Procyon Advisors LLC Reduces Stock Position in Lam Research Co. (NASDAQ:LRCX)

Procyon Advisors LLC lessened its stake in shares of Lam Research Co. (NASDAQ:LRCXGet Rating) by 5.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,415 shares of the semiconductor company’s stock after selling 75 shares during the quarter. Procyon Advisors LLC’s holdings in Lam Research were worth $603,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LRCX. Vectors Research Management LLC increased its position in Lam Research by 133.3% during the 4th quarter. Vectors Research Management LLC now owns 35 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 20 shares in the last quarter. Stonebridge Capital Advisors LLC grew its holdings in Lam Research by 100.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 38 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 19 shares during the period. Capital Advisory Group Advisory Services LLC purchased a new stake in Lam Research in the 1st quarter valued at about $27,000. OLD Second National Bank of Aurora purchased a new stake in Lam Research in the 1st quarter valued at about $27,000. Finally, Delos Wealth Advisors LLC purchased a new stake in Lam Research in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 80.09% of the company’s stock.

Lam Research Stock Performance

Shares of LRCX opened at $409.22 on Monday. The company has a quick ratio of 1.82, a current ratio of 2.69 and a debt-to-equity ratio of 0.80. The firm has a market cap of $56.06 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 0.93 and a beta of 1.36. Lam Research Co. has a 52-week low of $375.87 and a 52-week high of $731.85. The business’s 50 day moving average is $461.43 and its two-hundred day moving average is $475.26.

Lam Research (NASDAQ:LRCXGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The semiconductor company reported $8.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.30 by $1.53. The business had revenue of $4.64 billion for the quarter, compared to analyst estimates of $4.21 billion. Lam Research had a return on equity of 75.71% and a net margin of 26.73%. The business’s revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company posted $8.09 EPS. Analysts forecast that Lam Research Co. will post 37.31 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Wednesday, September 14th will be given a dividend of $1.725 per share. This is a positive change from Lam Research’s previous quarterly dividend of $1.50. This represents a $6.90 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, September 13th. Lam Research’s dividend payout ratio is currently 21.07%.

Analysts Set New Price Targets

Several research firms have commented on LRCX. Barclays cut Lam Research from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $625.00 to $450.00 in a report on Wednesday, August 3rd. Piper Sandler lowered their price target on Lam Research from $596.00 to $567.00 and set a “neutral” rating for the company in a report on Thursday, May 26th. UBS Group lifted their price target on Lam Research from $510.00 to $530.00 and gave the company a “buy” rating in a report on Thursday, July 28th. DA Davidson decreased their target price on Lam Research from $575.00 to $550.00 in a report on Thursday, July 28th. Finally, Cowen decreased their target price on Lam Research from $800.00 to $620.00 in a report on Thursday, July 28th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $610.30.

About Lam Research

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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.

See Also

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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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