Rhumbline Advisers Sells 4,827 Shares of Lam Research Co. (NASDAQ:LRCX)

Rhumbline Advisers lessened its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 1.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 264,915 shares of the semiconductor company’s stock after selling 4,827 shares during the period. Rhumbline Advisers owned about 0.20% of Lam Research worth $282,095,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of LRCX. First Horizon Advisors Inc. raised its holdings in Lam Research by 11.3% during the fourth quarter. First Horizon Advisors Inc. now owns 354 shares of the semiconductor company’s stock worth $278,000 after acquiring an additional 36 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Lam Research by 5.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 36,924 shares of the semiconductor company’s stock valued at $28,921,000 after buying an additional 2,048 shares during the period. Vestmark Advisory Solutions Inc. raised its stake in Lam Research by 36.6% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 701 shares of the semiconductor company’s stock valued at $549,000 after buying an additional 188 shares during the period. Private Advisor Group LLC raised its stake in Lam Research by 3.1% in the fourth quarter. Private Advisor Group LLC now owns 6,412 shares of the semiconductor company’s stock valued at $5,022,000 after buying an additional 193 shares during the period. Finally, Lincoln National Corp raised its stake in Lam Research by 4.4% in the fourth quarter. Lincoln National Corp now owns 1,499 shares of the semiconductor company’s stock valued at $1,174,000 after buying an additional 63 shares during the period. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

LRCX has been the topic of several research analyst reports. Cantor Fitzgerald restated a “neutral” rating and issued a $1,200.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft decreased their target price on Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Citigroup decreased their target price on Lam Research from $1,025.00 to $990.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Raymond James upped their target price on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Finally, Barclays upped their target price on Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Lam Research currently has an average rating of “Moderate Buy” and a consensus target price of $1,006.10.

Lam Research Trading Up 3.0 %

Shares of LRCX stock opened at $821.01 on Tuesday. The stock’s fifty day moving average price is $925.90 and its two-hundred day moving average price is $943.09. The company has a market cap of $107.34 billion, a PE ratio of 30.20, a P/E/G ratio of 1.58 and a beta of 1.48. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97.

Shares of Lam Research are going to split 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 announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the company earned $5.98 EPS. Lam Research’s revenue was up 20.7% compared to the same quarter last year. Equities analysts predict that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be paid a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.12%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date is Tuesday, September 17th. Lam Research’s dividend payout ratio is presently 33.84%.

Lam Research declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, SVP Neil J. Fernandes sold 4,409 shares of the stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 6,857 shares in the company, valued at approximately $7,239,346.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was 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 directly owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,326 shares of company stock worth $17,383,715. Insiders own 0.32% of the company’s stock.

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.