Hobbs Group Advisors LLC Invests $40,000 in Lam Research Co. (NASDAQ:LRCX)

Hobbs Group Advisors LLC acquired a new position in Lam Research Co. (NASDAQ:LRCX) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 38 shares of the semiconductor company’s stock, valued at approximately $40,000.

Several other hedge funds have also recently made changes to their positions in the business. Fortitude Family Office LLC raised its position in shares of Lam Research by 16.7% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares in the last quarter. Thomasville National Bank raised its position in shares of Lam Research by 1.5% in the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after acquiring an additional 12 shares in the last quarter. Ignite Planners LLC raised its position in shares of Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its position in Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 12 shares in the last quarter. Finally, Capital Performance Advisors LLP increased its position in Lam Research by 2.2% in the 4th quarter. Capital Performance Advisors LLP now owns 613 shares of the semiconductor company’s stock valued at $480,000 after buying an additional 13 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Lam Research Price Performance

Shares of Lam Research stock traded down $0.32 during trading on Wednesday, hitting $862.54. The stock had a trading volume of 263,238 shares, compared to its average volume of 1,065,974. The firm has a market cap of $112.77 billion, a price-to-earnings ratio of 31.73, a P/E/G ratio of 2.41 and a beta of 1.48. Lam Research Co. has a 12 month low of $574.42 and a 12 month high of $1,130.00. The business’s 50-day moving average is $967.08 and its 200 day moving average is $946.61. The company has a current ratio of 2.97, a quick ratio of 1.84 and a debt-to-equity ratio of 0.52.

Shares of Lam Research are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.

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

Lam Research announced that its board has initiated a stock repurchase plan on Tuesday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction dated 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 directly owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,326 shares of company stock worth $17,383,715. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on LRCX shares. Raymond James boosted their target price on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Wells Fargo & Company decreased their target price on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Barclays boosted their target price on Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Citigroup decreased their target price on Lam Research from $1,025.00 to $990.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Mizuho lifted their price target on Lam Research from $935.00 to $960.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently 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.