Meiji Yasuda Life Insurance Co Raises Stock Position in Lam Research Co. (NASDAQ:LRCX)

Meiji Yasuda Life Insurance Co boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 3.7% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,143 shares of the semiconductor company’s stock after acquiring an additional 76 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Lam Research were worth $2,282,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of LRCX. DSM Capital Partners LLC purchased a new position in Lam Research in the 4th quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Lam Research during the second quarter valued at approximately $32,000. RFP Financial Group LLC lifted its position in shares of 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 acquiring an additional 12 shares in the last quarter. Raleigh Capital Management Inc. boosted its stake in shares of Lam Research by 78.6% in the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 22 shares during the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in Lam Research in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Lam Research Stock Performance

NASDAQ LRCX opened at $766.04 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The company has a market cap of $100.15 billion, a P/E ratio of 28.17, a P/E/G ratio of 1.48 and a beta of 1.48. The stock has a 50-day moving average of $855.19 and a two-hundred day moving average of $929.39. Lam Research Co. has a 1-year low of $574.42 and a 1-year high of $1,130.00.

Lam Research’s stock is going to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.58 by $0.56. The company had revenue of $3.87 billion for 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 firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.98 EPS. As a group, analysts anticipate that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Lam Research Increases Dividend

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

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of the business’s 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 transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Lam Research news, CEO Timothy Archer sold 9,650 shares of Lam Research 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 directly owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christina Correia sold 647 shares of the 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 completion of the transaction, the chief accounting officer now owns 4,914 shares in the company, valued at approximately $5,219,945.64. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock worth $17,383,715 in the last quarter. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LRCX. TD Cowen lifted their target price on shares of Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Morgan Stanley dropped their price objective on shares of Lam Research from $929.00 to $774.00 and set an “equal weight” rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $1,130.00 price target on shares of Lam Research in a report on Thursday, August 1st. Finally, UBS Group lowered their price objective on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and an average target price of $1,013.37.

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.