Kentucky Retirement Systems Insurance Trust Fund Sells 357 Shares of Lam Research Co. (NASDAQ:LRCX)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in Lam Research Co. (NASDAQ:LRCX) by 8.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,860 shares of the semiconductor company’s stock after selling 357 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Lam Research were worth $3,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Cornercap Investment Counsel Inc. grew its holdings in Lam Research by 184.8% during the third quarter. Cornercap Investment Counsel Inc. now owns 1,777 shares of the semiconductor company’s stock worth $1,450,000 after buying an additional 1,153 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Lam Research by 5.3% in the 3rd quarter. CIBC Asset Management Inc now owns 40,423 shares of the semiconductor company’s stock worth $32,988,000 after acquiring an additional 2,051 shares in the last quarter. Lifeworks Advisors LLC raised its holdings in shares of Lam Research by 23.5% in the third quarter. Lifeworks Advisors LLC now owns 1,838 shares of the semiconductor company’s stock valued at $1,500,000 after purchasing an additional 350 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Lam Research by 5.7% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,646 shares of the semiconductor company’s stock valued at $2,975,000 after purchasing an additional 198 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in Lam Research by 2.8% during the third quarter. Huntington National Bank now owns 28,235 shares of the semiconductor company’s stock worth $23,042,000 after purchasing an additional 770 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Stock Performance

Lam Research stock opened at $70.05 on Friday. The firm’s 50 day simple moving average is $77.23 and its 200 day simple moving average is $87.99. The company has a current ratio of 2.53, a quick ratio of 1.74 and a debt-to-equity ratio of 0.53. Lam Research Co. has a 1-year low of $68.72 and a 1-year high of $113.00. The firm has a market capitalization of $90.13 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The company’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the company earned $6.85 EPS. As a group, analysts expect that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 11th. This represents a $0.92 dividend on an annualized basis and a yield of 1.31%. Lam Research’s payout ratio is 29.74%.

Insider Activity

In other Lam Research 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 transaction of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This represents a 13.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on LRCX shares. B. Riley cut their target price on Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. UBS Group lowered their target price on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. TD Cowen lifted their price objective on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, BNP Paribas raised shares of Lam Research to a “hold” rating in a research report on Thursday, October 24th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Lam Research currently has a consensus rating of “Moderate Buy” and an average target price of $97.03.

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.