Lyell Wealth Management LP Raises Stock Holdings in Lam Research Co. (NASDAQ:LRCX)

Lyell Wealth Management LP increased its position in Lam Research Co. (NASDAQ:LRCX) by 8.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 575 shares of the semiconductor company’s stock after purchasing an additional 43 shares during the period. Lyell Wealth Management LP’s holdings in Lam Research were worth $612,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LRCX. Gryphon Financial Partners LLC bought a new stake in Lam Research in the fourth quarter worth $476,000. Financial Advocates Investment Management boosted its holdings in Lam Research by 3.9% in the fourth quarter. Financial Advocates Investment Management now owns 964 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 36 shares in the last quarter. Independent Advisor Alliance boosted its holdings in Lam Research by 8.3% in the fourth quarter. Independent Advisor Alliance now owns 2,042 shares of the semiconductor company’s stock worth $1,599,000 after acquiring an additional 157 shares in the last quarter. Gladstone Institutional Advisory LLC boosted its holdings in Lam Research by 5.5% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 693 shares of the semiconductor company’s stock worth $543,000 after acquiring an additional 36 shares in the last quarter. Finally, Balentine LLC boosted its holdings in Lam Research by 37.3% in the fourth quarter. Balentine LLC now owns 2,692 shares of the semiconductor company’s stock worth $2,109,000 after acquiring an additional 731 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lam Research news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction dated 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 owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Christina Correia sold 647 shares of the stock in a transaction dated 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 completion of the sale, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the stock in a transaction dated 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 approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock worth $17,383,715 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on LRCX. TD Cowen boosted their target price on Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $1,200.00 price target on shares of Lam Research in a report on Thursday, August 1st. UBS Group lowered their price target on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Citigroup lowered their price target on Lam Research from $1,025.00 to $990.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,015.63.

Lam Research Stock Up 2.9 %

Lam Research stock opened at $769.72 on Monday. The stock has a market cap of $100.63 billion, a PE ratio of 28.31, 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. Lam Research Co. has a one year low of $574.42 and a one year high of $1,130.00. The stock has a fifty day moving average of $868.98 and a 200 day moving average of $932.18.

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

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.98 earnings per share. As a group, sell-side analysts predict that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Lam Research Increases Dividend

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

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.