Grove Bank & Trust Cuts Position in Lam Research Co. (NASDAQ:LRCX)

Grove Bank & Trust cut its stake in Lam Research Co. (NASDAQ:LRCX) by 37.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 383 shares of the semiconductor company’s stock after selling 233 shares during the quarter. Grove Bank & Trust’s holdings in Lam Research were worth $313,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research in the 2nd quarter valued at approximately $32,000. RFP Financial Group LLC grew its holdings in Lam Research by 52.2% in the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 12 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in shares of Lam Research in the second quarter valued at $40,000. Country Trust Bank acquired a new position in shares of Lam Research during the 2nd quarter worth $43,000. Finally, Scarborough Advisors LLC acquired a new stake in Lam Research in the 4th quarter valued at about $45,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Price Performance

NASDAQ:LRCX opened at $85.70 on Tuesday. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The business’s 50-day moving average price is $95.13 and its 200 day moving average price is $96.14. Lam Research Co. has a 52-week low of $57.44 and a 52-week high of $113.00. The firm has a market cap of $11.20 billion, a P/E ratio of 3.15, a PEG ratio of 1.75 and a beta of 1.47.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the business posted $0.60 EPS. The company’s revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts predict that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.07%. Lam Research’s dividend payout ratio is 3.38%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LRCX. Cantor Fitzgerald reduced their target price on Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. UBS Group cut their price objective on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Mizuho lowered their price objective on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. B. Riley lifted their target price on Lam Research from $113.00 to $132.50 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research note on Friday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.28.

Insider Activity at Lam Research

In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.32% 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. 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.