BlueMountain Capital Management LLC boosted its stake in Lam Research Corporation (NASDAQ:LRCX) by 328.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,050 shares of the semiconductor company’s stock after purchasing an additional 16,142 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Lam Research Corporation were worth $2,977,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Harbour Capital Advisors LLC raised its stake in Lam Research Corporation by 13,054.2% during the second quarter. Harbour Capital Advisors LLC now owns 1,890,919 shares of the semiconductor company’s stock worth $13,370,000 after acquiring an additional 1,876,544 shares in the last quarter. Old Mutual Global Investors UK Ltd. raised its stake in Lam Research Corporation by 1,696.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 878,960 shares of the semiconductor company’s stock worth $124,311,000 after acquiring an additional 830,034 shares in the last quarter. Soros Fund Management LLC acquired a new position in Lam Research Corporation during the first quarter worth about $71,978,000. Vanguard Group Inc. raised its stake in Lam Research Corporation by 3.1% during the first quarter. Vanguard Group Inc. now owns 15,750,128 shares of the semiconductor company’s stock worth $2,021,687,000 after acquiring an additional 471,405 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in Lam Research Corporation by 260.9% during the second quarter. Acadian Asset Management LLC now owns 626,623 shares of the semiconductor company’s stock worth $88,624,000 after acquiring an additional 452,972 shares in the last quarter. 94.10% of the stock is owned by institutional investors and hedge funds.
Shares of Lam Research Corporation (NASDAQ LRCX) opened at 172.99 on Friday. The company has a market capitalization of $28.10 billion, a PE ratio of 18.72 and a beta of 1.47. The company has a 50-day moving average price of $161.26 and a 200 day moving average price of $147.54. Lam Research Corporation has a one year low of $90.56 and a one year high of $174.37.
Lam Research Corporation (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.02 by $0.09. Lam Research Corporation had a return on equity of 26.78% and a net margin of 21.19%. The business had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the company earned $1.80 EPS. Lam Research Corporation’s revenue for the quarter was up 51.6% compared to the same quarter last year. Equities analysts anticipate that Lam Research Corporation will post $12.75 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 12th. This represents a $1.80 annualized dividend and a yield of 1.04%. Lam Research Corporation’s payout ratio is 19.57%.
In related news, COO Timothy Archer sold 8,691 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $171.76, for a total transaction of $1,492,766.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Sarah A. O’dowd sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $150.92, for a total value of $1,509,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,338 shares of company stock worth $4,717,492. 0.46% of the stock is owned by corporate insiders.
LRCX has been the subject of several research analyst reports. DA Davidson reissued a “buy” rating and set a $175.00 target price on shares of Lam Research Corporation in a research note on Wednesday, July 26th. Credit Suisse Group reissued a “buy” rating on shares of Lam Research Corporation in a research note on Tuesday, August 29th. BidaskClub downgraded Lam Research Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Stifel Nicolaus reissued a “buy” rating and set a $189.00 target price (up previously from $170.00) on shares of Lam Research Corporation in a research note on Monday, June 19th. Finally, KeyCorp reissued an “overweight” rating on shares of Lam Research Corporation in a research note on Thursday, July 27th. Four research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Lam Research Corporation currently has a consensus rating of “Buy” and a consensus target price of $177.68.
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Lam Research Corporation Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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