Leelyn Smith LLC Lowers Position in Lam Research Co. (NASDAQ:LRCX)

Leelyn Smith LLC cut its holdings in Lam Research Co. (NASDAQ:LRCX) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,945 shares of the semiconductor company’s stock after selling 37 shares during the quarter. Leelyn Smith LLC’s holdings in Lam Research were worth $2,071,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. DSM Capital Partners LLC bought a new stake in shares of Lam Research in the 4th quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Lam Research in the 2nd quarter valued at about $32,000. RFP Financial Group LLC raised its position in shares of Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 12 shares during the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Lam Research in the 4th quarter valued at approximately $39,000. Finally, Raleigh Capital Management Inc. raised its position in shares of Lam Research by 78.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 22 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the sale, the senior vice president now owns 6,857 shares in the company, valued at $7,239,346.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,326 shares of company stock worth $17,383,715. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $1,200.00 price target on shares of Lam Research in a research report on Thursday, August 1st. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Barclays raised their price target on shares of Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. Finally, B. Riley raised their price target on shares of Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. 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, the company currently has an average rating of “Moderate Buy” and an average target price of $1,006.10.

Lam Research Trading Up 2.9 %

Shares of LRCX opened at $769.72 on Friday. Lam Research Co. has a 52-week low of $574.42 and a 52-week high of $1,130.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The firm’s fifty day moving average is $868.98 and its two-hundred day moving average is $932.10. The stock has a market cap of $99.97 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48.

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

Lam Research (NASDAQ:LRCX) last posted its quarterly 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. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the previous year, the firm earned $5.98 EPS. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Research analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research announced that its Board of Directors has initiated a share 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 usually a sign that the company’s board of directors believes its shares are 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 issued a $2.30 dividend. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 17th. Lam Research’s payout ratio is 29.42%.

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.