Newbridge Financial Services Group Inc. Boosts Stock Position in Lam Research Co. (NASDAQ:LRCX)

Newbridge Financial Services Group Inc. grew its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 20.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 412 shares of the semiconductor company’s stock after purchasing an additional 70 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Lam Research were worth $439,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LRCX. Scotia Capital Inc. boosted its stake in Lam Research by 1.8% in the fourth quarter. Scotia Capital Inc. now owns 1,465 shares of the semiconductor company’s stock valued at $1,147,000 after acquiring an additional 26 shares during the last quarter. Rathbones Group PLC purchased a new position in Lam Research in the fourth quarter valued at approximately $229,000. The Manufacturers Life Insurance Company lifted its stake in Lam Research by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 115,559 shares of the semiconductor company’s stock valued at $90,513,000 after purchasing an additional 2,011 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Lam Research by 1.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,960 shares of the semiconductor company’s stock valued at $3,101,000 after purchasing an additional 55 shares during the period. Finally, Lake Street Advisors Group LLC bought a new stake in shares of Lam Research in the fourth quarter valued at $833,000. 84.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now owns 5,237 shares in the company, valued at $5,535,456.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on LRCX shares. Citigroup lowered their price objective on Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a research note on Thursday, August 1st. Wells Fargo & Company cut their price objective 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. Raymond James boosted their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Finally, Mizuho cut their price target on Lam Research from $1,050.00 to $950.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,002.32.

Lam Research Stock Down 2.3 %

Shares of NASDAQ LRCX opened at $797.38 on Wednesday. The stock has a market capitalization of $104.25 billion, a P/E ratio of 29.33, a PEG ratio of 1.51 and a beta of 1.48. Lam Research Co. has a one year low of $574.42 and a one year high of $1,130.00. The firm’s 50 day simple moving average is $811.37 and its two-hundred day simple moving average is $918.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00.

Lam Research’s stock is scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed 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 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter last year, the company earned $5.98 EPS. The firm’s revenue was up 20.7% compared to the same quarter last year. As a group, analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were issued a dividend of $2.30 per share. The ex-dividend date of this dividend was Tuesday, September 17th. This is a boost from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a yield of 1.15%. Lam Research’s dividend payout ratio is currently 33.84%.

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.