New York Life Investment Management LLC Has $21.24 Million Stock Position in Lam Research Co. (NASDAQ:LRCX)

New York Life Investment Management LLC boosted its stake in Lam Research Co. (NASDAQ:LRCX) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,948 shares of the semiconductor company’s stock after purchasing an additional 100 shares during the quarter. New York Life Investment Management LLC’s holdings in Lam Research were worth $21,242,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Checchi Capital Advisers LLC lifted its holdings in shares of Lam Research by 1.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,781 shares of the semiconductor company’s stock worth $1,395,000 after acquiring an additional 18 shares during the period. Jump Financial LLC boosted its holdings in shares of Lam Research by 108.1% in the 4th quarter. Jump Financial LLC now owns 2,283 shares of the semiconductor company’s stock valued at $1,788,000 after purchasing an additional 1,186 shares in the last quarter. Cypress Capital Group increased its stake 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 valued at $3,757,000 after purchasing an additional 661 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of Lam Research during the 4th quarter worth $1,113,000. Finally, Brookstone Capital Management lifted its position in shares of Lam Research by 142.6% during the 2nd quarter. Brookstone Capital Management now owns 1,601 shares of the semiconductor company’s stock worth $1,705,000 after buying an additional 941 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Lam Research Trading Down 2.9 %

LRCX opened at $733.83 on Friday. The stock has a market cap of $95.94 billion, a PE ratio of 26.99, a price-to-earnings-growth ratio of 1.58 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. Lam Research Co. has a twelve month low of $574.42 and a twelve month high of $1,130.00. The company has a fifty day moving average of $901.71 and a 200-day moving average of $938.10.

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

Lam Research (NASDAQ:LRCX) last released 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%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.98 earnings per share. On average, sell-side analysts predict that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research announced that its board has approved a share repurchase plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are often 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. Stockholders of record on Tuesday, September 17th will be given a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Tuesday, September 17th. This is a boost from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is 33.84%.

Insider Activity at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy Archer sold 9,650 shares of the company’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 completion of the sale, the chief executive officer now owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders sold 16,326 shares of company stock valued at $17,383,715 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on LRCX. Barclays boosted their target price on Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. Jefferies Financial Group assumed coverage on shares of Lam Research in a research report on Monday, May 13th. They set a “buy” rating and a $1,100.00 price objective for the company. Raymond James raised their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.