Allspring Global Investments Holdings LLC Sells 8,168 Shares of Lam Research Co. (NASDAQ:LRCX)

Allspring Global Investments Holdings LLC decreased its stake in Lam Research Co. (NASDAQ:LRCX) by 34.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,592 shares of the semiconductor company’s stock after selling 8,168 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lam Research were worth $12,213,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baird Financial Group Inc. grew its position in Lam Research by 11.5% in the 1st quarter. Baird Financial Group Inc. now owns 39,514 shares of the semiconductor company’s stock worth $21,243,000 after purchasing an additional 4,090 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in shares of Lam Research by 39.1% in the first quarter. Zions Bancorporation N.A. now owns 281 shares of the semiconductor company’s stock valued at $151,000 after buying an additional 79 shares during the period. Brown Brothers Harriman & Co. grew its position in Lam Research by 18.8% during the first quarter. Brown Brothers Harriman & Co. now owns 721 shares of the semiconductor company’s stock worth $388,000 after buying an additional 114 shares in the last quarter. Covestor Ltd increased its stake in Lam Research by 51.9% during the first quarter. Covestor Ltd now owns 322 shares of the semiconductor company’s stock valued at $173,000 after acquiring an additional 110 shares during the period. Finally, Mackenzie Financial Corp lifted its position in shares of Lam Research by 11.8% in the 1st quarter. Mackenzie Financial Corp now owns 233,280 shares of the semiconductor company’s stock worth $125,414,000 after acquiring an additional 24,636 shares during the period. Institutional investors own 84.61% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Christina Corrreia sold 647 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $628,903.41. Following the transaction, the chief accounting officer now owns 5,541 shares of the company’s stock, valued at approximately $5,386,018.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Abhijit Y. Talwalkar sold 882 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $857,330.46. Following the completion of the sale, the director now owns 10,541 shares in the company, valued at $10,246,168.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christina Corrreia sold 647 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the transaction, 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. In the last three months, insiders sold 7,029 shares of company stock valued at $6,559,489. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Citigroup upped their target price on Lam Research from $800.00 to $975.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. UBS Group lifted their target price on shares of Lam Research from $885.00 to $1,130.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Barclays increased their price target on shares of Lam Research from $750.00 to $825.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 25th. Needham & Company LLC upped their price objective on Lam Research from $800.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, Raymond James increased their target price on Lam Research from $850.00 to $950.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $848.27.

Lam Research Trading Down 1.1 %

Shares of NASDAQ LRCX opened at $946.17 on Tuesday. Lam Research Co. has a 1-year low of $482.74 and a 1-year 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. The company has a 50-day moving average of $941.93 and a two-hundred day moving average of $794.36. The company has a market cap of $124.04 billion, a PE ratio of 36.59, a P/E/G ratio of 3.47 and a beta of 1.51.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, January 24th. The semiconductor company reported $7.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.06 by $0.46. The firm had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.71 billion. Lam Research had a return on equity of 44.47% and a net margin of 24.15%. The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.71 EPS. As a group, equities analysts expect that Lam Research Co. will post 28.9 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Wednesday, March 13th were given a $2.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $8.00 dividend on an annualized basis and a yield of 0.85%. Lam Research’s payout ratio is 30.94%.

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.