Arvest Trust Co. N A Cuts Holdings in Lam Research Co. (NASDAQ:LRCX)

Arvest Trust Co. N A lessened its position in shares of Lam Research Co. (NASDAQ:LRCX) by 4.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,148 shares of the semiconductor company’s stock after selling 1,455 shares during the period. Lam Research makes up 1.8% of Arvest Trust Co. N A’s portfolio, making the stock its 13th biggest position. Arvest Trust Co. N A’s holdings in Lam Research were worth $29,973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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. acquired a new stake in Lam Research in the 2nd quarter valued at $32,000. RFP Financial Group LLC raised its position 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 period. Raleigh Capital Management Inc. lifted its stake in shares of Lam Research by 78.6% during the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 22 shares in the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Lam Research in the second quarter worth about $40,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Trading Down 1.5 %

NASDAQ:LRCX opened at $758.47 on Tuesday. The firm has a market capitalization of $99.16 billion, a P/E ratio of 27.90, a P/E/G ratio of 1.48 and a beta of 1.48. The business has a 50 day simple moving average of $862.12 and a 200 day simple moving average of $930.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00.

Shares of Lam Research are scheduled to split on 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 released its quarterly 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 analyst estimates of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.98 earnings per share. Equities research analysts predict that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research announced that its Board of Directors has initiated 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 purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Lam Research Increases Dividend

The firm 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. The ex-dividend date is Tuesday, September 17th. This is an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a dividend yield of 1.21%. Lam Research’s payout ratio is currently 33.84%.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the company’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 owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $90,596,739.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total value 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 disclosure for this sale can be found here. In the last three months, insiders sold 16,326 shares of company stock valued at $17,383,715. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on LRCX shares. Wells Fargo & Company reduced their price target on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Raymond James boosted their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. B. Riley boosted their price objective on shares of Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. 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 note on Wednesday, June 5th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Lam Research has an average rating of “Moderate Buy” and an average price target of $1,010.53.

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.