Assenagon Asset Management S.A. Sells 279,718 Shares of KLA Co. (NASDAQ:KLAC)

Assenagon Asset Management S.A. lowered its holdings in shares of KLA Co. (NASDAQ:KLAC - Free Report) by 63.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,335 shares of the semiconductor company's stock after selling 279,718 shares during the period. Assenagon Asset Management S.A. owned about 0.12% of KLA worth $109,676,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Tortoise Investment Management LLC grew its holdings in KLA by 300.0% during the 4th quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock valued at $30,000 after buying an additional 36 shares during the last quarter. TCTC Holdings LLC acquired a new position in KLA in the 4th quarter valued at $31,000. Kohmann Bosshard Financial Services LLC purchased a new position in KLA during the fourth quarter worth about $32,000. Fairfield Financial Advisors LTD boosted its stake in KLA by 160.0% in 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 during the last quarter. Finally, Hurley Capital LLC acquired a new position in shares of KLA during the 4th quarter valued at about $51,000. 86.65% of the stock is currently owned by institutional investors and hedge funds.

KLA Stock Up 0.5%

KLAC traded up $4.37 during midday trading on Thursday, hitting $876.37. 412,694 shares of the company's stock traded hands, compared to its average volume of 1,191,079. The company has a market cap of $115.89 billion, a PE ratio of 36.85, a price-to-earnings-growth ratio of 1.57 and a beta of 1.40. The stock's fifty day simple moving average is $723.77 and its 200-day simple moving average is $704.95. 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 Co. has a one year low of $551.33 and a one year high of $896.32.

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

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

KLA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were given a dividend of $1.90 per share. This is a boost from KLA's previous quarterly dividend of $1.70. The ex-dividend date was Monday, May 19th. This represents a $7.60 annualized dividend and a dividend yield of 0.87%. KLA's payout ratio is currently 27.63%.

Insider Activity at KLA

In other KLA news, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $766.46, for a total value of $781,022.74. Following the sale, the chief financial officer now owns 27,779 shares in the company, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the completion of the sale, the chief executive officer now owns 78,740 shares in the company, valued at $53,803,042. This trade represents a 12.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,829 shares of company stock worth $13,240,166 over the last ninety days. Company insiders own 0.12% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on KLAC. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $800.00 price target on shares of KLA in a research report on Thursday, May 1st. Barclays lowered their price target on KLA from $760.00 to $590.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. TD Cowen upped their target price on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Jefferies Financial Group reiterated a "hold" rating and set a $725.00 target price (down from $875.00) on shares of KLA in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. decreased their price target on KLA from $950.00 to $900.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $795.39.

KLA 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.