Lam Research Co. (NASDAQ:LRCX) Shares Bought by SouthState Corp

SouthState Corp lifted its position in shares of Lam Research Co. (NASDAQ:LRCX) by 163.4% during the second quarter, Holdings Channel reports. The firm owned 108 shares of the semiconductor company’s stock after acquiring an additional 67 shares during the quarter. SouthState Corp’s holdings in Lam Research were worth $115,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. DSM Capital Partners LLC acquired a new position in Lam Research during the fourth quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Lam Research during the second quarter worth approximately $32,000. Partnership Wealth Management LLC acquired a new position in shares of Lam Research in the 4th quarter valued at $33,000. RFP Financial Group LLC boosted its stake in Lam Research by 52.2% during 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. Finally, Atlantic Edge Private Wealth Management LLC acquired a new stake in Lam Research during the 4th quarter worth $39,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $755.92 on Friday. 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 firm has a market capitalization of $98.83 billion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 1.58 and a beta of 1.48. Lam Research Co. has a 12 month low of $574.42 and a 12 month high of $1,130.00. The business’s 50 day simple moving average is $908.33 and its 200-day simple moving average is $939.43.

Lam Research shares are scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the closing bell on Wednesday, October 2nd.

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

Lam Research declared that its board has authorized 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 purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Lam Research Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be given a dividend of $2.30 per share. This is an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Tuesday, September 17th. Lam Research’s payout ratio is currently 33.84%.

Insider Buying and Selling at Lam Research

In other news, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the transaction, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the transaction, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. 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. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LRCX. Wells Fargo & Company reduced their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Citigroup dropped their target price on Lam Research from $1,025.00 to $990.00 and set a “buy” rating on the stock in a report on Monday, August 5th. B. Riley increased their price target on Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, TD Cowen lifted their price objective on shares of Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,006.10.

Lam Research Company 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.