Amalgamated Bank Has $29.92 Million Stock Position in Lam Research Co. (NASDAQ:LRCX)

Amalgamated Bank trimmed its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,098 shares of the semiconductor company’s stock after selling 443 shares during the quarter. Amalgamated Bank’s holdings in Lam Research were worth $29,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Lam Research by 6.4% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,809 shares of the semiconductor company’s stock valued at $2,991,000 after purchasing an additional 169 shares in the last quarter. Argent Trust Co boosted its holdings in shares of Lam Research by 3.9% in the 2nd quarter. Argent Trust Co now owns 4,900 shares of the semiconductor company’s stock worth $5,218,000 after acquiring an additional 184 shares in the last quarter. Meiji Yasuda Life Insurance Co boosted its holdings in shares of Lam Research by 3.7% in the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 2,143 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 76 shares in the last quarter. E Fund Management Co. Ltd. boosted its holdings in shares of Lam Research by 23.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 2,696 shares of the semiconductor company’s stock worth $2,871,000 after acquiring an additional 512 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT boosted its holdings in shares of Lam Research by 107.8% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 478 shares of the semiconductor company’s stock worth $509,000 after acquiring an additional 248 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 transaction of $10,329,263.50. Following the completion of the transaction, the chief executive officer now owns 84,639 shares in the company, valued at approximately $90,596,739.21. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the senior vice president now owns 5,237 shares in the company, valued at approximately $5,535,456.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy Archer sold 9,650 shares of the firm’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 completion of 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. In the last 90 days, insiders sold 16,326 shares of company stock worth $17,383,715. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on LRCX shares. Needham & Company LLC reissued a “buy” rating and issued a $1,130.00 target price on shares of Lam Research in a report on Thursday, August 1st. Morgan Stanley reduced their price objective on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a report on Tuesday. UBS Group reduced their price objective on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. B. Riley upped 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, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $1,200.00 price objective on shares of Lam Research in a report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,013.37.

Lam Research Stock Performance

Shares of Lam Research stock opened at $766.04 on Wednesday. The company has a market capitalization of $100.15 billion, a PE ratio of 28.17, a PEG ratio of 1.48 and a beta of 1.48. Lam Research Co. has a 12 month low of $574.42 and a 12 month high of $1,130.00. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The stock’s fifty day simple moving average is $855.19 and its 200 day simple moving average is $929.39.

Lam Research’s stock is scheduled 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 closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.58 by $0.56. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company’s revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.98 EPS. On average, research analysts predict that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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 issued a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 17th. 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 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.