Cornerstone Select Advisors LLC Acquires New Holdings in Lam Research Co. (NASDAQ:LRCX)

Cornerstone Select Advisors LLC bought a new stake in Lam Research Co. (NASDAQ:LRCX - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 23,613 shares of the semiconductor company's stock, valued at approximately $1,706,000. Lam Research makes up approximately 1.6% of Cornerstone Select Advisors LLC's investment portfolio, making the stock its 15th biggest holding.

Several other hedge funds also recently bought and sold shares of LRCX. Vanguard Group Inc. increased its holdings in shares of Lam Research by 892.7% during the 4th quarter. Vanguard Group Inc. now owns 120,787,727 shares of the semiconductor company's stock valued at $8,724,498,000 after acquiring an additional 108,619,564 shares during the last quarter. FMR LLC raised its position in shares of Lam Research by 1,032.6% in the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock valued at $2,891,453,000 after purchasing an additional 36,496,689 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Lam Research by 950.5% in the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after buying an additional 31,255,726 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Lam Research by 907.1% during the 4th quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company's stock worth $2,265,610,000 after buying an additional 28,307,499 shares during the period. Finally, Norges Bank acquired a new position in Lam Research in the 4th quarter valued at $1,661,672,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Lam Research Price Performance

LRCX traded up $0.53 during trading on Friday, hitting $75.43. The company's stock had a trading volume of 7,033,780 shares, compared to its average volume of 12,188,839. The firm's 50 day moving average price is $71.56 and its two-hundred day moving average price is $75.19. The company has a quick ratio of 1.73, a current ratio of 2.54 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $96.48 billion, a price-to-earnings ratio of 22.91, a price-to-earnings-growth ratio of 1.47 and a beta of 1.64. Lam Research Co. has a 12 month low of $56.32 and a 12 month high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. The firm had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the prior year, the firm earned $7.79 EPS. The company's revenue was up 24.4% on a year-over-year basis. Sell-side analysts forecast that Lam Research Co. will post 3.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LRCX has been the subject of several research analyst reports. Bank of America cut their price objective on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Barclays reduced their price objective on Lam Research from $75.00 to $70.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Wolfe Research cut shares of Lam Research from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, January 15th. UBS Group reduced their price target on shares of Lam Research from $95.00 to $90.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Stifel Nicolaus dropped their price objective on shares of Lam Research from $100.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.56.

Insider Buying and Selling

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $90.00, for a total value of $9,907,200.00. Following the transaction, the senior vice president now directly owns 179,084 shares in the company, valued at $16,117,560. This represents a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate 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.