Penobscot Investment Management Company Inc. Boosts Holdings in Lam Research Co. (NASDAQ:LRCX)

Penobscot Investment Management Company Inc. increased its holdings in Lam Research Co. (NASDAQ:LRCX) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,372 shares of the semiconductor company’s stock after purchasing an additional 17 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Lam Research were worth $1,075,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Orion Capital Management LLC bought a new stake in Lam Research in the 3rd quarter worth approximately $25,000. BluePath Capital Management LLC bought a new stake in Lam Research in the 3rd quarter worth approximately $28,000. OFI Invest Asset Management bought a new stake in Lam Research in the 3rd quarter worth approximately $30,000. Asset Dedication LLC increased its stake in Lam Research by 56.7% in the 3rd quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 17 shares during the last quarter. Finally, Valued Wealth Advisors LLC bought a new stake in Lam Research in the 4th quarter worth approximately $30,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of LRCX stock opened at $894.41 on Wednesday. Lam Research Co. has a twelve month low of $507.19 and a twelve month high of $1,007.39. The stock has a market capitalization of $117.26 billion, a price-to-earnings ratio of 32.89, a P/E/G ratio of 2.88 and a beta of 1.51. The stock has a fifty day simple moving average of $943.60 and a two-hundred day simple moving average of $815.20. The company has a current ratio of 2.82, a quick ratio of 1.84 and a debt-to-equity ratio of 0.56.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping the consensus estimate of $7.26 by $0.53. The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $6.99 EPS. On average, analysts predict that Lam Research Co. will post 29.62 EPS for the current fiscal year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Wednesday, March 13th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend was Tuesday, March 12th. Lam Research’s dividend payout ratio (DPR) is currently 29.42%.

Analysts Set New Price Targets

A number of research firms have issued reports on LRCX. Raymond James lifted their price objective on Lam Research from $850.00 to $950.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Citigroup boosted their target price on Lam Research from $975.00 to $1,025.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft started coverage on Lam Research in a research report on Thursday, April 11th. They set a “hold” rating and a $1,000.00 target price on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $1,100.00 target price on shares of Lam Research in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. boosted their target price on Lam Research from $900.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $950.85.

Insider Buying and Selling

In related news, EVP Patrick J. Lord sold 60 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $921.54, for a total transaction of $55,292.40. Following the completion of the sale, the executive vice president now directly owns 4,454 shares in the company, valued at approximately $4,104,539.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Lam Research news, SVP Seshasayee Varadarajan sold 5,500 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $922.41, for a total value of $5,073,255.00. Following the completion of the sale, the senior vice president now directly owns 22,095 shares in the company, valued at $20,380,648.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Patrick J. Lord sold 60 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $921.54, for a total value of $55,292.40. Following the completion of the transaction, the executive vice president now directly owns 4,454 shares in the company, valued at $4,104,539.16. The disclosure for this sale can be found here. Insiders sold 7,089 shares of company stock worth $6,614,781 in the last three months. 0.32% of the stock is 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.