Marble Harbor Investment Counsel LLC Sells 250 Shares of Lam Research Co. (NASDAQ:LRCX)

Marble Harbor Investment Counsel LLC lessened its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 9.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,500 shares of the semiconductor company’s stock after selling 250 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Lam Research were worth $2,662,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of LRCX. Swedbank AB bought a new stake in Lam Research during the first quarter valued at about $192,668,000. Van ECK Associates Corp grew its holdings in Lam Research by 24.6% during the first quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock valued at $940,592,000 after purchasing an additional 191,230 shares during the period. Vanguard Group Inc. grew its holdings in Lam Research by 1.2% during the first quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock valued at $11,519,576,000 after purchasing an additional 144,914 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Lam Research by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock valued at $2,875,023,000 after purchasing an additional 142,903 shares during the period. Finally, Natixis grew its holdings in Lam Research by 1,267.1% during the first quarter. Natixis now owns 142,967 shares of the semiconductor company’s stock valued at $138,902,000 after purchasing an additional 132,509 shares during the period. Institutional investors own 84.61% of the company’s stock.

Insider Activity

In other news, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Neil J. Fernandes sold 1,620 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the transaction, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the completion of the transaction, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,326 shares of company stock valued at $17,383,715. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

LRCX has been the topic of several research analyst reports. Citigroup lowered their price objective on Lam Research from $1,025.00 to $990.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Barclays boosted their price objective on Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. UBS Group lowered their price objective on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and a consensus price target of $1,015.63.

Lam Research Trading Up 2.9 %

Shares of LRCX stock opened at $769.72 on Monday. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The stock’s 50 day simple moving average is $868.98 and its two-hundred day simple moving average is $932.18. The company has a market cap of $100.63 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48.

Lam Research’s stock is set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. The firm had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.98 earnings per share. Research analysts predict that Lam Research Co. will post 35.2 earnings per share for the current year.

Lam Research declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Lam Research Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be paid a dividend of $2.30 per share. This is a boost from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date is Tuesday, September 17th. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.20%. Lam Research’s dividend payout ratio is currently 33.84%.

Lam Research Profile

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.