Freestone Grove Partners LP Invests $12.73 Million in KLA Co. (NASDAQ:KLAC)

Freestone Grove Partners LP acquired a new position in shares of KLA Co. (NASDAQ:KLAC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,195 shares of the semiconductor company's stock, valued at approximately $12,725,000.

Several other institutional investors have also added to or reduced their stakes in KLAC. Tortoise Investment Management LLC boosted its position in shares of KLA by 300.0% during the fourth quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock worth $30,000 after buying an additional 36 shares during the period. TCTC Holdings LLC bought a new stake in shares of KLA in the fourth quarter worth $31,000. Kohmann Bosshard Financial Services LLC acquired a new position in KLA during the fourth quarter worth $32,000. Fairfield Financial Advisors LTD lifted its position in KLA by 160.0% during the 4th quarter. Fairfield Financial Advisors LTD now owns 65 shares of the semiconductor company's stock worth $41,000 after buying an additional 40 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of KLA in the 4th quarter valued at about $43,000. 86.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on KLAC. Oppenheimer boosted their price target on KLA from $700.00 to $740.00 and gave the stock an "outperform" rating in a research report on Thursday. TD Cowen increased their price target on shares of KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research note on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of KLA from $950.00 to $900.00 and set an "overweight" rating on the stock in a research note on Thursday. Cantor Fitzgerald reiterated a "neutral" rating and issued a $800.00 target price on shares of KLA in a research note on Thursday. Finally, Needham & Company LLC reissued a "buy" rating and set a $830.00 price target on shares of KLA in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $802.74.

Insider Transactions at KLA

In other news, CFO Bren D. Higgins sold 7,008 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $724.62, for a total value of $5,078,136.96. Following the completion of the transaction, the chief financial officer now owns 28,798 shares of the company's stock, valued at approximately $20,867,606.76. This represents a 19.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.12% of the stock is owned by insiders.

KLA Price Performance

NASDAQ:KLAC traded up $21.85 during trading hours on Friday, reaching $698.16. 851,841 shares of the company were exchanged, compared to its average volume of 1,063,117. The company has a market capitalization of $92.78 billion, a P/E ratio of 29.36, a P/E/G ratio of 1.57 and a beta of 1.37. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.36 and a quick ratio of 1.63. The business has a 50 day moving average of $679.41 and a 200 day moving average of $683.40. KLA Co. has a 1-year low of $551.33 and a 1-year high of $896.32.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.01 billion. KLA had a net margin of 29.58% and a return on equity of 108.60%. The business's revenue for the quarter was up 35.5% on a year-over-year basis. During the same period in the prior year, the company posted $5.26 earnings per share. Research analysts forecast that KLA Co. will post 31.59 EPS for the current year.

KLA Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Shareholders of record on Monday, February 24th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Monday, February 24th. KLA's dividend payout ratio is presently 28.60%.

KLA announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

About KLA

KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of 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 and Component Inspection.