Mechanics Bank Trust Department Invests $951,000 in KLA Co. (NASDAQ:KLAC)

Mechanics Bank Trust Department purchased a new position in KLA Co. (NASDAQ:KLAC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,399 shares of the semiconductor company's stock, valued at approximately $951,000.

Several other institutional investors have also recently made changes to their positions in KLAC. Richardson Financial Services Inc. grew its holdings in shares of KLA by 5.9% in the fourth quarter. Richardson Financial Services Inc. now owns 253 shares of the semiconductor company's stock worth $160,000 after purchasing an additional 14 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of KLA by 6.5% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 246 shares of the semiconductor company's stock valued at $155,000 after purchasing an additional 15 shares during the last quarter. Catalyst Financial Partners LLC increased its stake in KLA by 2.0% during the 4th quarter. Catalyst Financial Partners LLC now owns 755 shares of the semiconductor company's stock valued at $476,000 after purchasing an additional 15 shares in the last quarter. Anchor Investment Management LLC grew its stake in KLA by 12.0% during the 4th quarter. Anchor Investment Management LLC now owns 140 shares of the semiconductor company's stock valued at $88,000 after purchasing an additional 15 shares during the last quarter. Finally, TFB Advisors LLC raised its position in KLA by 3.4% during the 4th quarter. TFB Advisors LLC now owns 489 shares of the semiconductor company's stock worth $308,000 after buying an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 86.65% of the company's stock.

KLA Stock Up 1.8%

Shares of KLAC traded up $13.35 during trading hours on Tuesday, hitting $775.79. 943,151 shares of the company were exchanged, compared to its average volume of 1,089,118. The firm's 50 day moving average is $701.84 and its 200-day moving average is $696.68. KLA Co. has a 52 week low of $551.33 and a 52 week high of $896.32. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.63 and a current ratio of 2.36. The company has a market cap of $102.59 billion, a PE ratio of 32.62, a PEG ratio of 1.57 and a beta of 1.40.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. KLA had a return on equity of 108.60% and a net margin of 29.58%. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same period in the previous year, the company earned $5.26 earnings per share. The company's quarterly revenue was up 35.5% compared to the same quarter last year. On average, equities research analysts forecast that KLA Co. will post 31.59 EPS for the current fiscal year.

KLA Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th will be issued a $1.90 dividend. This is an increase from KLA's previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Monday, May 19th. KLA's payout ratio is presently 27.63%.

KLA announced that its board has authorized a share repurchase plan on Wednesday, April 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective for the company. in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price target on shares of KLA from $950.00 to $900.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Cowen restated a "hold" rating on shares of KLA in a report on Thursday, May 1st. TD Cowen boosted their target price on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Wall Street Zen cut shares of KLA from a "buy" rating to a "hold" rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $799.58.

Insiders Place Their Bets

In other news, CFO Bren D. Higgins sold 7,008 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 28,798 shares of the company's stock, valued at $20,867,606.76. This represents a 19.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total value of $7,381,006.60. Following the completion of the transaction, the chief executive officer now directly owns 78,740 shares of the company's stock, valued at approximately $53,803,042. The trade was a 12.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,829 shares of company stock valued at $13,240,166. 0.12% of the stock is currently owned by corporate insiders.

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.