Atomi Financial Group Inc. Grows Position in Lam Research Co. (NASDAQ:LRCX)

Atomi Financial Group Inc. grew its position in shares of Lam Research Co. (NASDAQ:LRCX) by 27.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 757 shares of the semiconductor company’s stock after purchasing an additional 162 shares during the quarter. Atomi Financial Group Inc.’s holdings in Lam Research were worth $806,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. DSM Capital Partners LLC purchased a new stake in Lam Research in the 4th quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Lam Research in the second quarter valued at about $32,000. Partnership Wealth Management LLC acquired a new stake in Lam Research during the fourth quarter worth about $33,000. RFP Financial Group LLC raised its position 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 during the period. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in Lam Research in the fourth quarter worth approximately $39,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Price Performance

Lam Research stock traded down $1.94 during midday trading on Wednesday, reaching $818.50. 46,801 shares of the company were exchanged, compared to its average volume of 1,064,575. The firm’s 50-day simple moving average is $950.91 and its 200-day simple moving average is $946.44. Lam Research Co. has a 1 year low of $574.42 and a 1 year high of $1,130.00. The company has a market capitalization of $107.01 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 2.41 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.84 and a current ratio of 2.97.

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

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the company earned $5.98 EPS. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, analysts anticipate that Lam Research Co. will post 35.09 EPS for the current year.

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

Insider Buying and Selling at Lam Research

In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the transaction, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Christina Correia sold 647 shares of the firm’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 transaction, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the sale, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. 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. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LRCX. Raymond James lifted their price objective on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Barclays raised their target price on Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 target price on shares of Lam Research in a research report on Thursday, August 1st. B. Riley upped their target price on 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, Wells Fargo & Company cut their target price 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. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Lam Research has a consensus rating of “Moderate Buy” and an average price target of $1,006.10.

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.