Edgestream Partners L.P. Sells 991 Shares of Lam Research Co. (NASDAQ:LRCX)

Edgestream Partners L.P. cut its holdings in Lam Research Co. (NASDAQ:LRCX) by 69.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 435 shares of the semiconductor company’s stock after selling 991 shares during the period. Edgestream Partners L.P.’s holdings in Lam Research were worth $463,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. bought a new stake in Lam Research during the 2nd quarter worth about $32,000. RFP Financial Group LLC raised its holdings in Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares in the last quarter. DSM Capital Partners LLC acquired a new position in Lam Research during the fourth quarter valued at approximately $28,000. Hobbs Group Advisors LLC bought a new position in Lam Research in the second quarter valued at approximately $40,000. Finally, Country Trust Bank acquired a new position in shares of Lam Research during the 2nd quarter worth approximately $43,000. Institutional investors own 84.61% of the company’s stock.

Insider Buying and Selling at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction 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 owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Christina Correia sold 647 shares of the company’s 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 sale, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of Lam Research stock in a transaction dated 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 transaction, the senior vice president now owns 6,857 shares in the company, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock worth $17,383,715 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Lam Research Stock Performance

NASDAQ LRCX opened at $773.19 on Monday. The firm has a 50-day moving average price of $836.41 and a two-hundred day moving average price of $925.14. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00. The company has a market capitalization of $101.09 billion, a P/E ratio of 28.44, a P/E/G ratio of 1.48 and a beta of 1.48. 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 shares are scheduled 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 payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, beating 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 firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the firm earned $5.98 EPS. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current 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. This represents a $9.20 dividend on an annualized basis and a yield of 1.19%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date is Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is 33.84%.

Wall Street Analyst Weigh In

LRCX has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Raymond James increased their price target on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. UBS Group lowered their price objective on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company cut their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Citigroup reduced their price target on Lam Research from $990.00 to $893.00 and set a “buy” rating for the company in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lam Research currently has a consensus rating of “Moderate Buy” and an average price target of $1,012.84.

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.