Choreo LLC Has $3.85 Million Position in Lam Research Co. (NASDAQ:LRCX)

Choreo LLC increased its position in shares of Lam Research Co. (NASDAQ:LRCX) by 670.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,628 shares of the semiconductor company’s stock after buying an additional 3,157 shares during the quarter. Choreo LLC’s holdings in Lam Research were worth $3,849,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LRCX. Wedbush Securities Inc. increased its holdings in Lam Research by 2.7% in the 2nd quarter. Wedbush Securities Inc. now owns 938 shares of the semiconductor company’s stock valued at $999,000 after buying an additional 25 shares during the period. Valliance Asset Management Ltd bought a new stake in Lam Research in the second quarter valued at about $3,173,000. McBroom & Associates LLC raised its position in Lam Research by 0.7% in the second quarter. McBroom & Associates LLC now owns 8,594 shares of the semiconductor company’s stock worth $9,152,000 after purchasing an additional 59 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in Lam Research by 149.8% during the second quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 43,131 shares of the semiconductor company’s stock worth $45,928,000 after purchasing an additional 25,864 shares during the period. Finally, NRI Wealth Management LC bought a new position in Lam Research during the second quarter worth about $2,227,000. 84.61% of the stock is currently owned by institutional investors.

Insider Activity at Lam Research

In other news, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 84,639 shares in the company, valued at $90,596,739.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, SVP Neil J. Fernandes sold 4,409 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the transaction, the senior vice president now owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the firm’s 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 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. In the last ninety days, insiders have sold 16,326 shares of company stock valued at $17,383,715. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LRCX shares. Jefferies Financial Group assumed coverage on Lam Research in a report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 target price for the company. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lowered 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 report on Thursday, August 1st. Raymond James lifted their price target on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Lam Research currently has a consensus rating of “Moderate Buy” and an average price target of $1,006.10.

Lam Research Trading Up 0.1 %

NASDAQ LRCX opened at $734.31 on Tuesday. Lam Research Co. has a 12 month low of $574.42 and a 12 month high of $1,130.00. The stock has a 50-day simple moving average of $895.19 and a 200 day simple moving average of $937.14. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $95.37 billion, a PE ratio of 27.01, a P/E/G ratio of 1.41 and a beta of 1.48.

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

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, beating the consensus estimate of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the business posted $5.98 EPS. Lam Research’s revenue for the quarter was up 20.7% on a year-over-year basis. Research analysts forecast that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research declared that its board has authorized a stock buyback program on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Lam Research Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be issued a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.25%. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is presently 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.