Oppenheimer Asset Management Inc. Boosts Stake in Lam Research Co. (NASDAQ:LRCX)

Oppenheimer Asset Management Inc. lifted its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 17.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,820 shares of the semiconductor company’s stock after buying an additional 269 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Lam Research were worth $1,938,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Gryphon Financial Partners LLC bought a new position in Lam Research during the fourth quarter valued at approximately $476,000. Gladstone Institutional Advisory LLC boosted its stake in shares of Lam Research by 5.5% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 693 shares of the semiconductor company’s stock worth $543,000 after buying an additional 36 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Lam Research by 2.0% in the fourth quarter. Clearbridge Investments LLC now owns 210,934 shares of the semiconductor company’s stock worth $165,216,000 after acquiring an additional 4,052 shares during the period. D.A. Davidson & CO. increased its position in Lam Research by 1.2% during the fourth quarter. D.A. Davidson & CO. now owns 10,508 shares of the semiconductor company’s stock valued at $8,231,000 after acquiring an additional 124 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in Lam Research by 18.6% in the fourth quarter. Assetmark Inc. now owns 22,040 shares of the semiconductor company’s stock valued at $17,263,000 after acquiring an additional 3,454 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LRCX. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Barclays increased their price target on shares of Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. Needham & Company LLC reissued a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Morgan Stanley decreased their target price on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, B. Riley upped their price target on Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,013.37.

Lam Research Stock Performance

LRCX opened at $766.04 on Wednesday. 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 capitalization of $100.15 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 1.48 and a beta of 1.48. The company has a fifty day moving average of $855.19 and a 200 day moving average of $929.39. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00.

Lam Research’s stock is going 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 payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The firm had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the firm posted $5.98 earnings per share. The business’s revenue was up 20.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research Increases Dividend

The company also recently announced 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. This is an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 17th. Lam Research’s dividend payout ratio is currently 33.84%.

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

Insider Buying and Selling

In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research 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 of the company’s stock, valued at approximately $5,219,945.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 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. Over the last 90 days, insiders have sold 16,326 shares of company stock worth $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.