Eagle Bay Advisors LLC Sells 50 Shares of Lam Research Co. (NASDAQ:LRCX)

Eagle Bay Advisors LLC trimmed its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 34.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96 shares of the semiconductor company’s stock after selling 50 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Lam Research were worth $102,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Checchi Capital Advisers LLC lifted its stake in shares of Lam Research by 1.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 1,781 shares of the semiconductor company’s stock valued at $1,395,000 after purchasing an additional 18 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in Lam Research by 20.9% during the fourth quarter. Citizens Financial Group Inc. RI now owns 491 shares of the semiconductor company’s stock worth $384,000 after buying an additional 85 shares during the period. Jump Financial LLC increased its position in Lam Research by 108.1% during the fourth quarter. Jump Financial LLC now owns 2,283 shares of the semiconductor company’s stock valued at $1,788,000 after acquiring an additional 1,186 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Lam Research by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 777,722 shares of the semiconductor company’s stock valued at $609,159,000 after acquiring an additional 14,902 shares during the period. Finally, Cypress Capital Group lifted its holdings in shares of Lam Research by 23.1% in the 2nd 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 during the last quarter. Institutional investors own 84.61% of the company’s stock.

Insider Activity at Lam Research

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the transaction, 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 is available at the SEC website. In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the sale, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $4,654,845.84. Following the transaction, the senior vice president now directly owns 6,857 shares in the company, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,326 shares of company stock valued at $17,383,715. Corporate insiders own 0.32% of the company’s stock.

Lam Research Stock Performance

Shares of NASDAQ LRCX traded down $12.51 during midday trading on Wednesday, reaching $807.93. 246,870 shares of the stock were exchanged, compared to its average volume of 1,065,781. The company has a quick ratio of 1.84, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The firm has a market cap of $105.63 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 2.41 and a beta of 1.48. The firm has a 50-day simple moving average of $950.91 and a two-hundred day simple moving average of $946.44. Lam Research Co. has a twelve month low of $574.42 and a twelve month high of $1,130.00.

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 data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.56. The company had revenue of $3.87 billion for 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 period in the previous year, the firm posted $5.98 EPS. As a group, analysts anticipate that Lam Research Co. will post 35.09 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their target price on 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. B. Riley upped 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. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $1,200.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Raymond James upped their price objective on Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lam Research presently has a consensus rating of “Moderate Buy” and an average target price of $1,006.10.

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.