Elite Wealth Management Inc. Makes New Investment in Lam Research Co. (NASDAQ:LRCX)

Elite Wealth Management Inc. acquired a new stake in shares of Lam Research Co. (NASDAQ:LRCX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 663 shares of the semiconductor company’s stock, valued at approximately $706,000. Lam Research makes up approximately 0.0% of Elite Wealth Management Inc.’s portfolio, making the stock its 27th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Canada Pension Plan Investment Board boosted its position in Lam Research by 2.0% in the second quarter. Canada Pension Plan Investment Board now owns 420,117 shares of the semiconductor company’s stock worth $447,362,000 after purchasing an additional 8,295 shares during the last quarter. Joseph Group Capital Management grew its holdings in Lam Research by 8.1% during the 2nd quarter. Joseph Group Capital Management now owns 3,264 shares of the semiconductor company’s stock valued at $3,476,000 after buying an additional 245 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Lam Research by 5.6% during the 2nd quarter. Benjamin Edwards Inc. now owns 320 shares of the semiconductor company’s stock worth $341,000 after acquiring an additional 17 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Lam Research by 16.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 9,089 shares of the semiconductor company’s stock worth $9,678,000 after purchasing an additional 1,259 shares during the period. Finally, Ieq Capital LLC raised its holdings in shares of Lam Research by 5.8% in the 2nd quarter. Ieq Capital LLC now owns 14,655 shares of the semiconductor company’s stock valued at $15,606,000 after acquiring an additional 799 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Lam Research Trading Up 4.4 %

NASDAQ LRCX opened at $789.07 on Friday. The stock has a market cap of $103.16 billion, a P/E ratio of 29.02, a P/E/G ratio of 1.48 and a beta of 1.48. 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 fifty day simple moving average of $842.35 and a two-hundred day simple moving average of $927.21. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00.

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

Lam Research (NASDAQ:LRCX) last announced 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. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the prior year, the firm posted $5.98 earnings per share. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, analysts forecast that Lam Research Co. will post 35.2 earnings per share for the current 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 issued a $2.30 dividend. This represents a $9.20 annualized dividend and a yield of 1.17%. 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 presently 33.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley lowered their price target on Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Citigroup cut their price target on shares of Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft reduced their target price on Lam Research from $1,100.00 to $950.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. B. Riley lifted their price target on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Finally, StockNews.com downgraded Lam Research from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and an average price target of $1,013.37.

Insider Transactions at Lam Research

In other news, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the transaction, the senior vice president now directly owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was 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 owns 5,237 shares in the company, valued at $5,535,456.63. 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.

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.