Holderness Investments Co. Buys 37 Shares of Lam Research Co. (NASDAQ:LRCX)

Holderness Investments Co. boosted its position in Lam Research Co. (NASDAQ:LRCX) by 6.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 583 shares of the semiconductor company’s stock after buying an additional 37 shares during the quarter. Holderness Investments Co.’s holdings in Lam Research were worth $621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LRCX. DSM Capital Partners LLC purchased a new stake in Lam Research during the 4th quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Lam Research in the second quarter valued at $32,000. RFP Financial Group LLC raised its holdings in shares of Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares in the last quarter. Raleigh Capital Management Inc. raised its stake in shares of Lam Research by 78.6% during the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 22 shares in the last quarter. Finally, Hobbs Group Advisors LLC bought a new stake in Lam Research in the second quarter worth $40,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LRCX shares. TD Cowen upped their price objective on shares of Lam Research from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Cantor Fitzgerald restated a “neutral” rating and set a $1,200.00 target price on shares of Lam Research in a report on Thursday, August 1st. Morgan Stanley decreased their price target on shares of Lam Research from $929.00 to $774.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 17th. Finally, Citigroup dropped their price objective on shares of Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,012.84.

Insider Activity

In related news, CEO Timothy Archer sold 9,650 shares of the 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the business’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 transaction, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The disclosure for this sale can be found here. Insiders sold 16,326 shares of company stock valued at $17,383,715 in the last ninety days. Insiders own 0.32% of the company’s stock.

Lam Research Price Performance

Shares of Lam Research stock opened at $773.19 on Friday. The firm has a market cap of $101.09 billion, a PE ratio of 28.44, a PEG ratio of 1.48 and a beta of 1.48. The stock has a 50 day moving average of $836.41 and a 200 day moving average of $925.53. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. Lam Research Co. has a 12 month low of $574.42 and a 12 month high of $1,130.00.

Lam Research’s stock is going to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the closing bell 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 for the quarter, topping the consensus estimate of $7.58 by $0.56. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company 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 earnings per share. Lam Research’s quarterly revenue was up 20.7% on a year-over-year basis. On average, research analysts expect that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The business 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 a boost from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Tuesday, September 17th. Lam Research’s payout ratio is presently 33.84%.

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.