Norway Savings Bank trimmed its position in shares of KLA Co. (NASDAQ:KLAC – Free Report) by 10.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,150 shares of the semiconductor company’s stock after selling 367 shares during the quarter. Norway Savings Bank’s holdings in KLA were worth $1,528,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in KLA by 1,414.6% during the first quarter. Envestnet Asset Management Inc. now owns 3,870,976 shares of the semiconductor company’s stock worth $109,085,000 after buying an additional 3,615,391 shares in the last quarter. Norges Bank purchased a new stake in shares of KLA in the fourth quarter valued at about $572,224,000. Wellington Management Group LLP lifted its holdings in shares of KLA by 32.0% in the first quarter. Wellington Management Group LLP now owns 2,950,724 shares of the semiconductor company’s stock valued at $1,177,840,000 after purchasing an additional 715,425 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of KLA by 22.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,074,884 shares of the semiconductor company’s stock valued at $759,532,000 after purchasing an additional 385,420 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of KLA by 131.3% in the first quarter. Barclays PLC now owns 527,195 shares of the semiconductor company’s stock valued at $210,441,000 after purchasing an additional 299,219 shares in the last quarter. 85.49% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of KLA from $450.00 to $535.00 and gave the company a “buy” rating in a report on Friday, July 28th. StockNews.com assumed coverage on shares of KLA in a research note on Thursday, August 17th. They set a “hold” rating on the stock. TD Cowen upped their price objective on shares of KLA from $410.00 to $535.00 and gave the company a “market perform” rating in a research note on Friday, July 28th. Citigroup upped their price objective on shares of KLA from $480.00 to $570.00 in a research note on Monday, July 31st. Finally, Needham & Company LLC lowered shares of KLA from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $463.11.
KLA Stock Performance
Shares of KLA stock traded down $25.68 during trading hours on Friday, reaching $454.22. The company’s stock had a trading volume of 2,831,537 shares, compared to its average volume of 1,069,655. The company’s 50 day simple moving average is $486.47 and its 200 day simple moving average is $438.11. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.47 and a current ratio of 2.24. KLA Co. has a one year low of $250.20 and a one year high of $520.19. The stock has a market cap of $62.10 billion, a P/E ratio of 18.86, a price-to-earnings-growth ratio of 2.32 and a beta of 1.35.
KLA (NASDAQ:KLAC – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $5.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.82 by $0.58. KLA had a net margin of 32.27% and a return on equity of 138.06%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the firm posted $5.81 EPS. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, analysts expect that KLA Co. will post 22.11 EPS for the current fiscal year.
KLA Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were issued a $1.30 dividend. The ex-dividend date of this dividend was Monday, August 14th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 1.14%. KLA’s dividend payout ratio (DPR) is presently 21.59%.
KLA declared that its board has approved a stock buyback plan on Tuesday, September 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling
In related news, CEO Richard P. Wallace sold 35,000 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $504.08, for a total value of $17,642,800.00. Following the sale, the chief executive officer now owns 124,045 shares of the company’s stock, valued at approximately $62,528,603.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other KLA news, CFO Bren D. Higgins sold 3,061 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $500.00, for a total transaction of $1,530,500.00. Following the transaction, the chief financial officer now owns 47,818 shares of the company’s stock, valued at approximately $23,909,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Richard P. Wallace sold 35,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $504.08, for a total transaction of $17,642,800.00. Following the transaction, the chief executive officer now directly owns 124,045 shares in the company, valued at approximately $62,528,603.60. The disclosure for this sale can be found here. Insiders have sold a total of 43,986 shares of company stock valued at $22,071,950 in the last quarter. Company insiders own 0.15% of the company’s stock.
KLA Company Profile
KLA Corporation designs, manufactures, and markets process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB, Display and Component Inspection.
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