Lam Research Co. (NASDAQ:LRCX) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 35.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 270 shares of the semiconductor company’s stock after selling 151 shares during the period. Pinnacle Financial Partners Inc’s holdings in Lam Research were worth $220,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in LRCX. MQS Management LLC lifted its position in shares of Lam Research by 297.7% in the third quarter. MQS Management LLC now owns 851 shares of the semiconductor company’s stock valued at $694,000 after acquiring an additional 637 shares in the last quarter. Aigen Investment Management LP lifted its position in shares of Lam Research by 115.0% in the third quarter. Aigen Investment Management LP now owns 2,161 shares of the semiconductor company’s stock valued at $1,764,000 after acquiring an additional 1,156 shares in the last quarter. Savvy Advisors Inc. lifted its position in shares of Lam Research by 58.3% in the third quarter. Savvy Advisors Inc. now owns 364 shares of the semiconductor company’s stock valued at $297,000 after acquiring an additional 134 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Lam Research by 9.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock valued at $278,165,000 after acquiring an additional 28,089 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Lam Research by 132.1% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 889 shares of the semiconductor company’s stock valued at $743,000 after acquiring an additional 506 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LRCX has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reduced their price objective on Lam Research from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of Lam Research in a research note on Thursday, October 24th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $100.00 target price on shares of Lam Research in a research note on Thursday, October 24th. Citigroup dropped their target price on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research note on Monday, September 16th. Finally, BNP Paribas upgraded Lam Research to a “hold” rating in a research note on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lam Research has an average rating of “Moderate Buy” and a consensus target price of $97.03.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the transaction, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This represents a 13.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.29% of the stock is currently owned by company insiders.

Lam Research Price Performance

LRCX stock opened at $70.05 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.74 and a current ratio of 2.53. Lam Research Co. has a 1 year low of $68.72 and a 1 year high of $113.00. The firm has a market cap of $90.13 billion, a P/E ratio of 23.11, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48. The stock has a 50-day simple moving average of $77.34 and a 200-day simple moving average of $88.12.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion during 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 revenue for the quarter was up 19.7% compared to the same quarter last year. During the same quarter last year, the firm earned $6.85 earnings per share. On average, equities analysts predict that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Announces Dividend

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

About Lam Research

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.