Seven Eight Capital LP acquired a new position in shares of Lam Research Corporation (NASDAQ:LRCX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 49,403 shares of the semiconductor company’s stock, valued at approximately $6,987,000. Lam Research Corporation makes up approximately 1.0% of Seven Eight Capital LP’s investment portfolio, making the stock its 6th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in LRCX. Peregrine Asset Advisers Inc. grew its position in shares of Lam Research Corporation by 29.8% during the second quarter. Peregrine Asset Advisers Inc. now owns 3,893 shares of the semiconductor company’s stock worth $551,000 after acquiring an additional 893 shares during the last quarter. Raymond James Trust N.A. grew its position in shares of Lam Research Corporation by 15.0% during the second quarter. Raymond James Trust N.A. now owns 2,865 shares of the semiconductor company’s stock worth $405,000 after acquiring an additional 373 shares during the last quarter. AJO LP grew its position in shares of Lam Research Corporation by 69.7% during the second quarter. AJO LP now owns 875,956 shares of the semiconductor company’s stock worth $123,886,000 after acquiring an additional 359,718 shares during the last quarter. Dai Ichi Life Insurance Company Ltd grew its position in shares of Lam Research Corporation by 5.8% during the second quarter. Dai Ichi Life Insurance Company Ltd now owns 55,248 shares of the semiconductor company’s stock worth $7,814,000 after acquiring an additional 3,029 shares during the last quarter. Finally, Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Lam Research Corporation during the second quarter worth approximately $254,000. 94.10% of the stock is currently owned by institutional investors.

Shares of Lam Research Corporation (NASDAQ LRCX) traded up 0.3022% during midday trading on Tuesday, hitting $170.0223. 418,117 shares of the company’s stock traded hands. The stock has a market cap of $27.62 billion, a P/E ratio of 18.4007 and a beta of 1.47. Lam Research Corporation has a 52 week low of $90.56 and a 52 week high of $170.84. The company has a 50 day moving average of $160.21 and a 200 day moving average of $146.24.

Lam Research Corporation (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.02 by $0.09. Lam Research Corporation had a return on equity of 26.78% and a net margin of 21.19%. The company had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the business posted $1.80 earnings per share. The company’s revenue for the quarter was up 51.6% compared to the same quarter last year. On average, equities analysts forecast that Lam Research Corporation will post $12.73 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 13th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $1.80 annualized dividend and a dividend yield of 1.06%. Lam Research Corporation’s payout ratio is 19.57%.

LRCX has been the topic of a number of research reports. DA Davidson restated a “buy” rating and set a $175.00 target price on shares of Lam Research Corporation in a research report on Wednesday, July 26th. Credit Suisse Group restated a “buy” rating on shares of Lam Research Corporation in a research report on Tuesday, August 29th. BidaskClub lowered shares of Lam Research Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Stifel Nicolaus restated a “buy” rating and set a $189.00 target price (up from $170.00) on shares of Lam Research Corporation in a research report on Monday, June 19th. Finally, KeyCorp restated an “overweight” rating on shares of Lam Research Corporation in a research report on Thursday, July 27th. Four research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $176.33.

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In other news, Director Stephen G. Newberry sold 1,500 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $162.75, for a total value of $244,125.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick J. Lord sold 2,770 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $155.35, for a total value of $430,319.50. The disclosure for this sale can be found here. In the last three months, insiders sold 22,667 shares of company stock valued at $3,527,546. Company insiders own 0.46% of the company’s stock.

About Lam Research Corporation

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.

Institutional Ownership by Quarter for Lam Research Corporation (NASDAQ:LRCX)

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