ProShare Advisors LLC Sells 12,319 Shares of Lam Research Co. (NASDAQ:LRCX)

ProShare Advisors LLC cut its position in shares of Lam Research Co. (NASDAQ:LRCX) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,335 shares of the semiconductor company’s stock after selling 12,319 shares during the quarter. ProShare Advisors LLC owned approximately 0.12% of Lam Research worth $173,927,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new position in Lam Research during the second quarter valued at approximately $32,000. RFP Financial Group LLC boosted its stake 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 valued at $37,000 after purchasing an additional 12 shares in the last quarter. DSM Capital Partners LLC bought a new position in shares of Lam Research during the 4th quarter valued at $28,000. Hobbs Group Advisors LLC purchased a new position in Lam Research in the 2nd quarter worth $40,000. Finally, Country Trust Bank bought a new stake in Lam Research in the second quarter worth $43,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LRCX has been the topic of a number of recent research reports. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. B. Riley raised their price target on Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. UBS Group lowered their price objective on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating for the company in a research report on Thursday, September 12th. Raymond James raised their target price 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. Finally, Mizuho lowered their price target on shares of Lam Research from $1,050.00 to $950.00 and set an “outperform” rating for the company in a report on Friday. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,012.84.

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the transaction, the chief accounting officer now directly owns 4,914 shares in the company, valued at $5,219,945.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the transaction, the chief accounting officer now owns 4,914 shares of the company’s stock, 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 4,409 shares of the stock in a transaction dated 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 sale, 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 quarter, insiders have sold 16,326 shares of company stock worth $17,383,715. 0.32% of the stock is currently owned by company insiders.

Lam Research Stock Down 2.0 %

LRCX stock opened at $773.19 on Friday. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The company has a market capitalization of $101.09 billion, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. The business’s 50 day moving average price is $836.41 and its two-hundred day moving average price is $925.53. 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 shares are set to split before the market opens 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 posted its quarterly earnings data 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. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the company earned $5.98 earnings per share. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research Increases Dividend

The firm 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 dividend of $2.30 per share. The ex-dividend date is Tuesday, September 17th. This represents a $9.20 annualized dividend and a yield of 1.19%. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is presently 33.84%.

Lam Research Company 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.