NewEdge Advisors LLC Sells 453 Shares of Lam Research Co. (NASDAQ:LRCX)

NewEdge Advisors LLC decreased its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 5.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,433 shares of the semiconductor company’s stock after selling 453 shares during the quarter. NewEdge Advisors LLC’s holdings in Lam Research were worth $7,915,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in LRCX. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Lam Research during the 2nd quarter worth $32,000. RFP Financial Group LLC lifted 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 buying an additional 12 shares during the period. Hobbs Group Advisors LLC bought a new stake in Lam Research during the 2nd quarter valued at $40,000. Country Trust Bank purchased a new position in shares of Lam Research in the 2nd quarter valued at $43,000. Finally, MFA Wealth Advisors LLC purchased a new stake in shares of Lam Research during the 2nd quarter worth $45,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total transaction of $1,712,323.80. Following the completion of the transaction, 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 filing with the SEC, which is available at this link. 0.32% of the stock is currently owned by insiders.

Lam Research Trading Down 1.3 %

Shares of Lam Research stock opened at $816.08 on Tuesday. The stock has a market cap of $106.70 billion, a PE ratio of 30.01, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The firm has a fifty day moving average price of $814.61 and a 200 day moving average price of $919.39. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00.

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

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

Lam Research Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Tuesday, September 17th. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Wall Street Analyst Weigh In

Several research firms have issued reports on LRCX. Deutsche Bank Aktiengesellschaft cut their target price on Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. UBS Group decreased their target price on shares of 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. Citigroup cut their price target on shares of Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company decreased their price objective 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, B. Riley raised their price objective 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. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,002.32.

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.