Lmcg Investments LLC Sells 1,531 Shares of Lam Research Co. (NASDAQ:LRCX)

Lmcg Investments LLC reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 10.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,549 shares of the semiconductor company’s stock after selling 1,531 shares during the period. Lmcg Investments LLC’s holdings in Lam Research were worth $13,363,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Lam Research in the second quarter worth about $32,000. RFP Financial Group LLC increased its stake in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. DSM Capital Partners LLC bought a new stake in Lam Research in the fourth quarter valued at approximately $28,000. Hobbs Group Advisors LLC bought a new position in shares of Lam Research in the second quarter worth approximately $40,000. Finally, Country Trust Bank purchased a new position in shares of Lam Research in the second quarter worth $43,000. 84.61% of the stock is currently owned by institutional investors.

Insider Activity at Lam Research

In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction on Friday, June 28th. The shares were 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 in the company, valued at $90,596,739.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total value of $687,282.22. Following the transaction, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,326 shares of company stock worth $17,383,715. Company insiders own 0.32% of the company’s stock.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $758.47 on Tuesday. The firm’s 50 day simple moving average is $862.12 and its two-hundred day simple moving average is $930.91. 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 company has a market capitalization of $99.16 billion, a P/E ratio of 27.90, a P/E/G ratio of 1.48 and a beta of 1.48. Lam Research Co. has a 1-year low of $574.42 and a 1-year high of $1,130.00.

Lam Research shares are scheduled to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be distributed to shareholders after the closing bell 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, topping the consensus estimate of $7.58 by $0.56. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.98 earnings per share. Research analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

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

Lam Research Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be given a dividend of $2.30 per share. The ex-dividend date is Tuesday, September 17th. This represents a $9.20 annualized dividend and a dividend yield of 1.21%. This is an increase from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Analyst Ratings Changes

A number of brokerages recently issued reports on LRCX. Wells Fargo & Company reduced their price target on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. UBS Group reduced their price target on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. TD Cowen raised their price objective on shares of Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Citigroup reduced their target price on Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a report on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $1,130.00 target price on shares of Lam Research in a research note on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,010.53.

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.