Clifford Swan Investment Counsel LLC Sells 15 Shares of Lam Research Co. (NASDAQ:LRCX)

Clifford Swan Investment Counsel LLC decreased its position in Lam Research Co. (NASDAQ:LRCX) by 0.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,685 shares of the semiconductor company’s stock after selling 15 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Lam Research were worth $1,794,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new position in Lam Research in the second quarter valued at $32,000. RFP Financial Group LLC boosted its stake 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 buying an additional 12 shares during the last quarter. DSM Capital Partners LLC bought a new position in shares of Lam Research in the 4th quarter valued at about $28,000. Hobbs Group Advisors LLC acquired a new stake in shares of Lam Research in the second quarter valued at about $40,000. Finally, Partnership Wealth Management LLC bought a new stake in Lam Research during the fourth quarter worth about $33,000. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on LRCX. TD Cowen raised their price target on Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group began coverage on shares of Lam Research in a research note on Monday, May 13th. They issued a “buy” rating and a $1,100.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a research report on Thursday, August 1st. B. Riley increased their price target on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,006.10.

Lam Research Stock Up 0.1 %

LRCX stock opened at $734.31 on Tuesday. The business’s fifty day moving average price is $895.19 and its two-hundred day moving average price is $937.14. The stock has a market capitalization of $95.37 billion, a price-to-earnings ratio of 27.01, a PEG ratio of 1.41 and a beta of 1.48. 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 current ratio of 2.97 and a quick ratio of 2.00.

Lam Research shares are scheduled to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be distributed 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 the consensus estimate of $7.58 by $0.56. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the company earned $5.98 EPS. The business’s revenue was up 20.7% on a year-over-year basis. On average, equities analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current year.

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be given a dividend of $2.30 per share. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 dividend on an annualized basis and a yield of 1.25%. This is an increase from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is currently 29.42%.

Lam Research announced that its board has authorized a share repurchase plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were 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 of the company’s stock, valued at $7,239,346.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Neil J. Fernandes sold 4,409 shares of Lam Research 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 transaction, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy Archer sold 9,650 shares of the company’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 sale, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock worth $17,383,715 in the last 90 days. Company insiders own 0.32% of the company’s stock.

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.