Below we present the list of top 5 stocks billionaire Mets owner Steve Cohen just added to his portfolio. For some background info on Cohen and his investment philosophy, as well as a look at some of his other new stock picks, please see Top 10 Stocks Billionaire Mets Owner Steve Cohen Just Added to His Portfolio.
5. Lam Research Corporation (NASDAQ:LRCX)
Value of Point72 Asset Management‘s 13F Position: $109 million
Number of Hedge Fund Shareholders: 63
Steve Cohen’s Point72 Asset Management bought a net total of 151,100 shares of Lam Research Corporation (NASDAQ:LRCX) during Q4, ending the period with a position valued at nearly $109 million. Varenne Capital Partners also took a bullish stake in LCRX during the quarter, with 15.32% of its 13F assets invested in the semiconductor equipment manufacturer.
Lam Research Corporation (NASDAQ:LRCX) shares have skyrocketed by more than 300% since the end of 2018, when the latest semiconductor downturn came to an end. Surprisingly, shares are down by 24% this year even in the midst of notable semiconductor shortages. The company has been dinged partly due to supply chain issues that are largely out of its control, which caused it to miss the midpoint of its guidance ranges with its fiscal Q2 2022 results. Even then, revenue grew by 22% year-over-year and adjusted earnings jumped by 41%.
Here is what Vulcan Value Partners Large Cap Fund had to say about Lam Research Corporation (NASDAQ:LRCX) in its Q4 2021 investor letter:
“Lam Research Corp. was a material contributor during the quarter. The company designs and manufactures equipment used in the fabrication of semiconductors. Consolidation and key shifts within the industry have improved the company’s competitive position in the industry and are driving demand for more complex capital equipment. The company’s near-term outlook improved during the quarter as customers announced plans to increase capital spending.”