Lam Research Co. (NASDAQ:LRCX) Position Raised by FineMark National Bank & Trust

FineMark National Bank & Trust raised its position in shares of Lam Research Co. (NASDAQ:LRCX) by 14.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 474 shares of the semiconductor company’s stock after purchasing an additional 60 shares during the quarter. FineMark National Bank & Trust’s holdings in Lam Research were worth $505,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of LRCX. DSM Capital Partners LLC acquired a new position in Lam Research in the fourth quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Lam Research in the 2nd quarter worth $32,000. Partnership Wealth Management LLC acquired a new position in shares of Lam Research in the 4th quarter worth $33,000. RFP Financial Group LLC raised its position in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Lam Research during the fourth quarter valued at $39,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LRCX. Needham & Company LLC restated a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a report on Thursday, August 1st. B. Riley increased their target price on Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Barclays lifted their price target on Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Citigroup reduced their price objective on Lam Research from $1,025.00 to $990.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Jefferies Financial Group started coverage on Lam Research in a research note on Monday, May 13th. They set a “buy” rating and a $1,100.00 target price on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $1,006.10.

Insider Buying and Selling

In related news, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the transaction, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Neil J. Fernandes sold 1,620 shares of the company’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 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 available through the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the transaction, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,326 shares of company stock worth $17,383,715. 0.32% of the stock is owned by insiders.

Lam Research Price Performance

Shares of LRCX stock opened at $733.83 on Friday. 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 52-week low of $574.42 and a 52-week high of $1,130.00. The firm’s 50 day moving average price is $901.71 and its two-hundred day moving average price is $938.10. The stock has a market cap of $95.94 billion, a PE ratio of 26.99, a PEG ratio of 1.58 and a beta of 1.48.

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 created shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.

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

Lam Research Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be given a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Tuesday, September 17th. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Lam Research announced that its board has initiated a share buyback plan on Tuesday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.