Amalgamated Bank Decreases Position in Lam Research Co. (NASDAQ:LRCX)

Amalgamated Bank lowered its holdings in Lam Research Co. (NASDAQ:LRCX) by 1.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,098 shares of the semiconductor company’s stock after selling 443 shares during the period. Amalgamated Bank’s holdings in Lam Research were worth $29,920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research in the second quarter valued at about $32,000. RFP Financial Group LLC boosted its holdings in Lam Research by 52.2% in the second 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. DSM Capital Partners LLC purchased a new position in Lam Research in the fourth quarter valued at about $28,000. Hobbs Group Advisors LLC bought a new position in Lam Research during the 2nd quarter worth approximately $40,000. Finally, Country Trust Bank bought a new position in Lam Research during the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Insider Transactions at Lam Research

In related news, SVP Neil J. Fernandes sold 4,409 shares of the 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 completion of the sale, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction dated 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 directly owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the firm’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 transaction, 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. Insiders sold a total of 16,326 shares of company stock valued at $17,383,715 over the last quarter. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

LRCX has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price 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. Needham & Company LLC reiterated a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a research report on Thursday, August 1st. Raymond James increased their price target on Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 price target on shares of Lam Research in a research report on Thursday, August 1st. Finally, Barclays raised their target price 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. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Lam Research presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,013.37.

Lam Research Stock Up 1.3 %

Shares of LRCX stock opened at $766.04 on Wednesday. The stock has a market cap 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 debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The business’s fifty day moving average is $855.19 and its 200-day moving average is $929.39. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00.

Lam Research’s stock is scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last issued 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 business had revenue of $3.87 billion during 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%. Lam Research’s revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.98 earnings per share. Equities analysts expect that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research announced that its board has authorized a share repurchase program on Tuesday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback 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 given a $2.30 dividend. This represents a $9.20 annualized dividend 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 dividend payout ratio (DPR) is 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.