Oppenheimer Asset Management Inc. Acquires 269 Shares of Lam Research Co. (NASDAQ:LRCX)

Oppenheimer Asset Management Inc. boosted its holdings in Lam Research Co. (NASDAQ:LRCX) by 17.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,820 shares of the semiconductor company’s stock after acquiring an additional 269 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Lam Research were worth $1,938,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter valued at approximately $32,000. RFP Financial Group LLC lifted its holdings 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 worth $37,000 after acquiring an additional 12 shares during the last quarter. DSM Capital Partners LLC purchased a new position in Lam Research in the fourth quarter worth $28,000. Hobbs Group Advisors LLC bought a new position in Lam Research in the second quarter valued at $40,000. Finally, Country Trust Bank purchased a new stake in Lam Research during the second quarter valued at about $43,000. Institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. 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. Barclays increased their price target on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Morgan Stanley lowered their price objective on shares of Lam Research from $929.00 to $774.00 and set an “equal weight” rating for the company in a report on Tuesday. Wells Fargo & Company reduced their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $1,130.00 price target on shares of Lam Research in a research note on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lam Research currently has an average rating of “Moderate Buy” and a consensus target price of $1,013.37.

Lam Research Price Performance

Shares of Lam Research stock opened at $766.04 on Wednesday. The company has a market cap of $100.15 billion, a PE ratio of 28.17, a P/E/G ratio of 1.48 and a beta of 1.48. The business has a 50 day moving average of $855.19 and a 200 day moving average of $929.39. Lam Research Co. has a 52 week low of $574.42 and a 52 week high of $1,130.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Shares of Lam Research are set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, topping the consensus estimate of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm earned $5.98 earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities research analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current 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 1.20%. 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 announced that its board has approved a share buyback plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Monday, July 1st. The stock was 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 owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the stock in a transaction on Thursday, June 27th. The stock was 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 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.

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.