Whittier Trust Co. of Nevada Inc. Has $2.59 Million Stock Position in Lam Research Co. (NASDAQ:LRCX)

Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,432 shares of the semiconductor company’s stock after purchasing an additional 24 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Lam Research were worth $2,590,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. DSM Capital Partners LLC acquired a new position in Lam Research in the 4th quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Lam Research in the 2nd quarter valued at $32,000. Partnership Wealth Management LLC acquired a new position in Lam Research in the 4th quarter valued at $33,000. RFP Financial Group LLC grew its stake in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in Lam Research in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Lam Research Trading Up 1.8 %

Shares of NASDAQ:LRCX traded up $14.32 during trading on Thursday, hitting $819.43. 339,620 shares of the company’s stock were exchanged, compared to its average volume of 1,066,983. The firm has a market cap of $107.13 billion, a P/E ratio of 30.35, a PEG ratio of 2.41 and a beta of 1.48. The firm has a 50-day moving average price of $945.53 and a two-hundred day moving average price of $945.80. The company has a current ratio of 2.97, a quick ratio of 1.84 and a debt-to-equity ratio of 0.52. 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 going to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted 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 earnings per share (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 analysts’ expectations of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.98 earnings per share. Equities analysts predict that Lam Research Co. will post 35.09 earnings per share for the current year.

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

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the transaction, the chief accounting officer now 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 the SEC website. In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred 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 owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Neil J. Fernandes sold 1,620 shares of Lam Research 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 completion of the transaction, the senior vice president now directly owns 5,237 shares in the company, valued at approximately $5,535,456.63. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,326 shares of company stock worth $17,383,715. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LRCX. Raymond James raised their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Deutsche Bank Aktiengesellschaft decreased their price target 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. TD Cowen raised their price target on shares of Lam Research from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,006.10.

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.