CG Asset Management LLC cut its position in Lam Research Corp. (NASDAQ:LRCX) by 27.1% during the second quarter, Holdings Channel reports. The fund owned 9,200 shares of the company’s stock after selling 3,415 shares during the period. CG Asset Management LLC’s holdings in Lam Research Corp. were worth $773,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in Lam Research Corp. by 0.5% in the first quarter. Legal & General Group Plc now owns 689,290 shares of the company’s stock valued at $56,933,000 after buying an additional 3,333 shares in the last quarter. Bank of Montreal Can purchased a new stake in Lam Research Corp. during the second quarter valued at approximately $30,739,000. Geode Capital Management LLC raised its stake in Lam Research Corp. by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,345,517 shares of the company’s stock valued at $110,924,000 after buying an additional 39,093 shares in the last quarter. New York State Teachers Retirement System raised its stake in Lam Research Corp. by 1.3% in the second quarter. New York State Teachers Retirement System now owns 321,182 shares of the company’s stock valued at $26,999,000 after buying an additional 4,166 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its stake in Lam Research Corp. by 116.7% in the first quarter. Panagora Asset Management Inc. now owns 338,934 shares of the company’s stock valued at $27,996,000 after buying an additional 182,531 shares in the last quarter.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 0.25% during trading on Tuesday, reaching $94.83. 2,687,017 shares of the company’s stock were exchanged. Lam Research Corp. has a 52 week low of $63.10 and a 52 week high of $95.77. The stock has a market capitalization of $15.20 billion, a price-to-earnings ratio of 18.17 and a beta of 1.46. The stock has a 50 day moving average price of $92.92 and a 200-day moving average price of $85.49.
Lam Research Corp. (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.16. The company earned $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. Lam Research Corp.’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 EPS. Analysts predict that Lam Research Corp. will post $6.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, September 12th. This represents a $1.20 dividend on an annualized basis and a yield of 1.27%. Lam Research Corp.’s payout ratio is currently 22.99%.
Several analysts recently commented on LRCX shares. Zacks Investment Research upgraded shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, September 27th. Needham & Company LLC restated a “buy” rating and set a $105.00 price target on shares of Lam Research Corp. in a research report on Tuesday, September 20th. Cowen and Company restated an “outperform” rating and set a $95.00 price target on shares of Lam Research Corp. in a research report on Wednesday, August 31st. Citigroup Inc. raised their price target on shares of Lam Research Corp. from $94.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Finally, Bank of America Corp. set a $108.00 price target on shares of Lam Research Corp. and gave the company a “buy” rating in a research report on Wednesday, August 10th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $99.06.
Lam Research Corp. Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corp. (NASDAQ:LRCX).
Receive News & Ratings for Lam Research Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lam Research Corp. and related companies with MarketBeat.com's FREE daily email newsletter.