Envestnet Asset Management Inc. Has $279.51 Million Position in Lam Research Co. (NASDAQ:LRCX)

Envestnet Asset Management Inc. cut its position in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 262,489 shares of the semiconductor company's stock after selling 10,578 shares during the quarter. Envestnet Asset Management Inc. owned 0.20% of Lam Research worth $279,511,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Lam Research by 1.2% during the first quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company's stock worth $11,519,576,000 after buying an additional 144,914 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Lam Research by 3.0% in the 4th quarter. Fisher Asset Management LLC now owns 2,973,516 shares of the semiconductor company's stock worth $2,329,037,000 after acquiring an additional 86,721 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Lam Research by 5.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company's stock worth $2,875,023,000 after purchasing an additional 142,903 shares during the period. Norges Bank acquired a new stake in shares of Lam Research during the fourth quarter worth $1,414,111,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Lam Research by 11.1% during the second quarter. Van ECK Associates Corp now owns 1,075,893 shares of the semiconductor company's stock valued at $1,145,664,000 after purchasing an additional 107,778 shares during the last quarter. Institutional investors own 84.61% of the company's stock.

Lam Research Stock Up 2.9 %

LRCX traded up $21.94 during midday trading on Friday, hitting $769.72. 871,548 shares of the company's stock traded hands, compared to its average volume of 1,086,911. 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 company has a market cap of $99.97 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. The stock's fifty day simple moving average is $868.98 and its 200-day simple moving average is $932.18. Lam Research Co. has a one year low of $574.42 and a one year high of $1,130.00.

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

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 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 firm had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.82 billion. During the same period in the prior year, the company posted $5.98 earnings per share. Lam Research's revenue for the quarter was up 20.7% on a year-over-year basis. As a group, 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 declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be given a $2.30 dividend. This is a positive change from Lam Research's previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.20%. Lam Research's dividend payout ratio (DPR) is currently 29.42%.

Lam Research announced that its board has initiated a share 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 purchase 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.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on LRCX. UBS Group cut their price objective on Lam Research from $1,250.00 to $1,150.00 and set a "buy" rating on the stock in a report on Thursday. Needham & Company LLC restated a "buy" rating and set a $1,130.00 price target on shares of Lam Research in a report on Thursday, August 1st. Raymond James raised their price objective on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an "outperform" rating in a research note on Friday, June 7th. Wells Fargo & Company lowered their price objective on shares of Lam Research from $1,100.00 to $1,000.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 1st. Finally, Citigroup reduced their target price on Lam Research from $1,025.00 to $990.00 and set a "buy" rating for the company in a report on Monday, August 5th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, Lam Research currently has an average rating of "Moderate Buy" and a consensus target price of $1,015.63.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of the firm'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 transaction, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lam Research news, CAO Christina Correia sold 647 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $5,219,945.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy Archer sold 9,650 shares of the company's stock in a transaction that occurred 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 transaction, 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. Over the last three months, insiders sold 16,326 shares of company stock worth $17,383,715. 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.