Cullen Frost Bankers Inc. Acquires 201 Shares of Lam Research Co. (NASDAQ:LRCX)

Cullen Frost Bankers Inc. grew its holdings in Lam Research Co. (NASDAQ:LRCX) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,923 shares of the semiconductor company’s stock after acquiring an additional 201 shares during the period. Cullen Frost Bankers Inc.’s holdings in Lam Research were worth $23,345,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. DSM Capital Partners LLC purchased a new position in Lam Research during the fourth quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research during the second quarter valued at $32,000. Partnership Wealth Management LLC purchased a new position in Lam Research during the fourth quarter valued at $33,000. RFP Financial Group LLC grew its stake 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 worth $37,000 after buying an additional 12 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Lam Research in the 4th quarter worth $39,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Stock Down 2.9 %

Shares of Lam Research stock traded down $22.09 on Friday, reaching $733.83. The stock had a trading volume of 1,552,952 shares, compared to its average volume of 1,077,419. The company has a 50 day moving average price of $901.71 and a 200 day moving average price of $938.10. 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 1 year low of $574.42 and a 1 year high of $1,130.00. The stock has a market capitalization of $95.94 billion, a P/E ratio of 26.99, a P/E/G ratio of 1.58 and a beta of 1.48.

Lam Research’s stock is set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the closing bell 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, topping analysts’ consensus estimates of $7.58 by $0.56. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.98 EPS. As a group, equities research analysts forecast that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be given a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Tuesday, September 17th. This is an increase from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Lam Research declared that its board has initiated a stock repurchase plan on Tuesday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. TD Cowen lifted their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $1,130.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Raymond James raised their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Finally, Wells Fargo & Company lowered their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,006.10.

Insiders Place Their Bets

In other news, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the sale, the senior vice president now directly owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on 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 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 accessible through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total transaction of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,326 shares of company stock valued at $17,383,715. Insiders own 0.32% of the company’s stock.

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.