Massachusetts Financial Services Co. MA Reduces Stock Position in Lam Research Co. (NASDAQ:LRCX)

Massachusetts Financial Services Co. MA trimmed its position in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 22.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 978,775 shares of the semiconductor company's stock after selling 275,413 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.08% of Lam Research worth $798,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Lam Research during the second quarter valued at about $32,000. RFP Financial Group LLC grew its holdings in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock worth $37,000 after purchasing an additional 12 shares in the last quarter. Hobbs Group Advisors LLC purchased a new position in shares of Lam Research during the second quarter worth about $40,000. Country Trust Bank purchased a new position in shares of Lam Research during the second quarter worth about $43,000. Finally, MFA Wealth Advisors LLC purchased a new stake in Lam Research in the second quarter worth approximately $45,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on LRCX. Mizuho cut their target price on Lam Research from $105.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, September 20th. Needham & Company LLC reissued a "buy" rating and set a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. StockNews.com downgraded Lam Research from a "buy" rating to a "hold" rating in a report on Friday, October 11th. BNP Paribas upgraded Lam Research to a "hold" rating in a report on Thursday, October 24th. Finally, B. Riley reduced their price target on Lam Research from $132.50 to $105.00 and set a "buy" rating for the company in a report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $97.03.

Lam Research Stock Performance

Shares of NASDAQ LRCX traded down $0.49 during trading on Friday, hitting $72.64. The company had a trading volume of 8,664,033 shares, compared to its average volume of 11,240,152. The stock has a 50 day simple moving average of $76.93 and a 200 day simple moving average of $87.35. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.74 and a current ratio of 2.53. Lam Research Co. has a 12 month low of $68.72 and a 12 month high of $113.00. The firm has a market capitalization of $93.47 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 1.12 and a beta of 1.48.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued 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 company had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The firm's quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the company earned $6.85 EPS. As a group, analysts anticipate that Lam Research Co. will post 3.52 earnings per share for the current year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders 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 1.27%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research's payout ratio is 29.74%.

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. The trade was a 13.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company's stock.

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.