New York State Teachers Retirement System Has $89.88 Million Position in Lam Research Co. (NASDAQ:LRCX)

New York State Teachers Retirement System decreased its position in shares of Lam Research Co. (NASDAQ:LRCX) by 4.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,130 shares of the semiconductor company’s stock after selling 5,093 shares during the quarter. New York State Teachers Retirement System’s holdings in Lam Research were worth $89,875,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Mutual Advisors LLC raised its stake in Lam Research by 307.2% in the third quarter. Mutual Advisors LLC now owns 8,343 shares of the semiconductor company’s stock valued at $6,809,000 after purchasing an additional 6,294 shares in the last quarter. WD Rutherford LLC grew its holdings in shares of Lam Research by 28.0% in the third quarter. WD Rutherford LLC now owns 1,047 shares of the semiconductor company’s stock worth $854,000 after purchasing an additional 229 shares during the last quarter. Fidelis Capital Partners LLC grew its holdings in shares of Lam Research by 487.6% in the third quarter. Fidelis Capital Partners LLC now owns 14,137 shares of the semiconductor company’s stock worth $11,537,000 after purchasing an additional 11,731 shares during the last quarter. Bay Rivers Group lifted its stake in Lam Research by 6.4% in the third quarter. Bay Rivers Group now owns 2,449 shares of the semiconductor company’s stock worth $1,999,000 after acquiring an additional 148 shares during the period. Finally, Tyche Wealth Partners LLC lifted its position in Lam Research by 37.2% during the third quarter. Tyche Wealth Partners LLC now owns 634 shares of the semiconductor company’s stock valued at $517,000 after buying an additional 172 shares during the period. Institutional investors own 84.61% of the company’s stock.

Insider Activity

In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $3,488,315.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.32% of the company’s stock.

Lam Research Stock Down 1.8 %

LRCX traded down $1.40 on Wednesday, hitting $76.91. 1,220,121 shares of the company were exchanged, compared to its average volume of 11,244,330. Lam Research Co. has a twelve month low of $57.44 and a twelve month high of $113.00. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 2.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.47. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $78.79 and a two-hundred day moving average price of $89.37.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. The business had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.85 EPS. On average, equities analysts predict that Lam Research Co. will post 3.23 earnings per share for the current year.

Lam Research Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Tuesday, September 17th. Lam Research’s payout ratio is currently 3.38%.

Wall Street Analysts Forecast Growth

LRCX has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 1st. StockNews.com downgraded Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Morgan Stanley dropped their price target on Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. B. Riley decreased their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, UBS Group decreased their price objective on Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.