Lam Research Co. (NASDAQ:LRCX) is Horizon Investment Services LLC’s 3rd Largest Position

Horizon Investment Services LLC trimmed its holdings in Lam Research Co. (NASDAQ:LRCX) by 1.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,749 shares of the semiconductor company’s stock after selling 98 shares during the period. Lam Research accounts for approximately 4.4% of Horizon Investment Services LLC’s portfolio, making the stock its 3rd largest position. Horizon Investment Services LLC’s holdings in Lam Research were worth $9,316,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Lam Research in the second quarter valued at about $32,000. RFP Financial Group LLC raised 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 purchasing an additional 12 shares in the last quarter. DSM Capital Partners LLC purchased a new position in Lam Research during the fourth quarter worth about $28,000. Hobbs Group Advisors LLC purchased a new position in Lam Research during the second quarter worth about $40,000. Finally, Partnership Wealth Management LLC purchased a new position in Lam Research during the fourth quarter worth about $33,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total transaction of $1,712,323.80. Following the transaction, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were 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 document filed with the SEC, which is available through this hyperlink. Also, SVP Neil J. Fernandes sold 4,409 shares of Lam Research 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 transaction, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock valued at $17,383,715 over the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LRCX. Barclays increased their price target on shares of Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 5th. B. Riley increased their price target on shares of Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. StockNews.com cut shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Cantor Fitzgerald restated a “neutral” rating and set a $1,200.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,006.10.

Lam Research Stock Down 1.1 %

LRCX stock opened at $755.92 on Friday. The company’s 50 day simple moving average is $908.33 and its 200-day simple moving average is $939.43. The firm has a market capitalization of $98.83 billion, a PE ratio of 27.80, a P/E/G ratio of 1.58 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. 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 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 distributed to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data 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 business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.98 earnings per share. Equities analysts expect that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research declared that its board has authorized a stock repurchase program on Tuesday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Lam Research Increases Dividend

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

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.