Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Lam Research Co. (NASDAQ:LRCX)

Sumitomo Mitsui Trust Group Inc. increased its holdings in Lam Research Co. (NASDAQ:LRCX - Free Report) by 9.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 340,855 shares of the semiconductor company's stock after acquiring an additional 28,089 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Lam Research were worth $278,165,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Lam Research by 132.1% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 889 shares of the semiconductor company's stock worth $743,000 after acquiring an additional 506 shares during the period. GSA Capital Partners LLP lifted its position in Lam Research by 471.8% during the third quarter. GSA Capital Partners LLP now owns 2,659 shares of the semiconductor company's stock valued at $2,170,000 after buying an additional 2,194 shares during the period. Entropy Technologies LP purchased a new position in Lam Research during the third quarter valued at $12,584,000. Apollon Wealth Management LLC lifted its position in Lam Research by 5.0% during the third quarter. Apollon Wealth Management LLC now owns 3,259 shares of the semiconductor company's stock valued at $2,660,000 after buying an additional 155 shares during the period. Finally, Laffer Tengler Investments Inc. lifted its position in Lam Research by 1.8% during the third quarter. Laffer Tengler Investments Inc. now owns 9,474 shares of the semiconductor company's stock valued at $7,732,000 after buying an additional 163 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

LRCX has been the subject of several recent research reports. Mizuho lowered their price objective on Lam Research from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, September 20th. Morgan Stanley reduced their price target on Lam Research from $81.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, October 23rd. StockNews.com downgraded Lam Research from a "buy" rating to a "hold" rating in a report on Friday, October 11th. Needham & Company LLC restated a "buy" rating and set a $100.00 price target on shares of Lam Research 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $97.03.

Insider Activity at Lam Research

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 stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now directly owns 4,267 shares of the company's stock, valued at $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by insiders.

Lam Research Stock Performance

NASDAQ:LRCX traded down $0.77 on Tuesday, hitting $75.40. The stock had a trading volume of 5,008,527 shares, compared to its average volume of 11,231,534. Lam Research Co. has a 52-week low of $67.06 and a 52-week high of $113.00. The business's 50-day simple moving average is $77.55 and its two-hundred day simple moving average is $88.44. The stock has a market cap of $97.02 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.24 and a beta of 1.48. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same period last year, the firm earned $6.85 EPS. The company's revenue was up 19.7% on a year-over-year basis. As a group, research analysts predict that Lam Research Co. will post 3.52 earnings per share for the current year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Wednesday, December 11th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Wednesday, December 11th. Lam Research's payout ratio is presently 29.77%.

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.