Custom Index Systems LLC Boosts Stock Position in Lam Research Co. (NASDAQ:LRCX)

Custom Index Systems LLC grew its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 10.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 859 shares of the semiconductor company’s stock after acquiring an additional 80 shares during the quarter. Custom Index Systems LLC’s holdings in Lam Research were worth $915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. DSM Capital Partners LLC purchased a new stake in Lam Research during the fourth quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Lam Research during the 2nd quarter valued at approximately $32,000. Partnership Wealth Management LLC purchased a new stake in shares of Lam Research during the 4th quarter worth approximately $33,000. RFP Financial Group LLC raised its holdings in shares of Lam Research by 52.2% in the 2nd 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 position in Lam Research in the fourth quarter valued at approximately $39,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Price Performance

Shares of NASDAQ LRCX opened at $733.83 on Friday. The stock’s 50-day simple moving average is $901.71 and its two-hundred day simple moving average is $938.36. Lam Research Co. has a twelve month low of $574.42 and a twelve month high of $1,130.00. The firm has a market capitalization of $95.94 billion, a P/E ratio of 26.99, a P/E/G ratio of 1.58 and a beta of 1.48. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

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 distributed to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, beating 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 business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period last year, the firm posted $5.98 earnings per share. Lam Research’s quarterly revenue 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 announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Lam Research Increases Dividend

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

Insider Activity at Lam Research

In other 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 transaction of $10,329,263.50. Following the transaction, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s 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 sale, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the sale, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock valued at $17,383,715 over the last 90 days. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $1,130.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 price target on shares of Lam Research in a research note on Thursday, August 1st. TD Cowen boosted their price objective on Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Barclays increased their target price 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. Finally, Jefferies Financial Group assumed coverage on shares of Lam Research in a research note on Monday, May 13th. They issued a “buy” rating and a $1,100.00 target price for the company. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,006.10.

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.