First Citizens Bank & Trust Co. Has $6.57 Million Stock Position in Lam Research Co. (NASDAQ:LRCX)

First Citizens Bank & Trust Co. reduced its position in Lam Research Co. (NASDAQ:LRCX) by 34.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,050 shares of the semiconductor company’s stock after selling 4,297 shares during the period. First Citizens Bank & Trust Co.’s holdings in Lam Research were worth $6,569,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in LRCX. CarsonAllaria Wealth Management Ltd. acquired a new stake in Lam Research during the 2nd quarter worth approximately $32,000. RFP Financial Group LLC boosted its position in shares of 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 acquiring an additional 12 shares during the period. Hobbs Group Advisors LLC acquired a new position in shares of Lam Research in the second quarter valued at about $40,000. Country Trust Bank bought a new position in Lam Research during the second quarter worth about $43,000. Finally, MFA Wealth Advisors LLC bought a new stake in Lam Research in the 2nd quarter valued at about $45,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Trading Down 0.4 %

NASDAQ LRCX opened at $72.84 on Friday. The firm has a market capitalization of $9.52 billion, a PE ratio of 2.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.47. The business’s 50-day moving average price is $80.15 and its two-hundred day moving average price is $90.53. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. Lam Research Co. has a 12 month low of $57.44 and a 12 month high of $113.00.

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

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.26%. Lam Research’s dividend payout ratio (DPR) is presently 3.38%.

Insider Buying and Selling

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on 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 owns 4,267 shares in the company, valued at $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LRCX. Cantor Fitzgerald dropped their price target on shares of Lam Research from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. StockNews.com lowered Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Morgan Stanley cut their price objective on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating for the company in a research report on Tuesday, September 17th. UBS Group decreased their target price on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Finally, Citigroup reduced their price target 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. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Lam Research presently has a consensus rating of “Moderate Buy” and an average price target of $141.28.

About Lam Research

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.