Arizona State Retirement System Purchases 187 Shares of Lam Research Co. (NASDAQ:LRCX)

Arizona State Retirement System grew its position in Lam Research Co. (NASDAQ:LRCX) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,008 shares of the semiconductor company’s stock after purchasing an additional 187 shares during the quarter. Arizona State Retirement System’s holdings in Lam Research were worth $40,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of LRCX. DSM Capital Partners LLC bought a new position in shares of Lam Research during the fourth quarter worth $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Lam Research during the second quarter worth $32,000. Partnership Wealth Management LLC bought a new position in shares of Lam Research during the fourth quarter worth $33,000. RFP Financial Group LLC boosted its position in shares of 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. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in shares of Lam Research during the fourth quarter worth $39,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LRCX shares. Citigroup lowered their price objective on shares of Lam Research from $1,025.00 to $990.00 and set a “buy” rating for the company in a research report on Monday, August 5th. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Cantor Fitzgerald reissued a “neutral” rating and issued a $1,200.00 target price on shares of Lam Research in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft reduced their price target on shares of 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. Finally, Jefferies Financial Group assumed coverage on shares of Lam Research in a research note on Monday, May 13th. They issued a “buy” rating and a $1,100.00 price target on the stock. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,006.10.

Lam Research Stock Down 0.1 %

NASDAQ:LRCX opened at $755.00 on Friday. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. 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 stock has a market capitalization of $98.71 billion, a P/E ratio of 27.80, a P/E/G ratio of 1.58 and a beta of 1.48. The company’s 50-day simple moving average is $908.33 and its 200-day simple moving average is $939.43.

Lam Research shares 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 distributed to shareholders after the closing bell on Wednesday, October 2nd.

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

Lam Research Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be issued a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a dividend yield of 1.22%. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date is Tuesday, September 17th. Lam Research’s payout ratio is 33.84%.

Lam Research announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the completion of the transaction, the chief executive officer now directly owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of 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 legal filing with the SEC, which is available through this hyperlink. 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 transaction of $10,329,263.50. Following the completion of the sale, the chief executive officer now directly owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock valued at $17,383,715 in the last three months. 0.32% of the stock is currently owned by corporate insiders.

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.