Toronto Dominion Bank Lowers Holdings in Lam Research Co. (NASDAQ:LRCX)

Toronto Dominion Bank trimmed its position in Lam Research Co. (NASDAQ:LRCX - Free Report) by 36.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,598 shares of the semiconductor company's stock after selling 40,272 shares during the quarter. Toronto Dominion Bank's holdings in Lam Research were worth $58,430,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Jennison Associates LLC grew its holdings in shares of Lam Research by 20.0% during the third quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company's stock worth $194,451,000 after purchasing an additional 39,725 shares in the last quarter. Creative Planning grew its stake in Lam Research by 2.5% in the 3rd quarter. Creative Planning now owns 47,377 shares of the semiconductor company's stock worth $38,664,000 after buying an additional 1,146 shares in the last quarter. Vest Financial LLC increased its holdings in shares of Lam Research by 68.7% in the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company's stock worth $29,372,000 after buying an additional 14,658 shares during the last quarter. Worldquant Millennium Advisors LLC raised its position in shares of Lam Research by 51.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 215,420 shares of the semiconductor company's stock valued at $175,800,000 after buying an additional 73,648 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Lam Research by 9.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company's stock worth $278,165,000 after acquiring an additional 28,089 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Lam Research Trading Down 3.4 %

Shares of LRCX traded down $2.65 during mid-day trading on Thursday, hitting $75.58. 8,616,364 shares of the company's stock traded hands, compared to its average volume of 11,245,295. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $97.25 billion, a P/E ratio of 25.32, a PEG ratio of 1.22 and a beta of 1.46. The business's 50-day moving average price is $75.99 and its 200-day moving average price is $85.64. Lam Research Co. has a 1 year low of $68.87 and a 1 year high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, topping 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 business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same period in the prior year, the business earned $6.85 EPS. The company's revenue for the quarter was up 19.7% on a year-over-year basis. As a group, sell-side analysts forecast that Lam Research Co. will post 3.5 EPS for the current fiscal year.

Lam Research Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research's dividend payout ratio is currently 29.77%.

Insider Activity

In related news, CAO Christina Correia sold 647 shares of the stock in a transaction dated Tuesday, October 1st. The shares were 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 directly owns 4,267 shares in the company, valued at $3,488,315.17. This trade represents a 13.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on LRCX. Sanford C. Bernstein lowered their price target on Lam Research from $95.00 to $85.00 and set a "market perform" rating on the stock in a research report on Friday, November 29th. Morgan Stanley raised their price objective on Lam Research from $76.00 to $78.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Wells Fargo & Company cut their target price on Lam Research from $85.00 to $83.00 and set an "equal weight" rating for the company in a research note on Friday, December 6th. Cantor Fitzgerald reiterated a "neutral" rating and set a $100.00 price target on shares of Lam Research in a research report on Thursday, October 24th. Finally, Citigroup lowered their price objective on shares of Lam Research from $99.00 to $89.30 and set a "buy" rating for the company in a report on Monday, September 16th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.24.

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.