Lam Research Co. (NASDAQ:LRCX) Shares Purchased by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its holdings in Lam Research Co. (NASDAQ:LRCX) by 378.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,245 shares of the semiconductor company’s stock after purchasing an additional 1,776 shares during the period. Oppenheimer & Co. Inc.’s holdings in Lam Research were worth $2,391,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LRCX. Nicholas Investment Partners LP raised its stake in shares of Lam Research by 2.6% in the 2nd quarter. Nicholas Investment Partners LP now owns 2,076 shares of the semiconductor company’s stock valued at $2,211,000 after purchasing an additional 52 shares in the last quarter. Main Street Financial Solutions LLC raised its stake in Lam Research by 17.5% during the second quarter. Main Street Financial Solutions LLC now owns 691 shares of the semiconductor company’s stock valued at $736,000 after buying an additional 103 shares in the last quarter. Vest Financial LLC lifted its holdings in Lam Research by 8.7% during the 2nd quarter. Vest Financial LLC now owns 21,333 shares of the semiconductor company’s stock worth $22,716,000 after buying an additional 1,706 shares during the last quarter. Johnson Investment Counsel Inc. grew its position in shares of Lam Research by 73.6% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 2,430 shares of the semiconductor company’s stock worth $2,588,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. lifted its stake in Lam Research by 2.3% during the second quarter. Cornercap Investment Counsel Inc. now owns 624 shares of the semiconductor company’s stock worth $664,000 after purchasing an additional 14 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LRCX. UBS Group dropped their target price on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Raymond James lifted their target price on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Needham & Company LLC restated a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Finally, TD Cowen increased their target price 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. 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, the company has an average rating of “Moderate Buy” and a consensus price target of $1,010.53.

Lam Research Stock Down 1.5 %

Shares of LRCX stock opened at $758.47 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The stock has a market cap of $99.16 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. The business’s fifty day moving average is $862.12 and its 200-day moving average is $930.91. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00.

Lam Research shares are set to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be distributed to shareholders after the closing bell on Wednesday, October 2nd.

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

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a $2.30 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $9.20 annualized dividend and a dividend yield of 1.21%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is currently 33.84%.

Lam Research declared that its Board of Directors has approved a stock buyback program on Tuesday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CAO Christina Correia sold 647 shares of Lam Research 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 transaction, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the sale, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,326 shares of company stock worth $17,383,715. Insiders own 0.32% of the company’s stock.

Lam Research 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.