Kornitzer Capital Management Inc. KS lifted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 21.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 86,934 shares of the semiconductor company’s stock after buying an additional 15,399 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Lam Research were worth $20,091,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in LRCX. Hexavest Inc. acquired a new stake in Lam Research in the 2nd quarter valued at $28,000. MUFG Americas Holdings Corp grew its position in Lam Research by 75.0% in the 2nd quarter. MUFG Americas Holdings Corp now owns 175 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 75 shares during the period. Next Capital Management LLC acquired a new stake in Lam Research in the 2nd quarter valued at $35,000. Marquette Asset Management LLC acquired a new stake in Lam Research in the 3rd quarter valued at $35,000. Finally, HM Payson & Co. acquired a new stake in Lam Research in the 2nd quarter valued at $36,000. 88.68% of the stock is owned by institutional investors.
LRCX has been the subject of several research reports. Nomura lifted their price target on shares of Lam Research from $216.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Wells Fargo & Co raised shares of Lam Research to a “market perform” rating and lifted their price target for the company from $200.00 to $235.00 in a research report on Thursday, September 19th. Morgan Stanley lifted their price target on shares of Lam Research from $195.00 to $255.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Zacks Investment Research downgraded shares of Lam Research from a “buy” rating to a “hold” rating and set a $273.00 price target for the company. in a research report on Monday, October 14th. Finally, BidaskClub raised shares of Lam Research from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 14th. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Lam Research currently has an average rating of “Buy” and an average price target of $258.58.
LRCX traded down $2.71 during mid-day trading on Friday, reaching $271.40. 69,429 shares of the stock were exchanged, compared to its average volume of 1,847,409. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.99 and a current ratio of 3.59. The stock has a market capitalization of $40.32 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 1.36 and a beta of 1.67. The company has a 50 day moving average price of $246.52 and a two-hundred day moving average price of $209.98. Lam Research Co. has a 1 year low of $122.64 and a 1 year high of $282.88.
Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, October 23rd. The semiconductor company reported $3.18 EPS for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.17. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Lam Research had a return on equity of 43.11% and a net margin of 22.38%. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.36 EPS. Sell-side analysts expect that Lam Research Co. will post 15.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Stockholders of record on Tuesday, October 1st were paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Lam Research’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Monday, September 30th. Lam Research’s payout ratio is presently 31.62%.
Lam Research Company Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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