Sitrin Capital Management LLC Acquires 546 Shares of Lam Research Co. (NASDAQ:LRCX)

Sitrin Capital Management LLC grew its holdings in Lam Research Co. (NASDAQ:LRCX) by 7.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,997 shares of the semiconductor company’s stock after buying an additional 546 shares during the period. Lam Research makes up 3.3% of Sitrin Capital Management LLC’s portfolio, making the stock its 15th largest holding. Sitrin Capital Management LLC’s holdings in Lam Research were worth $6,528,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Lam Research by 994.1% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 232,901 shares of the semiconductor company’s stock worth $190,066,000 after acquiring an additional 211,614 shares during the last quarter. Swedbank AB bought a new stake in Lam Research in the first quarter worth about $192,668,000. Vanguard Group Inc. boosted its position in shares of Lam Research by 1.2% during the first quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock valued at $11,519,576,000 after buying an additional 144,914 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Lam Research by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock valued at $2,875,023,000 after buying an additional 142,903 shares during the last quarter. Finally, Natixis lifted its stake in shares of Lam Research by 1,267.1% during the 1st quarter. Natixis now owns 142,967 shares of the semiconductor company’s stock worth $138,902,000 after acquiring an additional 132,509 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on LRCX. TD Cowen upped their price objective on Lam Research from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 price target on shares of Lam Research in a report on Thursday, October 24th. 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. Citigroup reduced their target price on shares of Lam Research from $99.00 to $89.30 and set a “buy” rating on the stock in a research report on Monday, September 16th. Finally, B. Riley dropped their target price on Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.03.

Lam Research Stock Performance

Shares of LRCX traded up $0.36 during mid-day trading on Friday, reaching $74.71. The company had a trading volume of 1,610,095 shares, compared to its average volume of 11,253,871. The stock has a 50 day moving average of $78.33 and a two-hundred day moving average of $89.13. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $96.13 billion, a P/E ratio of 24.09, a PEG ratio of 1.22 and a beta of 1.47. Lam Research Co. has a 52-week low of $61.82 and a 52-week high of $113.00.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The business had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the company earned $6.85 EPS. The business’s revenue was up 19.7% on a year-over-year basis. On average, analysts expect that Lam Research Co. will post 3.52 earnings per share for the current year.

Lam Research Cuts Dividend

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

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.