Cornerstone Wealth Group LLC Acquires 19 Shares of Lam Research Co. (NASDAQ:LRCX)

Cornerstone Wealth Group LLC grew its holdings in shares of Lam Research Co. (NASDAQ:LRCX) by 7.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 269 shares of the semiconductor company’s stock after buying an additional 19 shares during the period. Cornerstone Wealth Group LLC’s holdings in Lam Research were worth $287,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Lam Research in the 4th quarter worth about $1,414,111,000. Swedbank AB purchased a new position in shares of Lam Research in the 1st quarter worth about $192,668,000. Van ECK Associates Corp raised its position in shares of Lam Research by 24.6% in the 1st quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock worth $940,592,000 after purchasing an additional 191,230 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Lam Research by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock worth $11,519,576,000 after purchasing an additional 144,914 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Lam Research by 5.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock worth $2,875,023,000 after purchasing an additional 142,903 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Insiders Place Their Bets

In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the sale, the senior vice president now owns 5,237 shares in the company, valued at $5,535,456.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction dated 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 owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Neil J. Fernandes sold 1,620 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock worth $17,383,715 over the last quarter. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on LRCX shares. B. Riley lifted their price target on Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. StockNews.com lowered Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft decreased their target price on Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Raymond James boosted their target price on Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, 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. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Lam Research presently has an average rating of “Moderate Buy” and a consensus price target of $1,006.10.

Lam Research Price Performance

Shares of NASDAQ LRCX traded up $11.65 during midday trading on Friday, reaching $847.37. 1,067,121 shares of the stock traded hands, compared to its average volume of 1,071,567. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 1.84. The stock has a market capitalization of $110.79 billion, a PE ratio of 31.16, a P/E/G ratio of 2.41 and a beta of 1.48. Lam Research Co. has a one year low of $574.42 and a one year high of $1,130.00. The company’s 50 day moving average is $955.97 and its 200 day moving average is $945.30.

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

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

Lam Research declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.