Conning Inc. Increases Stake in Lam Research Co. (NASDAQ:LRCX)

Conning Inc. raised its position in Lam Research Co. (NASDAQ:LRCX) by 26.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 6,793 shares of the semiconductor company’s stock after acquiring an additional 1,420 shares during the period. Conning Inc.’s holdings in Lam Research were worth $5,544,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in LRCX. CarsonAllaria Wealth Management Ltd. acquired a new stake in Lam Research in the second quarter valued at about $32,000. RFP Financial Group LLC lifted its holdings in shares of Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares during the period. Hobbs Group Advisors LLC acquired a new stake in shares of Lam Research in the 2nd quarter valued at approximately $40,000. Country Trust Bank purchased a new stake in shares of Lam Research in the second quarter valued at approximately $43,000. Finally, MFA Wealth Advisors LLC acquired a new position in Lam Research during the second quarter worth $45,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction on 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 directly owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Lam Research Stock Up 0.6 %

LRCX opened at $74.80 on Friday. The business’s fifty day simple moving average is $78.15 and its 200 day simple moving average is $88.99. Lam Research Co. has a 52 week low of $61.82 and a 52 week high of $113.00. The firm has a market cap of $96.24 billion, a P/E ratio of 24.18, a PEG ratio of 1.18 and a beta of 1.48. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion during the quarter, compared to the consensus estimate of $4.06 billion. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The company’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.85 earnings per share. As a group, equities research analysts anticipate that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 annualized dividend and a yield of 1.23%. Lam Research’s dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LRCX shares. StockNews.com downgraded Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Morgan Stanley reduced their price objective on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. Mizuho decreased their price objective on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. BNP Paribas raised shares of Lam Research to a “hold” rating in a report on Thursday, October 24th. Finally, B. Riley reduced their price target on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Seven 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 presently has an average rating of “Moderate Buy” and a consensus price target 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.