New Century Financial Group LLC Takes $359,000 Position in Lam Research Co. (NASDAQ:LRCX)

New Century Financial Group LLC bought a new position in shares of Lam Research Co. (NASDAQ:LRCX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 337 shares of the semiconductor company’s stock, valued at approximately $359,000.

A number of other institutional investors have also recently added to or reduced their stakes in LRCX. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Lam Research during the second quarter worth $32,000. RFP Financial Group LLC lifted its holdings in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after buying an additional 12 shares during the period. Raleigh Capital Management Inc. grew its position in shares of Lam Research by 78.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 22 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Lam Research in the second quarter valued at about $40,000. Finally, Country Trust Bank bought a new position in shares of Lam Research during the second quarter worth about $43,000. 84.61% of the stock is owned by institutional investors.

Insider Activity at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction dated 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 directly owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on LRCX shares. Morgan Stanley reduced their target price on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 17th. Needham & Company LLC reiterated a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Mizuho dropped their target price on shares of Lam Research from $1,050.00 to $950.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Wells Fargo & Company decreased their price target on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, Barclays boosted their price objective on Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 5th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,002.32.

Lam Research Price Performance

LRCX stock opened at $797.38 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The business has a 50-day simple moving average of $811.37 and a two-hundred day simple moving average of $918.60. The company has a market capitalization of $104.25 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. Lam Research Co. has a 52-week low of $574.42 and a 52-week high of $1,130.00.

Shares of Lam Research are going 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 payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.56. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. Lam Research’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.98 earnings per share. Research analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were issued a $2.30 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $9.20 annualized dividend and a dividend yield of 1.15%. This is an increase from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is currently 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.