HBK Sorce Advisory LLC Grows Position in Lam Research Co. (NASDAQ:LRCX)

HBK Sorce Advisory LLC grew its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 682 shares of the semiconductor company’s stock after purchasing an additional 16 shares during the period. HBK Sorce Advisory LLC’s holdings in Lam Research were worth $726,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Advisory Services Inc. grew its position in Lam Research by 29.4% during the second quarter. Meeder Advisory Services Inc. now owns 3,022 shares of the semiconductor company’s stock worth $3,218,000 after buying an additional 686 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of Lam Research by 1.6% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 67,704 shares of the semiconductor company’s stock worth $72,492,000 after acquiring an additional 1,083 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Lam Research by 378.7% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 2,245 shares of the semiconductor company’s stock worth $2,391,000 after acquiring an additional 1,776 shares during the period. Nicholas Investment Partners LP increased its stake in Lam Research by 2.6% in the 2nd quarter. Nicholas Investment Partners LP now owns 2,076 shares of the semiconductor company’s stock valued at $2,211,000 after purchasing an additional 52 shares in the last quarter. Finally, Main Street Financial Solutions LLC raised its holdings in Lam Research by 17.5% during the second quarter. Main Street Financial Solutions LLC now owns 691 shares of the semiconductor company’s stock worth $736,000 after purchasing an additional 103 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Lam Research

In related news, CEO Timothy Archer sold 9,650 shares of Lam Research 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 approximately $90,596,739.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Christina Correia sold 647 shares of the business’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 transaction of $687,282.22. Following the transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 completion of the transaction, the chief executive officer now owns 84,639 shares of the company’s stock, 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 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

LRCX has been the subject of a number of research analyst reports. TD Cowen raised their price target on Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Needham & Company LLC restated a “buy” rating and set a $1,130.00 target price on shares of Lam Research in a research report on Thursday, August 1st. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. 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. Finally, UBS Group reduced their target price on Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,015.63.

Lam Research Stock Performance

NASDAQ:LRCX opened at $769.72 on Friday. The company has a market cap of $99.97 billion, a P/E ratio of 28.31, a P/E/G ratio of 1.48 and a beta of 1.48. The firm’s 50 day moving average is $868.98 and its two-hundred day moving average is $932.11. 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 quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Shares of Lam Research are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be issued to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results 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 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 quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.98 earnings per share. Analysts expect that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research announced that its board 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 repurchase up to 8.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Lam Research Increases Dividend

The firm 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 an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a yield of 1.20%. The ex-dividend date is Tuesday, September 17th. Lam Research’s payout ratio is currently 29.42%.

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.