Marble Harbor Investment Counsel LLC Sells 250 Shares of Lam Research Co. (NASDAQ:LRCX)

Marble Harbor Investment Counsel LLC lowered its position in Lam Research Co. (NASDAQ:LRCX) by 9.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,500 shares of the semiconductor company’s stock after selling 250 shares during the quarter. Marble Harbor Investment Counsel LLC’s holdings in Lam Research were worth $2,662,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. DSM Capital Partners LLC purchased a new position in shares of Lam Research in the 4th quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Lam Research in the 2nd quarter valued at $32,000. RFP Financial Group LLC increased its holdings in shares of Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 12 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Lam Research by 78.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 22 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Lam Research in the 2nd quarter valued at $40,000. Institutional investors own 84.61% of the company’s stock.

Insider Activity at Lam Research

In related news, SVP Neil J. Fernandes sold 4,409 shares of Lam Research stock in a transaction dated 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 transaction, the senior vice president now owns 6,857 shares in the company, valued at approximately $7,239,346.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Lam Research 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 completion of the sale, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the business’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 sale, the senior vice president now owns 6,857 shares of the company’s stock, 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 worth $17,383,715 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Lam Research Stock Performance

Shares of LRCX 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 business has a 50-day simple moving average of $868.98 and a 200-day simple moving average of $932.18. 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 52-week low of $574.42 and a 52-week high of $1,130.00.

Lam Research’s stock is going 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 issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the firm posted $5.98 EPS. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities analysts expect that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research announced that its board has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Lam Research Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a $2.30 dividend. This represents a $9.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 17th. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LRCX shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $1,200.00 price target on shares of Lam Research in a report on Thursday, August 1st. UBS Group lowered their price objective on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating for the company in a research report on Thursday. TD Cowen raised their price objective on Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Raymond James raised their price objective 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. Finally, StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Lam Research has a consensus rating of “Moderate Buy” and an average price target of $1,015.63.

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.