PFG Advisors Reduces Holdings in Lam Research Co. (NASDAQ:LRCX)

PFG Advisors lowered its position in shares of Lam Research Co. (NASDAQ:LRCX) by 10.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,650 shares of the semiconductor company’s stock after selling 316 shares during the period. PFG Advisors’ holdings in Lam Research were worth $2,163,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Magnus Financial Group LLC purchased a new stake in shares of Lam Research during the third quarter valued at approximately $335,000. Benson Investment Management Company Inc. bought a new stake in shares of Lam Research in the third quarter worth $5,182,000. Creative Planning increased its stake in shares of Lam Research by 2.5% in the third 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 during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Lam Research by 12.8% in the third quarter. Wedge Capital Management L L P NC now owns 73,408 shares of the semiconductor company’s stock worth $59,907,000 after buying an additional 8,302 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Lam Research in the third quarter worth $492,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Stock Performance

Shares of LRCX opened at $74.14 on Thursday. Lam Research Co. has a 1 year low of $57.44 and a 1 year high of $113.00. The company has a market cap of $9.69 billion, a price-to-earnings ratio of 2.73, a price-to-earnings-growth ratio of 1.75 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The firm has a fifty day moving average of $95.11 and a 200-day moving average of $95.84.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.05. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. As a group, equities analysts anticipate that Lam Research Co. will post 3.52 earnings per share for the current year.

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.24%. The ex-dividend date was Tuesday, September 17th. Lam Research’s payout ratio is currently 3.38%.

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of the company’s 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 sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of research analyst reports. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, October 11th. Needham & Company LLC restated a “buy” rating and issued a $113.00 price target on shares of Lam Research in a research note on Thursday, August 1st. B. Riley lifted their price target on shares of Lam Research from $113.00 to $132.50 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Finally, Morgan Stanley decreased their price objective on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating for the company in a report on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $141.28.

About Lam Research

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.