Cornerstone Advisors LLC Sells 1,000 Shares of Lam Research Co. (NASDAQ:LRCX)

Cornerstone Advisors LLC cut its holdings in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 12.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,100 shares of the semiconductor company's stock after selling 1,000 shares during the period. Cornerstone Advisors LLC's holdings in Lam Research were worth $7,560,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Gryphon Financial Partners LLC bought a new stake in shares of Lam Research in the fourth quarter worth $476,000. Financial Advocates Investment Management increased its position in shares of Lam Research by 3.9% during the 4th quarter. Financial Advocates Investment Management now owns 964 shares of the semiconductor company's stock valued at $755,000 after purchasing an additional 36 shares during the last quarter. Independent Advisor Alliance lifted its stake in shares of Lam Research by 8.3% in the 4th quarter. Independent Advisor Alliance now owns 2,042 shares of the semiconductor company's stock worth $1,599,000 after purchasing an additional 157 shares during the period. Gladstone Institutional Advisory LLC lifted its stake in shares of Lam Research by 5.5% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 693 shares of the semiconductor company's stock worth $543,000 after purchasing an additional 36 shares during the period. Finally, Balentine LLC boosted its holdings in shares of Lam Research by 37.3% in the fourth quarter. Balentine LLC now owns 2,692 shares of the semiconductor company's stock worth $2,109,000 after buying an additional 731 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Insider Activity

In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the business's stock in a transaction on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Christina Correia sold 647 shares of the company's stock in a transaction dated 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 $5,219,945.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the firm's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the completion of the transaction, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders sold 16,326 shares of company stock valued at $17,383,715 in the last ninety days. Insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

LRCX has been the topic of several recent research reports. Raymond James increased their price target on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an "outperform" rating in a research report on Friday, June 7th. TD Cowen raised their target price on Lam Research from $1,000.00 to $1,050.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. StockNews.com downgraded Lam Research from a "buy" rating to a "hold" rating in a research report on Friday, July 26th. Cantor Fitzgerald restated a "neutral" rating and issued a $1,200.00 price target on shares of Lam Research in a research report on Thursday, August 1st. Finally, Citigroup lowered their price objective on Lam Research from $990.00 to $893.00 and set a "buy" rating on the stock in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,010.53.

Lam Research Price Performance

LRCX traded down $11.25 during trading on Monday, hitting $758.47. 1,251,299 shares of the company traded hands, compared to its average volume of 1,088,034. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The company has a market cap of $99.16 billion, a PE ratio of 27.63, a P/E/G ratio of 1.48 and a beta of 1.48. The stock's 50-day simple moving average is $868.98 and its two-hundred day simple moving average is $932.18. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00.

Lam Research's stock is set to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, topping analysts' consensus estimates of $7.58 by $0.56. The company had revenue of $3.87 billion for 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 firm's revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.98 earnings per share. As a group, sell-side analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current fiscal year.

Lam Research announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 8.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Lam Research Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be paid a dividend of $2.30 per share. This is a boost from Lam Research's previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a yield of 1.21%. The ex-dividend date is Tuesday, September 17th. Lam Research's payout ratio is presently 33.84%.

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.