Circle Wealth Management LLC Makes New $1.33 Million Investment in Lam Research Co. (NASDAQ:LRCX)

Circle Wealth Management LLC purchased a new position in shares of Lam Research Co. (NASDAQ:LRCX) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 1,252 shares of the semiconductor company’s stock, valued at approximately $1,333,000.

Several other hedge funds also recently modified their holdings of the company. Symmetry Investments LP acquired a new stake in shares of Lam Research during the 2nd quarter worth about $3,229,000. Summit Trail Advisors LLC boosted its stake in shares of Lam Research by 13.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 1,101 shares of the semiconductor company’s stock worth $1,175,000 after purchasing an additional 130 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Lam Research by 6.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 35,655 shares of the semiconductor company’s stock worth $37,967,000 after purchasing an additional 2,288 shares during the last quarter. Thames Capital Management LLC boosted its stake in shares of Lam Research by 42.8% during the 2nd quarter. Thames Capital Management LLC now owns 8,254 shares of the semiconductor company’s stock worth $8,789,000 after purchasing an additional 2,475 shares during the last quarter. Finally, Garden State Investment Advisory Services LLC acquired a new stake in shares of Lam Research during the 2nd quarter worth about $273,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LRCX has been the topic of several research analyst reports. B. Riley raised their target price on shares of Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Wells Fargo & Company decreased their target price 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. UBS Group decreased their target price on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft decreased their target price 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. Finally, Raymond James raised their target price 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. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,012.84.

Lam Research Trading Down 2.0 %

LRCX opened at $773.19 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $836.41 and its 200-day moving average is $925.53. The firm has a market capitalization of $101.09 billion, a P/E ratio of 28.44, a P/E/G ratio of 1.48 and a beta of 1.48. Lam Research Co. has a 52-week low of $574.42 and a 52-week high of $1,130.00.

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

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results 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. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates 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 was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.98 earnings per share. Analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Tuesday, September 17th. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is 33.84%.

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of Lam Research 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 completion of the sale, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research 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 completion of the transaction, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction on 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 of the company’s stock, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,326 shares of company stock worth $17,383,715. Insiders own 0.32% of the company’s stock.

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.