Morse Asset Management Inc Cuts Stock Position in Lam Research Co. (NASDAQ:LRCX)

Morse Asset Management Inc decreased its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,404 shares of the semiconductor company’s stock after selling 25 shares during the quarter. Morse Asset Management Inc’s holdings in Lam Research were worth $2,560,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of LRCX. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Lam Research in the 2nd quarter worth about $32,000. RFP Financial Group LLC increased its stake 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 during the last quarter. DSM Capital Partners LLC purchased a new stake in Lam Research during the fourth quarter valued at approximately $28,000. Hobbs Group Advisors LLC bought a new stake in shares of Lam Research in the 2nd quarter valued at approximately $40,000. Finally, Country Trust Bank purchased a new position in shares of Lam Research in the 2nd quarter worth approximately $43,000. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

LRCX has been the subject of a number of analyst reports. TD Cowen raised their price target on Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company dropped their price target 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 price target on shares of Lam Research in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Finally, Raymond James upped their target price on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,012.84.

Lam Research Stock Down 2.0 %

NASDAQ:LRCX opened at $773.19 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The firm has a market cap of $101.09 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. The company has a 50-day moving average of $836.41 and a 200 day moving average of $925.14. Lam Research Co. has a 1-year low of $574.42 and a 1-year high of $1,130.00.

Shares of Lam Research are set to split 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 issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share 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 firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the business posted $5.98 EPS. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, research analysts anticipate that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be issued a $2.30 dividend. This is a boost from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is currently 33.84%.

Insider Buying and Selling

In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, 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 transaction of $4,654,845.84. Following the completion of the sale, the senior vice president now owns 6,857 shares in the company, valued at approximately $7,239,346.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock worth $17,383,715 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

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.