Elo Mutual Pension Insurance Co Sells 489 Shares of Lam Research Co. (NASDAQ:LRCX)

Elo Mutual Pension Insurance Co decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,030 shares of the semiconductor company’s stock after selling 489 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Lam Research were worth $12,810,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. DSM Capital Partners LLC bought a new position in shares of Lam Research in the fourth quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter worth $32,000. RFP Financial Group LLC lifted its position in shares of Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares during the last quarter. Raleigh Capital Management Inc. grew its stake in shares of Lam Research by 78.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 22 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new stake in Lam Research during the second quarter valued at about $40,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on LRCX. Morgan Stanley dropped their target price on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Citigroup decreased their target price on Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a research note on Monday. B. Riley boosted their price objective on Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Raymond James lifted their price objective on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,013.37.

Insider Buying and Selling at Lam Research

In related news, SVP Neil J. Fernandes sold 4,409 shares of Lam Research stock in a transaction that occurred 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 sale, the senior vice president now owns 6,857 shares in the company, valued at approximately $7,239,346.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Neil J. Fernandes sold 4,409 shares of the firm’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 sale, the senior vice president now directly owns 6,857 shares in the company, valued at approximately $7,239,346.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock valued at $17,383,715 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Lam Research Stock Up 1.3 %

LRCX opened at $766.04 on Wednesday. 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 Co. has a 52 week low of $574.42 and a 52 week high of $1,130.00. The firm has a 50-day simple moving average of $855.19 and a two-hundred day simple moving average of $929.39. The company has a market capitalization of $100.15 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48.

Lam Research’s stock is set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be distributed to shareholders after the market closes 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 (EPS) for the quarter, beating the consensus estimate of $7.58 by $0.56. The firm 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 business’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.98 EPS. Analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a $2.30 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 annualized dividend and a yield of 1.20%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is 33.84%.

Lam Research declared that its board has initiated 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 reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors 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.