jennison Associates LLC raised its holdings in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 20.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 238,275 shares of the semiconductor company's stock after purchasing an additional 39,725 shares during the quarter. Jennison Associates LLC's holdings in Lam Research were worth $194,451,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Creative Planning boosted its position in Lam Research by 2.5% during the third quarter. Creative Planning now owns 47,377 shares of the semiconductor company's stock worth $38,664,000 after purchasing an additional 1,146 shares during the period. Vest Financial LLC boosted its holdings in shares of Lam Research by 68.7% in the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company's stock worth $29,372,000 after purchasing an additional 14,658 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Lam Research by 9.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company's stock valued at $278,165,000 after acquiring an additional 28,089 shares during the last quarter. Benson Investment Management Company Inc. purchased a new position in Lam Research in the 3rd quarter worth $5,182,000. Finally, Symmetry Investments LP bought a new stake in Lam Research in the second quarter valued at approximately $3,229,000. 84.61% of the stock is owned by institutional investors.

Lam Research Price Performance

NASDAQ LRCX traded down $0.50 on Wednesday, reaching $69.67. The company's stock had a trading volume of 4,964,493 shares, compared to its average volume of 11,219,952. Lam Research Co. has a 52 week low of $68.72 and a 52 week high of $113.00. The company has a current ratio of 2.53, a quick ratio of 1.74 and a debt-to-equity ratio of 0.53. The firm has a market cap of $89.64 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 1.11 and a beta of 1.48. The business has a 50-day moving average price of $77.10 and a 200 day moving average price of $87.70.

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

Lam Research Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders 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 dividend yield of 1.32%. The ex-dividend date is Wednesday, December 11th. Lam Research's dividend payout ratio (DPR) is currently 29.74%.

Analysts Set New Price Targets

LRCX has been the topic of several research analyst reports. B. Riley reduced their price target on shares of Lam Research from $132.50 to $105.00 and set a "buy" rating on the stock in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on Lam Research from $110.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, August 1st. StockNews.com downgraded Lam Research from a "buy" rating to a "hold" rating in a research report on Friday, October 11th. Morgan Stanley dropped their price objective on shares of Lam Research from $81.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 23rd. Finally, Citigroup cut their price target on shares of Lam Research from $99.00 to $89.30 and set a "buy" rating on the stock in a report on Monday, September 16th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Lam Research currently has a consensus rating of "Moderate Buy" and an average target price of $97.03.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This trade represents a 13.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

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.