Cibc World Markets Corp Sells 507,053 Shares of Lam Research Co. (NASDAQ:LRCX)

Cibc World Markets Corp reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 95.6% during the second quarter, HoldingsChannel reports. The firm owned 23,539 shares of the semiconductor company’s stock after selling 507,053 shares during the period. Cibc World Markets Corp’s holdings in Lam Research were worth $15,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. BlackRock Inc. increased its position in Lam Research by 3.4% during the first quarter. BlackRock Inc. now owns 11,679,103 shares of the semiconductor company’s stock valued at $6,951,867,000 after acquiring an additional 385,985 shares during the last quarter. Geode Capital Management LLC increased its position in Lam Research by 1.5% during the first quarter. Geode Capital Management LLC now owns 2,220,685 shares of the semiconductor company’s stock valued at $1,318,105,000 after acquiring an additional 32,283 shares during the last quarter. Franklin Resources Inc. increased its position in Lam Research by 9.2% during the first quarter. Franklin Resources Inc. now owns 1,232,418 shares of the semiconductor company’s stock valued at $733,585,000 after acquiring an additional 104,137 shares during the last quarter. Nuveen Asset Management LLC increased its position in Lam Research by 6.5% during the first quarter. Nuveen Asset Management LLC now owns 1,196,723 shares of the semiconductor company’s stock valued at $712,337,000 after acquiring an additional 73,069 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Lam Research by 5.2% during the second quarter. Fisher Asset Management LLC now owns 1,066,557 shares of the semiconductor company’s stock valued at $694,009,000 after acquiring an additional 52,962 shares during the last quarter. 81.32% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:LRCX opened at $603.50 on Wednesday. Lam Research Co. has a 12-month low of $296.17 and a 12-month high of $673.80. The business’s fifty day simple moving average is $609.57 and its 200-day simple moving average is $610.74. The company has a market capitalization of $85.67 billion, a PE ratio of 22.40, a P/E/G ratio of 1.05 and a beta of 1.24. The company has a current ratio of 3.30, a quick ratio of 2.54 and a debt-to-equity ratio of 0.83.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 28th. The semiconductor company reported $8.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $7.53 by $0.56. Lam Research had a return on equity of 70.92% and a net margin of 26.72%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same quarter last year, the firm earned $4.78 EPS. Research analysts predict that Lam Research Co. will post 33.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 13th. Shareholders of record on Tuesday, September 28th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, September 27th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.99%. This is a positive change from Lam Research’s previous quarterly dividend of $1.30. Lam Research’s dividend payout ratio (DPR) is presently 19.09%.

In other Lam Research news, CEO Timothy Archer sold 4,464 shares of Lam Research stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $600.00, for a total transaction of $2,678,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.34% of the company’s stock.

A number of analysts recently commented on the company. Wells Fargo & Company reduced their price objective on Lam Research from $690.00 to $660.00 and set an “equal weight” rating for the company in a research report on Thursday, July 29th. Needham & Company LLC restated a “hold” rating on shares of Lam Research in a research report on Thursday, July 29th. Stifel Nicolaus restated a “buy” rating and issued a $790.00 price target on shares of Lam Research in a research report on Friday, September 10th. Exane BNP Paribas cut Lam Research from an “outperform” rating to a “neutral” rating and set a $640.00 price target for the company. in a research report on Tuesday, September 7th. Finally, Mizuho upped their price objective on Lam Research from $705.00 to $725.00 and gave the stock a “buy” rating in a research note on Thursday, July 29th. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $704.35.

About Lam Research

Lam Research Corp. engages in manufacturing and servicing of wafer processing semiconductor manufacturing equipment. It operates through the following geographical segments: the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. It offers thin film deposition, plasma etch, photoresist strip, and wafer cleaning.

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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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