Lord Abbett & CO. LLC Sells 110,656 Shares of Lam Research Co. (NASDAQ:LRCX)

Lord Abbett & CO. LLC reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 63.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,461 shares of the semiconductor company's stock after selling 110,656 shares during the quarter. Lord Abbett & CO. LLC's holdings in Lam Research were worth $51,789,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LRCX. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Lam Research during the 2nd quarter valued at approximately $32,000. RFP Financial Group LLC lifted its position in shares of Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock worth $37,000 after buying an additional 12 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Lam Research in the 2nd quarter valued at about $40,000. MFA Wealth Advisors LLC bought a new stake in shares of Lam Research during the 2nd quarter valued at about $45,000. Finally, Rosenberg Matthew Hamilton raised its stake in Lam Research by 24.0% during the second quarter. Rosenberg Matthew Hamilton now owns 62 shares of the semiconductor company's stock worth $66,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on LRCX. Needham & Company LLC reaffirmed a "buy" rating and set a $100.00 target price on shares of Lam Research in a report on Thursday, October 24th. Cantor Fitzgerald restated a "neutral" rating and set a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. Citigroup dropped their target price on Lam Research from $99.00 to $89.30 and set a "buy" rating on the stock in a research report on Monday, September 16th. B. Riley lowered their price target 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. Finally, UBS Group cut their price objective on shares of Lam Research from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, September 12th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.24.

Lam Research Price Performance

NASDAQ:LRCX traded up $0.68 during mid-day trading on Friday, reaching $76.26. 10,818,688 shares of the stock were exchanged, compared to its average volume of 11,242,678. 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 business has a fifty day moving average price of $75.77 and a 200 day moving average price of $85.42. Lam Research Co. has a 1-year low of $68.87 and a 1-year high of $113.00. The firm has a market capitalization of $98.12 billion, a PE ratio of 24.68, a PEG ratio of 1.25 and a beta of 1.46.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The business's revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the previous year, the firm earned $6.85 EPS. Research analysts expect that Lam Research Co. will post 3.5 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Wednesday, December 11th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research's payout ratio is 29.77%.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction 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 approximately $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 accessible through the SEC website. 0.29% of the stock is owned by 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.