Illinois Municipal Retirement Fund Sells 366 Shares of Lam Research Co. (NASDAQ:LRCX)

Illinois Municipal Retirement Fund decreased its position in Lam Research Co. (NASDAQ:LRCX) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,671 shares of the semiconductor company’s stock after selling 366 shares during the period. Illinois Municipal Retirement Fund’s holdings in Lam Research were worth $15,622,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC boosted its stake in Lam Research by 16.7% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 9 shares in the last quarter. Thomasville National Bank raised its position in Lam Research by 1.5% in the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after buying an additional 12 shares during the last quarter. Ignite Planners LLC raised its position in Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after buying an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its position in Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after buying an additional 12 shares during the last quarter. Finally, RFP Financial Group LLC raised its position in Lam Research by 52.2% in 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. Institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on LRCX. Cantor Fitzgerald reissued a “neutral” rating and issued a $1,200.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Barclays boosted their target price on Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. 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. TD Cowen upped their price target on shares of Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,006.10.

Lam Research Price Performance

Shares of NASDAQ LRCX traded down $22.09 during midday trading on Friday, reaching $733.83. 1,552,952 shares of the stock traded hands, compared to its average volume of 1,077,419. 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 stock has a market capitalization of $95.94 billion, a PE ratio of 26.99, a P/E/G ratio of 1.58 and a beta of 1.48. Lam Research Co. has a one year low of $574.42 and a one year high of $1,130.00. The company’s 50 day moving average is $901.71 and its 200 day moving average is $938.10.

Shares of Lam Research are 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 issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.98 EPS. On average, equities research 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 $2.30 dividend. The ex-dividend date is Tuesday, September 17th. This is an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 dividend on an annualized basis and a yield of 1.25%. Lam Research’s dividend payout ratio (DPR) is currently 33.84%.

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

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was 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 directly owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Lam Research news, CAO Christina Correia sold 647 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the sale, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of the stock in a transaction on Friday, July 12th. The stock was 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 owns 5,237 shares in the company, valued at approximately $5,535,456.63. The disclosure for this sale can be found here. Insiders sold a total of 16,326 shares of company stock worth $17,383,715 over the last three months. 0.32% of the stock is owned by 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.