Lam Research Co. (NASDAQ:LRCX) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,030 shares of the semiconductor company’s stock after selling 489 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Lam Research were worth $12,810,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Cypress Capital Group raised its position in Lam Research by 23.1% in the second quarter. Cypress Capital Group now owns 3,528 shares of the semiconductor company’s stock worth $3,757,000 after acquiring an additional 661 shares in the last quarter. Meeder Advisory Services Inc. grew its position in Lam Research by 29.4% in the second quarter. Meeder Advisory Services Inc. now owns 3,022 shares of the semiconductor company’s stock worth $3,218,000 after buying an additional 686 shares during the last quarter. Brookstone Capital Management increased its holdings in shares of Lam Research by 142.6% in the second quarter. Brookstone Capital Management now owns 1,601 shares of the semiconductor company’s stock valued at $1,705,000 after buying an additional 941 shares in the last quarter. FineMark National Bank & Trust lifted its holdings in shares of Lam Research by 14.5% during the second quarter. FineMark National Bank & Trust now owns 474 shares of the semiconductor company’s stock valued at $505,000 after purchasing an additional 60 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its position in shares of Lam Research by 534.3% in the second quarter. Foundations Investment Advisors LLC now owns 5,569 shares of the semiconductor company’s stock worth $5,930,000 after acquiring an additional 4,691 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James upped their target price on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Morgan Stanley dropped their target price on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price target 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. TD Cowen raised 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. Finally, Citigroup dropped their price target on shares of Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a research note on Monday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,013.37.

Insider Transactions at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at approximately $7,239,346.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now owns 6,857 shares in the company, valued at approximately $7,239,346.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The disclosure for this sale can be found here. Over the last quarter, 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

NASDAQ LRCX opened at $766.04 on Wednesday. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00. The firm’s 50 day moving average is $855.19 and its 200-day moving average is $929.39. The company has a market capitalization of $100.15 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Shares of Lam Research are set to split on the morning of 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 posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share 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 analyst estimates of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.98 EPS. Equities research analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research Increases Dividend

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

Lam Research declared that its board has authorized a stock buyback program on Tuesday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

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.