State of New Jersey Common Pension Fund D Has $59.19 Million Stock Holdings in Lam Research Co. (NASDAQ:LRCX)

State of New Jersey Common Pension Fund D reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 0.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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’s holdings in Lam Research were worth $59,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in Lam Research by 76,165.7% in the fourth quarter. International Assets Investment Management LLC now owns 318,028 shares of the semiconductor company’s stock valued at $249,099,000 after purchasing an additional 317,611 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Lam Research by 1,125.6% in the fourth quarter. Cerity Partners LLC now owns 342,139 shares of the semiconductor company’s stock valued at $267,984,000 after buying an additional 314,224 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Lam Research by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 1,642,367 shares of the semiconductor company’s stock worth $1,029,386,000 after buying an additional 159,815 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Lam Research by 106.5% during the third quarter. Canada Pension Plan Investment Board now owns 301,071 shares of the semiconductor company’s stock worth $188,702,000 after acquiring an additional 155,240 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Lam Research by 9.7% in the 3rd quarter. Northern Trust Corp now owns 1,523,215 shares of the semiconductor company’s stock valued at $954,705,000 after acquiring an additional 134,558 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Price Performance

Lam Research stock traded up $23.90 during trading hours on Friday, reaching $925.37. 1,396,985 shares of the stock were exchanged, compared to its average volume of 1,075,576. The stock has a 50 day moving average of $943.68 and a two-hundred day moving average of $807.04. The company has a market cap of $121.32 billion, a P/E ratio of 33.15, a price-to-earnings-growth ratio of 3.20 and a beta of 1.51. 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 Co. has a twelve month low of $493.42 and a twelve month high of $1,007.39.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $3.72 billion. During the same period last year, the firm posted $6.99 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. Equities analysts expect that Lam Research Co. will post 28.96 EPS for the current fiscal year.

Lam Research Announces Dividend

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

Insider Activity at Lam Research

In related news, SVP Seshasayee Varadarajan sold 5,500 shares of Lam Research stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $922.41, for a total transaction of $5,073,255.00. Following the sale, the senior vice president now directly 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 Securities & Exchange Commission, which is available at the SEC website. In other Lam Research news, CAO Christina Corrreia sold 647 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 $628,903.41. Following the completion of 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 SEC, which is available through the SEC website. Also, SVP Seshasayee Varadarajan sold 5,500 shares of Lam Research stock in a transaction dated 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 sale, the senior vice president now directly owns 22,095 shares in the company, valued at $20,380,648.95. The disclosure for this sale can be found here. Insiders have sold 7,029 shares of company stock valued at $6,559,489 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

LRCX has been the topic of a number of research analyst reports. B. Riley raised shares of Lam Research from a “neutral” rating to a “buy” rating and upped their target price for the company from $870.00 to $1,100.00 in a report on Friday, April 19th. Evercore ISI initiated coverage on Lam Research in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $1,200.00 price objective for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $1,100.00 target price on shares of Lam Research in a report on Thursday. 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. Finally, Citigroup upped their price objective on shares of Lam Research from $975.00 to $1,025.00 and gave the company a “buy” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Lam Research currently has an average rating of “Moderate Buy” and an average price target of $950.85.

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.