AE Wealth Management LLC Sells 2,803 Shares of Lam Research Co. (NASDAQ:LRCX)

Posted by Defense World Staff on Sep 22nd, 2023

AE Wealth Management LLC trimmed its position in shares of Lam Research Co. (NASDAQ:LRCX – Free Report) by 34.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,237 shares of the semiconductor company’s stock after selling 2,803 shares during the period. AE Wealth Management LLC’s holdings in Lam Research were worth $3,367,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Baird Financial Group Inc. boosted its position in Lam Research by 11.5% during the first quarter. Baird Financial Group Inc. now owns 39,514 shares of the semiconductor company’s stock worth $21,243,000 after purchasing an additional 4,090 shares during the period. Zions Bancorporation N.A. boosted its position in shares of Lam Research by 39.1% in the first quarter. Zions Bancorporation N.A. now owns 281 shares of the semiconductor company’s stock valued at $151,000 after acquiring an additional 79 shares during the period. Brown Brothers Harriman & Co. boosted its position in shares of Lam Research by 18.8% in the first quarter. Brown Brothers Harriman & Co. now owns 721 shares of the semiconductor company’s stock valued at $388,000 after acquiring an additional 114 shares during the period. Covestor Ltd boosted its position in shares of Lam Research by 51.9% in the first quarter. Covestor Ltd now owns 322 shares of the semiconductor company’s stock valued at $173,000 after acquiring an additional 110 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Lam Research by 11.8% in the first quarter. Mackenzie Financial Corp now owns 233,280 shares of the semiconductor company’s stock valued at $125,414,000 after acquiring an additional 24,636 shares during the period. 84.08% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lam Research news, SVP Vahid Vahedi sold 13,756 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $717.46, for a total value of $9,869,379.76. Following the completion of the transaction, the senior vice president now owns 26,483 shares in the company, valued at $19,000,493.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Lam Research news, SVP Vahid Vahedi sold 13,756 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $717.46, for a total transaction of $9,869,379.76. Following the completion of the transaction, the senior vice president now owns 26,483 shares of the company’s stock, valued at $19,000,493.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas R. Bettinger sold 1,894 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $705.86, for a total transaction of $1,336,898.84. Following the transaction, the chief financial officer now directly owns 96,713 shares of the company’s stock, valued at approximately $68,265,838.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,159 shares of company stock worth $12,926,580. 0.35% of the stock is owned by corporate insiders.

Lam Research Stock Performance

Shares of NASDAQ:LRCX opened at $610.39 on Friday. The company has a market cap of $80.88 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 3.77 and a beta of 1.49. The company has a 50-day moving average price of $667.57 and a 200-day moving average price of $595.23. The company has a current ratio of 3.16, a quick ratio of 2.01 and a debt-to-equity ratio of 0.61. Lam Research Co. has a 12 month low of $299.59 and a 12 month high of $726.53.

Lam Research (NASDAQ:LRCX – Get Free Report) last announced its earnings results on Wednesday, July 26th. The semiconductor company reported $5.98 EPS for the quarter, beating analysts’ consensus estimates of $5.03 by $0.95. Lam Research had a return on equity of 57.40% and a net margin of 25.88%. The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the company earned $8.83 earnings per share. The firm’s revenue for the quarter was down 30.8% on a year-over-year basis. As a group, equities analysts anticipate that Lam Research Co. will post 26.82 EPS for the current year.

Lam Research Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.10 dividend on an annualized basis and a yield of 0.18%. Lam Research’s dividend payout ratio (DPR) is 24.14%.

Analyst Upgrades and Downgrades

LRCX has been the subject of a number of research analyst reports. Barclays lifted their price target on Lam Research from $575.00 to $600.00 and gave the company an “equal weight” rating in a research report on Thursday, July 27th. Wells Fargo & Company boosted their price target on shares of Lam Research from $620.00 to $650.00 in a research note on Thursday, July 27th. Citigroup lifted their price objective on shares of Lam Research from $695.00 to $800.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Wolfe Research started coverage on shares of Lam Research in a report on Thursday, September 14th. They set an “outperform” rating and a $825.00 price objective for the company. Finally, StockNews.com assumed coverage on shares of Lam Research in a report on Thursday, August 17th. They set a “hold” rating for the company. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $583.50.

Check Out Our Latest Research Report on LRCX

Lam Research Company Profile

(Free Report)

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.