Meeder Asset Management Inc. Has $69,000 Stock Position in Lam Research Co. (NASDAQ:LRCX)

Meeder Asset Management Inc. trimmed its position in Lam Research Co. (NASDAQ:LRCX) by 83.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65 shares of the semiconductor company’s stock after selling 321 shares during the quarter. Meeder Asset Management Inc.’s holdings in Lam Research were worth $69,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. grew its position in shares of Lam Research by 378.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 2,245 shares of the semiconductor company’s stock worth $2,391,000 after buying an additional 1,776 shares during the period. Nicholas Investment Partners LP lifted its stake in 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 acquiring an additional 52 shares in the last quarter. Main Street Financial Solutions LLC lifted its stake in Lam Research by 17.5% in the 2nd quarter. Main Street Financial Solutions LLC now owns 691 shares of the semiconductor company’s stock valued at $736,000 after acquiring an additional 103 shares in the last quarter. Vest Financial LLC lifted its stake in Lam Research by 8.7% in the 2nd quarter. Vest Financial LLC now owns 21,333 shares of the semiconductor company’s stock valued at $22,716,000 after acquiring an additional 1,706 shares in the last quarter. Finally, Johnson Investment Counsel Inc. lifted its stake in Lam Research by 73.6% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 2,430 shares of the semiconductor company’s stock valued at $2,588,000 after acquiring an additional 1,030 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LRCX. Barclays upped their price objective on Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. Wells Fargo & Company decreased their target price on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a report 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 report on Thursday, August 1st. Finally, UBS Group decreased their target price on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a report on Thursday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,015.63.

Lam Research Stock Performance

NASDAQ:LRCX opened at $769.72 on Friday. The stock has a fifty day moving average price of $868.98 and a 200-day moving average price of $932.11. The company has a market cap of $99.97 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 1.48 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00.

Shares of Lam Research are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share 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 business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the prior year, the company earned $5.98 EPS. Lam Research’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities analysts anticipate that Lam Research Co. will post 35.2 EPS 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. Shareholders of record on Tuesday, September 17th will be given a $2.30 dividend. 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. This represents a $9.20 annualized dividend and a yield of 1.20%. Lam Research’s dividend payout ratio (DPR) is currently 29.42%.

Lam Research announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Lam Research

In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Neil J. Fernandes sold 4,409 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy Archer sold 9,650 shares of the stock in a transaction dated Friday, June 28th. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders sold 16,326 shares of company stock worth $17,383,715. 0.32% of the stock is currently owned by insiders.

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.