Cornerstone Select Advisors LLC Takes $1.28 Million Position in KLA Co. (NASDAQ:KLAC)

Cornerstone Select Advisors LLC purchased a new position in shares of KLA Co. (NASDAQ:KLAC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,037 shares of the semiconductor company's stock, valued at approximately $1,284,000. KLA makes up 1.2% of Cornerstone Select Advisors LLC's holdings, making the stock its 27th biggest holding.

A number of other hedge funds have also recently added to or reduced their stakes in KLAC. Norges Bank bought a new position in shares of KLA in the fourth quarter worth $1,175,756,000. Parnassus Investments LLC increased its holdings in KLA by 381.3% in the 4th quarter. Parnassus Investments LLC now owns 733,328 shares of the semiconductor company's stock valued at $462,085,000 after buying an additional 580,967 shares during the period. Proficio Capital Partners LLC raised its position in shares of KLA by 114,444.5% in the 4th quarter. Proficio Capital Partners LLC now owns 342,488 shares of the semiconductor company's stock valued at $215,809,000 after buying an additional 342,189 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of KLA during the 4th quarter worth approximately $187,212,000. Finally, Pictet Asset Management Holding SA boosted its position in shares of KLA by 25.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,455,161 shares of the semiconductor company's stock worth $916,926,000 after acquiring an additional 292,907 shares in the last quarter. Institutional investors own 86.65% of the company's stock.

Analysts Set New Price Targets

KLAC has been the subject of several recent analyst reports. Cowen restated a "hold" rating on shares of KLA in a research note on Thursday, May 1st. Susquehanna upped their price objective on KLA from $620.00 to $655.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group lifted their target price on KLA from $759.00 to $864.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Needham & Company LLC reissued a "buy" rating and issued a $830.00 target price on shares of KLA in a report on Thursday, May 1st. Finally, UBS Group lifted their price target on shares of KLA from $690.00 to $740.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $802.74.

KLA Price Performance

Shares of KLAC opened at $681.00 on Wednesday. The business has a 50-day moving average of $678.14 and a 200-day moving average of $683.58. KLA Co. has a 1 year low of $551.33 and a 1 year high of $896.32. The company has a market capitalization of $90.50 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 1.57 and a beta of 1.40. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.36 and a quick ratio of 1.63.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings results 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. KLA had a net margin of 29.58% and a return on equity of 108.60%. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the previous year, the company earned $5.26 EPS. The company's revenue for the quarter was up 35.5% on a year-over-year basis. As a group, equities research analysts anticipate that KLA Co. will post 31.59 earnings per share for the current year.

KLA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Shareholders of record on Monday, February 24th were issued a dividend of $1.70 per share. The ex-dividend date was Monday, February 24th. This represents a $6.80 dividend on an annualized basis and a yield of 1.00%. KLA's payout ratio is currently 24.72%.

KLA announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at KLA

In other KLA news, CFO Bren D. Higgins sold 7,008 shares of KLA stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $724.62, for a total value of $5,078,136.96. Following the completion of the sale, the chief financial officer now directly owns 28,798 shares in the company, valued at approximately $20,867,606.76. The trade was a 19.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.12% of the company's stock.

KLA Company Profile

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.

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