Lam Research Co. (NASDAQ:LRCX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Lam Research Co. (NASDAQ:LRCX) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,105 shares of the semiconductor company’s stock after selling 3,730 shares during the period. Principal Financial Group Inc.’s holdings in Lam Research were worth $204,106,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. RFP Financial Group LLC grew its holdings in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after buying an additional 12 shares in the last quarter. Rosenberg Matthew Hamilton boosted its position in Lam Research by 24.0% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 62 shares of the semiconductor company’s stock worth $66,000 after acquiring an additional 12 shares during the period. Tobam bought a new position in shares of Lam Research in the second quarter worth $75,000. Quarry LP increased its holdings in shares of Lam Research by 175.0% during the second quarter. Quarry LP now owns 88 shares of the semiconductor company’s stock valued at $94,000 after purchasing an additional 56 shares during the period. Finally, SouthState Corp raised its stake in shares of Lam Research by 163.4% during the second quarter. SouthState Corp now owns 108 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 67 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Wells Fargo & Company decreased their price objective on shares of Lam Research from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Friday, December 6th. B. Riley dropped their target price on Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Citigroup cut their target price on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research report on Monday, September 16th. Finally, 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. Eight equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Lam Research presently has a consensus rating of “Moderate Buy” and an average price target of $97.24.

Lam Research Stock Performance

Shares of NASDAQ LRCX opened at $71.21 on Friday. The business’s 50-day simple moving average is $75.28 and its 200-day simple moving average is $84.87. 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 52 week low of $68.87 and a 52 week high of $113.00. The firm has a market cap of $91.62 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 1.25 and a beta of 1.46.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 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 company’s revenue for the quarter was up 19.7% compared to the same quarter last year. During the same quarter last year, the company posted $6.85 earnings per share. As a group, equities research analysts expect that Lam Research Co. will post 3.5 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Wednesday, December 11th. Lam Research’s payout ratio is 29.77%.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated 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 directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This trade represents a 13.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by insiders.

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.