Lam Research Co. (NASDAQ:LRCX) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp lifted its position in shares of Lam Research Co. (NASDAQ:LRCX) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,472 shares of the semiconductor company’s stock after purchasing an additional 1,162 shares during the period. Fifth Third Bancorp’s holdings in Lam Research were worth $17,540,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Checchi Capital Advisers LLC grew its position in shares of Lam Research by 1.0% during the fourth quarter. Checchi Capital Advisers LLC now owns 1,781 shares of the semiconductor company’s stock worth $1,395,000 after buying an additional 18 shares in the last quarter. Citizens Financial Group Inc. RI grew its holdings in Lam Research by 20.9% during the 4th quarter. Citizens Financial Group Inc. RI now owns 491 shares of the semiconductor company’s stock worth $384,000 after acquiring an additional 85 shares in the last quarter. Jump Financial LLC increased its position in shares of Lam Research by 108.1% in the 4th quarter. Jump Financial LLC now owns 2,283 shares of the semiconductor company’s stock worth $1,788,000 after purchasing an additional 1,186 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Lam Research by 2.3% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 139,698 shares of the semiconductor company’s stock worth $109,420,000 after purchasing an additional 3,124 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Lam Research by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 777,722 shares of the semiconductor company’s stock worth $609,159,000 after purchasing an additional 14,902 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of NASDAQ LRCX traded up $10.47 during mid-day trading on Wednesday, reaching $873.33. 844,496 shares of the company traded hands, compared to its average volume of 1,069,763. Lam Research Co. has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The firm has a market cap of $114.18 billion, a PE ratio of 31.73, a price-to-earnings-growth ratio of 2.41 and a beta of 1.48. The stock has a fifty day simple moving average of $967.08 and a 200-day simple moving average of $946.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 1.84.

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

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating the consensus estimate of $7.58 by $0.56. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.98 earnings per share. Equities research analysts anticipate that Lam Research Co. will post 35.09 EPS for the current fiscal year.

Lam Research declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 21st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LRCX shares. Wells Fargo & Company reduced their target price on 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. Mizuho boosted their target price on shares of Lam Research from $935.00 to $960.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Jefferies Financial Group assumed coverage on shares of Lam Research in a research report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 price target on the stock. StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Finally, Barclays raised their target price on shares of Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,006.10.

Insider Buying and Selling

In other news, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the sale, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Neil J. Fernandes sold 4,409 shares of Lam Research stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the transaction, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders have sold 16,326 shares of company stock worth $17,383,715 in the last three months. 0.32% of the stock is currently owned by insiders.

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.