Pinnacle Associates Ltd. reduced its holdings in Lam Research Co. (NASDAQ:LRCX) by 14.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 256,710 shares of the semiconductor company’s stock after selling 43,266 shares during the period. Lam Research comprises approximately 1.9% of Pinnacle Associates Ltd.’s portfolio, making the stock its 4th biggest holding. Pinnacle Associates Ltd.’s holdings in Lam Research were worth $61,610,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Stratos Wealth Partners LTD. raised its position in Lam Research by 2.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 3,602 shares of the semiconductor company’s stock worth $1,053,000 after purchasing an additional 94 shares during the period. Creative Planning increased its holdings in Lam Research by 3.2% during the 4th quarter. Creative Planning now owns 14,242 shares of the semiconductor company’s stock worth $4,164,000 after purchasing an additional 447 shares during the period. Parallel Advisors LLC increased its holdings in Lam Research by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,000 shares of the semiconductor company’s stock worth $292,000 after purchasing an additional 58 shares during the period. GWM Advisors LLC increased its holdings in Lam Research by 15.9% during the 4th quarter. GWM Advisors LLC now owns 4,616 shares of the semiconductor company’s stock worth $1,349,000 after purchasing an additional 632 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Lam Research by 5.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 638,772 shares of the semiconductor company’s stock worth $186,777,000 after purchasing an additional 31,501 shares during the period. 85.09% of the stock is owned by institutional investors and hedge funds.

Several research analysts have commented on LRCX shares. Nomura Securities upgraded Lam Research from a “neutral” rating to a “buy” rating and set a $265.00 price objective on the stock in a report on Thursday, April 2nd. Deutsche Bank upgraded Lam Research from a “hold” rating to a “buy” rating and raised their price objective for the stock from $280.00 to $300.00 in a report on Friday, March 27th. Needham & Company LLC dropped their target price on Lam Research from $340.00 to $325.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Mizuho increased their target price on Lam Research from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Finally, Cowen reaffirmed an “outperform” rating and set a $340.00 target price (down previously from $380.00) on shares of Lam Research in a research report on Wednesday, March 18th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $305.08.

Shares of Lam Research stock traded up $17.54 during trading on Wednesday, reaching $289.00. The company’s stock had a trading volume of 176,251 shares, compared to its average volume of 2,165,953. The company has a market cap of $41.30 billion, a price-to-earnings ratio of 20.45, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a quick ratio of 3.67, a current ratio of 4.47 and a debt-to-equity ratio of 1.11. The company has a 50-day simple moving average of $261.67 and a two-hundred day simple moving average of $277.23. Lam Research Co. has a 1-year low of $171.04 and a 1-year high of $344.32.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, April 22nd. The semiconductor company reported $3.98 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $3.98. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.51 billion. Lam Research had a return on equity of 47.79% and a net margin of 21.81%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $3.70 EPS. As a group, analysts anticipate that Lam Research Co. will post 15.39 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th will be paid a $1.15 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $4.60 dividend on an annualized basis and a yield of 1.59%. Lam Research’s dividend payout ratio (DPR) is 31.62%.

In related news, CEO Timothy Archer sold 28,910 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $270.00, for a total value of $7,805,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.43% of the company’s stock.

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

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