Bank of New York Mellon Corp Cuts Position in KLA Corporation (NASDAQ:KLAC)

Bank of New York Mellon Corp cut its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 9.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,041,285 shares of the semiconductor company's stock after selling 111,758 shares during the quarter. Bank of New York Mellon Corp owned about 0.78% of KLA worth $707,866,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tortoise Investment Management LLC boosted its stake in shares of KLA by 300.0% in 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 period. TCTC Holdings LLC acquired a new position in KLA during the 4th quarter worth approximately $31,000. Alpine Bank Wealth Management acquired a new position in KLA during the 1st quarter worth approximately $35,000. Olde Wealth Management LLC acquired a new position in KLA during the 1st quarter worth approximately $36,000. Finally, Fairfield Financial Advisors LTD grew its holdings 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 acquiring an additional 40 shares in the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at KLA

In other KLA news, CFO Bren D. Higgins sold 1,019 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total transaction of $781,022.74. Following the sale, the chief financial officer directly owned 27,779 shares of the company's stock, valued at $21,291,492.34. This trade represents a 3.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Virendra A. Kirloskar sold 39 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $891.50, for a total value of $34,768.50. Following the transaction, the chief accounting officer owned 2,616 shares in the company, valued at $2,332,164. This trade represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,860 shares of company stock valued at $8,196,798 over the last quarter. Insiders own 0.12% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on KLAC shares. Morgan Stanley boosted their price target on shares of KLA from $868.00 to $916.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Oppenheimer boosted their target price on KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. TD Cowen boosted their target price on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. cut their price target on KLA from $950.00 to $900.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, TD Securities lifted their price target on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $818.06.

KLA Price Performance

KLAC stock traded down $12.60 on Monday, reaching $911.98. 187,976 shares of the company's stock were exchanged, compared to its average volume of 1,131,808. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47. KLA Corporation has a twelve month low of $551.33 and a twelve month high of $928.02. The firm has a market cap of $120.60 billion, a PE ratio of 33.15, a P/E/G ratio of 1.72 and a beta of 1.42. The stock has a fifty day moving average of $803.85 and a 200-day moving average of $734.48.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. KLA had a net margin of 31.99% and a return on equity of 112.97%. The business had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same period in the prior year, the company posted $5.26 EPS. The business's revenue for the quarter was up 35.5% on a year-over-year basis. As a group, equities analysts predict that KLA Corporation will post 31.59 EPS for the current fiscal year.

KLA declared that its board has authorized a stock buyback program on Wednesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

KLA Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were issued a $1.90 dividend. This is a positive change from KLA's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.60 annualized dividend and a yield of 0.83%. KLA's dividend payout ratio is 27.63%.

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.