Firsthand Capital Management Lowers stake in Lam Research Corporation (LRCX)

Lam Research Corporation (LRCX) : Firsthand Capital Management reduced its stake in Lam Research Corporation by 15.38% during the most recent quarter end. The investment management company now holds a total of 55,000 shares of Lam Research Corporation which is valued at $4.1 Million after selling 10,000 shares in Lam Research Corporation , the firm said in a disclosure report filed with the SEC on May 13, 2016.Lam Research Corporation makes up approximately 4.08% of Firsthand Capital Management’s portfolio.

Other Hedge Funds, Including , Rgm Capital boosted its stake in LRCX in the latest quarter, The investment management firm added 42,000 additional shares and now holds a total of 973,062 shares of Lam Research Corporation which is valued at $72.3 Million. Lam Research Corporation makes up approx 9.11% of Rgm Capital’s portfolio.Group One Trading reduced its stake in LRCX by selling 1,114 shares or 65.65% in the most recent quarter. The Hedge Fund company now holds 583 shares of LRCX which is valued at $43,340.Mckinley Capital Management Delaware boosted its stake in LRCX in the latest quarter, The investment management firm added 1,518 additional shares and now holds a total of 273,105 shares of Lam Research Corporation which is valued at $20.3 Million. Lam Research Corporation makes up approx 1.01% of Mckinley Capital Management Delaware’s portfolio.Cg Asset Management boosted its stake in LRCX in the latest quarter, The investment management firm added 5,465 additional shares and now holds a total of 12,615 shares of Lam Research Corporation which is valued at $937,799. Lam Research Corporation makes up approx 0.38% of Cg Asset Management’s portfolio.Stephens Investment Management Group boosted its stake in LRCX in the latest quarter, The investment management firm added 185 additional shares and now holds a total of 11,418 shares of Lam Research Corporation which is valued at $855,665. Lam Research Corporation makes up approx 0.03% of Stephens Investment Management Group’s portfolio.

Lam Research Corporation opened for trading at $79.6 and hit $80.81 on the upside on Wednesday, eventually ending the session at $80.62, with a gain of 1.70% or 1.35 points. The heightened volatility saw the trading volume jump to 29,51,307 shares. Company has a market cap of $12,867 M.

On the company’s financial health, Lam Research Corporation reported $1.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $1.10. The company had revenue of $1314.06 million for the quarter, compared to analysts expectations of $1312.59 million. The company’s revenue was down -5.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.40 EPS.

Investors should note that on May 13, 2016, Lam Research Corporation announced a cash dividend of $0.3000. The company’s management has announced Jun 6, 2016 as the ex-dividend date and fixed the record date on Jun 8, 2016. The payable date has been fixed on Jun 29, 2016.

Many Wall Street Analysts have commented on Lam Research Corporation. Shares were Reiterated by Cowen on May 16, 2016 to “Outperform” and Lowered the Price Target to $ 85 from a previous price target of $93 .Company shares were Reiterated by Cowen on Apr 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 93 from a previous price target of $90 .RBC Capital Mkts Resumed Lam Research Corporation on Mar 17, 2016 to “Outperform”, Price Target of the shares are set at $92.

Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company’s products are used primarily in front-end wafer processing which involves the steps that create the active components of a device and their wiring. It also addresses processes for back-end wafer-level packaging (WLP). In addition its products are offered for related markets that rely on semiconductor processes and require production-proven manufacturing capability such as micro-electromechanical systems (MEMS). Its thin film deposition systems form a device’s sub-microscopic layers of conducting (metal) or insulating (dielectric) materials. It is a provider of plasma etch a process step that selectively removes materials from the wafer to create the features and patterns of a device. Its wet spin clean and plasma-based bevel clean products remove particles residues and film from the wafer surface before or after adjacent processes.

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