State of New Jersey Common Pension Fund D Reduces Position in Lam Research Co. (NASDAQ:LRCX)

State of New Jersey Common Pension Fund D reduced its position in Lam Research Co. (NASDAQ:LRCX) by 0.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,565 shares of the semiconductor company’s stock after selling 673 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Lam Research worth $59,187,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Orion Capital Management LLC purchased a new stake in Lam Research during the 3rd quarter valued at approximately $25,000. BluePath Capital Management LLC acquired a new position in shares of Lam Research in the third quarter valued at approximately $28,000. OFI Invest Asset Management purchased a new stake in shares of Lam Research during the third quarter worth approximately $30,000. Asset Dedication LLC lifted its holdings in shares of Lam Research by 56.7% during the third quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 17 shares during the period. Finally, Valued Wealth Advisors LLC purchased a new position in Lam Research in the 4th quarter valued at $30,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of NASDAQ:LRCX traded up $23.90 on Friday, hitting $925.37. The company had a trading volume of 1,396,985 shares, compared to its average volume of 1,075,576. The company has a market cap of $121.32 billion, a PE ratio of 33.15, a PEG ratio of 3.20 and a beta of 1.51. The business has a 50 day moving average of $943.68 and a 200 day moving average of $807.04. Lam Research Co. has a 52-week low of $493.42 and a 52-week high of $1,007.39. The company has a current ratio of 3.06, a quick ratio of 2.02 and a debt-to-equity ratio of 0.61.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping the consensus estimate of $7.26 by $0.53. Lam Research had a net margin of 25.35% and a return on equity of 45.76%. The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $6.99 EPS. The company’s revenue was down 2.0% on a year-over-year basis. As a group, equities analysts anticipate that Lam Research Co. will post 28.96 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 3rd. Shareholders of record on Wednesday, March 13th were paid a dividend of $2.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $8.00 annualized dividend and a yield of 0.86%. Lam Research’s dividend payout ratio is presently 29.42%.

Insider Transactions at Lam Research

In other news, SVP Seshasayee Varadarajan sold 5,500 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the transaction, the senior vice president now owns 22,095 shares of the company’s stock, valued at approximately $20,380,648.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Lam Research news, SVP Seshasayee Varadarajan sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $922.41, for a total value of $5,073,255.00. Following the completion of the transaction, the senior vice president now owns 22,095 shares in the company, valued at approximately $20,380,648.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Christina Corrreia sold 647 shares of Lam Research stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $628,903.41. Following the sale, the chief accounting officer now owns 5,541 shares in the company, valued at approximately $5,386,018.23. The disclosure for this sale can be found here. Insiders have sold a total of 7,029 shares of company stock worth $6,559,489 in the last three months. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. B. Riley upgraded shares of Lam Research from a “neutral” rating to a “buy” rating and raised their target price for the stock from $870.00 to $1,100.00 in a research note on Friday, April 19th. Wells Fargo & Company lifted their price objective on Lam Research from $930.00 to $980.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. The Goldman Sachs Group raised their price target on Lam Research from $700.00 to $912.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Citigroup upped their price objective on Lam Research from $975.00 to $1,025.00 and gave the stock a “buy” rating in a report on Thursday. Finally, TD Cowen boosted their target price on shares of Lam Research from $975.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $950.85.

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.