Lam Research Co. (NASDAQ:LRCX) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 76.3% during the second quarter, Holdings Channel reports. The firm owned 4,990 shares of the semiconductor company’s stock after purchasing an additional 2,159 shares during the period. Public Sector Pension Investment Board’s holdings in Lam Research were worth $5,314,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Nippon Life Global Investors Americas Inc. lifted its position in Lam Research by 4.9% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 25,110 shares of the semiconductor company’s stock valued at $26,783,000 after acquiring an additional 1,170 shares during the last quarter. DRW Securities LLC lifted its holdings in shares of Lam Research by 205.4% in the 2nd quarter. DRW Securities LLC now owns 791 shares of the semiconductor company’s stock valued at $844,000 after purchasing an additional 532 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Lam Research by 7.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 380 shares of the semiconductor company’s stock valued at $405,000 after purchasing an additional 27 shares during the period. Gabelli Funds LLC grew its stake in Lam Research by 5.6% during the 2nd quarter. Gabelli Funds LLC now owns 300 shares of the semiconductor company’s stock worth $319,000 after buying an additional 16 shares during the last quarter. Finally, Fidelis Capital Partners LLC increased its position in Lam Research by 22.9% during the second quarter. Fidelis Capital Partners LLC now owns 2,406 shares of the semiconductor company’s stock worth $2,562,000 after buying an additional 449 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Insider Activity at Lam Research

In other Lam Research 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 owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lam Research news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of Lam Research stock in a transaction dated 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 sale, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,917 shares of company stock valued at $12,728,870. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $1,200.00 price objective on shares of Lam Research in a report on Thursday, August 1st. Morgan Stanley lowered their price objective on shares of Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 17th. Barclays upped their target price on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. TD Cowen raised their price target on Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, UBS Group cut their price target on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. 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.com, Lam Research has an average rating of “Moderate Buy” and a consensus price target of $1,012.84.

Lam Research Stock Performance

NASDAQ LRCX opened at $803.75 on Thursday. The business has a 50 day moving average price of $825.01 and a 200 day moving average price of $922.49. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The company has a market capitalization of $105.08 billion, a P/E ratio of 29.56, a PEG ratio of 1.51 and a beta of 1.48. 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 Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, topping 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 business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the previous year, the firm earned $5.98 EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. Sell-side analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors 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 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Tuesday, September 17th. Lam Research’s 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.