Soroban Capital Partners LP Buys 78,726 Shares of Lam Research Co. (NASDAQ:LRCX)

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Soroban Capital Partners LP increased its holdings in Lam Research Co. (NASDAQ:LRCX) by 13.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 665,759 shares of the semiconductor company’s stock after purchasing an additional 78,726 shares during the quarter. Lam Research accounts for about 1.9% of Soroban Capital Partners LP’s holdings, making the stock its 16th biggest holding. Soroban Capital Partners LP’s holdings in Lam Research were worth $125,056,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Lam Research by 18.6% during the fourth quarter. Geode Capital Management LLC now owns 2,519,701 shares of the semiconductor company’s stock worth $342,720,000 after acquiring an additional 395,218 shares during the last quarter. Stephens Inc. AR bought a new stake in Lam Research in the first quarter worth approximately $455,000. Raymond James Financial Services Advisors Inc. increased its holdings in Lam Research by 9.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 22,804 shares of the semiconductor company’s stock worth $4,083,000 after purchasing an additional 1,932 shares in the last quarter. Raymond James & Associates increased its holdings in Lam Research by 25.4% in the first quarter. Raymond James & Associates now owns 81,961 shares of the semiconductor company’s stock worth $14,673,000 after purchasing an additional 16,597 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Lam Research by 5.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,921 shares of the semiconductor company’s stock worth $1,597,000 after purchasing an additional 455 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

A number of equities research analysts have weighed in on LRCX shares. Cfra set a $210.00 target price on Lam Research and gave the stock a “hold” rating in a report on Saturday, August 31st. Wells Fargo & Co lifted their target price on Lam Research from $195.00 to $200.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Credit Suisse Group reiterated a “positive” rating on shares of Lam Research in a report on Monday, July 8th. They noted that the move was a valuation call. Needham & Company LLC lifted their target price on Lam Research from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday. Finally, Goldman Sachs Group downgraded Lam Research from a “buy” rating to a “neutral” rating in a report on Monday, July 22nd. Eleven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $221.88.

Lam Research stock traded down $0.36 during mid-day trading on Monday, reaching $235.20. The stock had a trading volume of 490,626 shares, compared to its average volume of 1,535,410. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.96 and a current ratio of 3.61. Lam Research Co. has a fifty-two week low of $122.64 and a fifty-two week high of $237.90. The stock’s 50-day simple moving average is $209.00 and its 200-day simple moving average is $192.53. The firm has a market capitalization of $33.86 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 1.44 and a beta of 1.62.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $3.62 EPS for the quarter, beating the Zacks’ consensus estimate of $3.40 by $0.22. Lam Research had a return on equity of 43.72% and a net margin of 22.70%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the firm posted $5.31 earnings per share. The company’s revenue for the quarter was down 24.5% compared to the same quarter last year. On average, research analysts forecast that Lam Research Co. will post 13.6 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Tuesday, October 1st will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Monday, September 30th. This is a boost from Lam Research’s previous quarterly dividend of $1.10. Lam Research’s dividend payout ratio (DPR) is 30.24%.

In other Lam Research news, insider Kevin Jennings sold 1,122 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $210.07, for a total value of $235,698.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Sarah A. O’dowd sold 22,140 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $233.77, for a total value of $5,175,667.80. The disclosure for this sale can be found here. Insiders sold 67,997 shares of company stock valued at $14,854,855 in the last three months. Insiders own 0.44% 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 worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.

Further Reading: Stock Portfolio Tracker

Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Co. (NASDAQ:LRCX).

Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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