Lam Research Co. (NASDAQ:LRCX) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lessened its stake 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,103 shares of the semiconductor company's stock after selling 7,168 shares during the quarter. SteelPeak Wealth LLC's holdings in Lam Research were worth $3,356,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in LRCX. Foster Victor Wealth Advisors LLC lifted its holdings in Lam Research by 994.1% in the third quarter. Foster Victor Wealth Advisors LLC now owns 232,901 shares of the semiconductor company's stock valued at $190,066,000 after acquiring an additional 211,614 shares during the period. Swedbank AB acquired a new position in shares of Lam Research in the 1st quarter valued at approximately $192,668,000. Vanguard Group Inc. raised its position in shares of Lam Research by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company's stock valued at $11,519,576,000 after acquiring an additional 144,914 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Lam Research by 5.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company's stock worth $2,875,023,000 after buying an additional 142,903 shares during the last quarter. Finally, Natixis grew its stake in Lam Research by 1,267.1% during the 1st quarter. Natixis now owns 142,967 shares of the semiconductor company's stock worth $138,902,000 after buying an additional 132,509 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on LRCX. Mizuho reduced their target price on Lam Research from $105.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, September 20th. Cantor Fitzgerald restated a "neutral" rating and set a $100.00 target price on shares of Lam Research in a research report on Thursday, October 24th. Needham & Company LLC restated a "buy" rating and set a $100.00 target price on shares of Lam Research in a research report on Thursday, October 24th. Citigroup decreased their target price on Lam Research from $99.00 to $89.30 and set a "buy" rating for the company in a research note on Monday, September 16th. Finally, TD Cowen upped their price objective on Lam Research from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Lam Research has a consensus rating of "Moderate Buy" and a consensus price target of $97.03.

Lam Research Stock Down 2.4 %

Shares of LRCX traded down $1.86 during mid-day trading on Wednesday, hitting $76.45. The company's stock had a trading volume of 11,027,508 shares, compared to its average volume of 11,290,969. Lam Research Co. has a 52-week low of $57.44 and a 52-week high of $113.00. The company's 50-day moving average is $78.79 and its 200-day moving average is $89.37. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $10.00 billion, a price-to-earnings ratio of 2.81, a PEG ratio of 1.89 and a beta of 1.47.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion during the quarter, compared to analysts' expectations of $4.06 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business's quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the company posted $6.85 earnings per share. On average, equities research analysts forecast that Lam Research Co. will post 3.23 EPS for the current fiscal year.

Lam Research Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research's dividend payout ratio (DPR) is presently 3.38%.

Insider Activity

In other Lam Research news, CAO Christina Correia sold 647 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the transaction, the chief accounting officer now owns 4,267 shares in the company, valued at $3,488,315.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.32% 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.