Convergence Investment Partners LLC Buys 23,595 Shares of Lam Research Co. (NASDAQ:LRCX)

Convergence Investment Partners LLC boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 8,337.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,878 shares of the semiconductor company's stock after purchasing an additional 23,595 shares during the quarter. Convergence Investment Partners LLC's holdings in Lam Research were worth $1,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of LRCX. New York State Common Retirement Fund lifted its stake in shares of Lam Research by 882.7% in the fourth quarter. New York State Common Retirement Fund now owns 1,590,810 shares of the semiconductor company's stock valued at $114,904,000 after buying an additional 1,428,929 shares during the period. Mcdonald Partners LLC lifted its position in shares of Lam Research by 981.3% in the 4th quarter. Mcdonald Partners LLC now owns 7,980 shares of the semiconductor company's stock worth $576,000 after acquiring an additional 7,242 shares during the period. Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Lam Research by 49.0% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,751 shares of the semiconductor company's stock worth $415,000 after purchasing an additional 1,891 shares in the last quarter. Kestra Investment Management LLC increased its position in shares of Lam Research by 1,262.5% during the fourth quarter. Kestra Investment Management LLC now owns 10,028 shares of the semiconductor company's stock valued at $724,000 after purchasing an additional 9,292 shares during the period. Finally, Braun Stacey Associates Inc. increased its position in shares of Lam Research by 819.5% during the fourth quarter. Braun Stacey Associates Inc. now owns 300,035 shares of the semiconductor company's stock valued at $21,672,000 after purchasing an additional 267,405 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Trading Down 3.4 %

Shares of LRCX traded down $3.00 during trading hours on Friday, hitting $86.02. 12,857,061 shares of the stock traded hands, compared to its average volume of 12,447,650. The business has a fifty day moving average of $78.27 and a 200-day moving average of $77.97. The firm has a market capitalization of $110.42 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. Lam Research Co. has a 1-year low of $68.87 and a 1-year high of $113.00. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. Analysts expect that Lam Research Co. will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Wednesday, March 5th. Lam Research's dividend payout ratio is presently 27.95%.

Insider Buying and Selling at Lam Research

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of Lam Research stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the completion of the sale, the senior vice president now directly owns 179,084 shares of the company's stock, valued at $16,117,560. The trade was a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LRCX. KeyCorp upgraded shares of Lam Research from a "sector weight" rating to an "overweight" rating and set a $95.00 price target on the stock in a research note on Friday, January 17th. The Goldman Sachs Group dropped their target price on Lam Research from $96.00 to $85.00 and set a "buy" rating for the company in a report on Friday, January 10th. Wells Fargo & Company boosted their price target on Lam Research from $82.00 to $85.00 and gave the company an "equal weight" rating in a research note on Thursday, January 30th. Wolfe Research lowered Lam Research from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $100.00 price objective on shares of Lam Research in a report on Tuesday. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Lam Research has an average rating of "Moderate Buy" and a consensus target price of $98.22.

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.