Raymond James Financial Services Advisors Inc. reduces stakes in Lam Research Co. (NASDAQ:LRCX)

Raymond James Financial Services Advisors Inc. reduced its position in shares of Lam Research Co. (NASDAQ:LRCX – Free Report) by 7.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 36,038 shares of the semiconductor company’s stock after selling 2,819 shares during the period. Holdings of Raymond James Financial Services Advisors Inc. in Lam Research were worth $38,375,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. DSM Capital Partners LLC purchased a new position in Lam Research in the fourth quarter valued at approximately $28,000. Partnership Wealth Management LLC purchased a new position in shares of Lam Research in the fourth quarter valued at about $33,000. Country Trust Bank purchased a new position in Lam Research in the second quarter valued at $43,000. Ulland Investment Advisors LLC purchased a new position in Lam Research in the first quarter valued at $42,000. Finally, MCF Advisors LLC boosted its stake in Lam Research by 860.0% in the fourth quarter. MCF Advisors LLC now owns 48 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 43 shares in the last quarter. 84.61% of the shares are currently owned by institutional investors and hedge funds.

Insider activity at Lam Research

In other news, SVP Neil J. Fernandes sold 4,409 shares of the business’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 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 legal filing with the Securities & Exchange Commission, which can be accessed via this link. In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the business’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 transaction, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Also, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now directly owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The disclosure for this sale can be found here. Insiders have sold 16,326 shares of company stock worth $17,383,715 over the last three months. 0.32% of shares are owned by corporate insiders.

Lam Research Price Performance

Shares of Lam Research opened at $862.86 on Wednesday. The company has a current ratio of 2.97, a quick ratio of 1.84, and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $967.08 and a 200 day simple moving average of $946.61. The stock has a market cap of $112.81 billion, a P/E ratio of 31.73, a price-to-earnings-growth ratio of 2.41 and a beta of 1.48. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00.

Shares of Lam Research are scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21. The newly created shares will be distributed to shareholders after the market closes on Wednesday, October 2.

Lam Research (NASDAQ:LRCX – Get Free Report ) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping 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 business 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 posted EPS of $5.98. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Equities analysts expect Lam Research Co. will record 35.09 EPS for the current fiscal year.

Lam Research announced that its board has approved a stock repurchase plan on Tuesday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Changes in Analyst Ratings

LRCX has been the subject of a number of research reports. UBS Group boosted their target price on shares of Lam Research from $1,130.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Wells Fargo & Company cut their price target on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Mizuho increased their target price on Lam Research from $935.00 to $960.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Jefferies Financial Group began coverage on Lam Research in a report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Lam Research presently has a consensus rating of “Moderate Buy” and an average target price of $1,006.10, based on data from MarketBeat.com.

Check out our latest research report on LRCX

About Lam Research

(Free Report)

Lam Research Corporation designs, manufactures, markets, refurbishes and services semiconductor processing equipment used in the manufacture of integrated circuits. The company offers ALTUS compliant foil deposition systems for tungsten metallization applications; SABER Electrochemical Deposition Products for the Copper Interconnect Transition offering Damascus Copper Fabrication; SOLA UV heat processing products for film treatments; and plasma-enhanced CVD ALD VECTOR products.

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