3Chopt Investment Partners LLC Takes $1.11 Million Position in Lam Research Co. (NASDAQ:LRCX)

3Chopt Investment Partners LLC bought a new stake in Lam Research Co. (NASDAQ:LRCX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,036 shares of the semiconductor company's stock, valued at approximately $1,105,000.

A number of other hedge funds have also recently modified their holdings of the stock. Advisory Alpha LLC purchased a new position in shares of Lam Research during the second quarter worth about $256,000. Quarry LP raised its stake in shares of Lam Research by 175.0% during the second quarter. Quarry LP now owns 88 shares of the semiconductor company's stock worth $94,000 after purchasing an additional 56 shares during the last quarter. Covington Investment Advisors Inc. increased its stake in Lam Research by 15.2% in the 2nd quarter. Covington Investment Advisors Inc. now owns 15,111 shares of the semiconductor company's stock valued at $16,091,000 after buying an additional 1,990 shares during the period. Sunbelt Securities Inc. boosted its holdings in shares of Lam Research by 3.9% in the second quarter. Sunbelt Securities Inc. now owns 1,533 shares of the semiconductor company's stock valued at $1,633,000 after acquiring an additional 58 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Lam Research by 0.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 49,056 shares of the semiconductor company's stock valued at $52,246,000 after purchasing an additional 433 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the business'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 in the company, valued at $5,535,456.63. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on LRCX shares. Barclays upped their price target on shares of Lam Research from $865.00 to $900.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 5th. Citigroup cut their price target on Lam Research from $990.00 to $893.00 and set a "buy" rating for the company in a research note on Monday, September 16th. Wells Fargo & Company reduced their price target on shares of Lam Research from $1,100.00 to $1,000.00 and set an "equal weight" 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 stock a "buy" rating in a report on Thursday, June 20th. Finally, TD Cowen raised their price objective on Lam Research from $1,000.00 to $1,050.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,002.32.

Lam Research Trading Down 2.3 %

LRCX traded down $18.70 during trading on Tuesday, reaching $797.38. The company had a trading volume of 1,248,662 shares, compared to its average volume of 1,107,051. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,130.00. The company has a market cap of $104.25 billion, a price-to-earnings ratio of 30.01, a PEG ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The firm's 50-day simple moving average is $814.61 and its 200 day simple moving average is $919.39.

Shares of Lam Research are scheduled to split 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 market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the prior year, the firm earned $5.98 EPS. The business's revenue was up 20.7% on a year-over-year basis. Equities research analysts anticipate that Lam Research Co. will post 35.2 earnings per share for the current year.

Lam Research Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be paid a $2.30 dividend. This is a positive change from Lam Research's previous quarterly dividend of $2.00. This represents a $9.20 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Tuesday, September 17th. Lam Research's dividend payout ratio is currently 33.84%.

Lam Research 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.