Cypress Capital Group Grows Stock Position in Lam Research Co. (NASDAQ:LRCX)

Cypress Capital Group lifted its position in shares of Lam Research Co. (NASDAQ:LRCX) by 23.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 3,528 shares of the semiconductor company’s stock after buying an additional 661 shares during the period. Cypress Capital Group’s holdings in Lam Research were worth $3,757,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in LRCX. Vanguard Group Inc. increased its holdings in Lam Research by 1.2% in the first quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock valued at $11,519,576,000 after buying an additional 144,914 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Lam Research by 3.0% during the fourth quarter. Fisher Asset Management LLC now owns 2,973,516 shares of the semiconductor company’s stock valued at $2,329,037,000 after buying an additional 86,721 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Lam Research by 5.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock valued at $2,875,023,000 after purchasing an additional 142,903 shares during the period. Norges Bank acquired a new position in shares of Lam Research in the 4th quarter valued at about $1,414,111,000. Finally, Van ECK Associates Corp lifted its position in Lam Research by 24.6% in the 1st quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock worth $940,592,000 after buying an additional 191,230 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the company’s 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 transaction, the senior vice president now owns 5,237 shares in the company, valued at approximately $5,535,456.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of the business’s 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 directly owns 5,237 shares of the company’s stock, 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 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

LRCX has been the subject of a number of analyst reports. StockNews.com cut shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Jefferies Financial Group began coverage on shares of Lam Research in a research report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered their price target on 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. B. Riley lifted their target price on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $1,130.00 price target on shares of Lam Research in a research report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,006.10.

Lam Research Trading Up 1.4 %

Shares of LRCX stock traded up $11.65 during trading hours on Friday, hitting $847.37. 1,067,121 shares of the company were exchanged, compared to its average volume of 1,071,567. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.84 and a current ratio of 2.97. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The company has a 50 day simple moving average of $955.97 and a two-hundred day simple moving average of $946.76. The firm has a market cap of $110.79 billion, a P/E ratio of 31.16, a P/E/G ratio of 2.41 and a beta of 1.48.

Lam Research’s stock is going 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 issued its quarterly earnings data 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 firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.98 EPS. Equities analysts anticipate that Lam Research Co. will post 35.09 EPS for the current year.

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

Lam Research Company 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.