BNP PARIBAS ASSET MANAGEMENT Holding S.A. Decreases Stock Position in KLA Corporation $KLAC

Key Points

• BNP Paribas Asset Management reduced its stake in KLA Corporation by 48.2%, now holding 43,920 shares worth approximately $29.85 million.
• Numerous hedge funds have adjusted their positions, with notable increases including E Fund Management Hong Kong, which boosted its stake by 527.3%.
• Analysts are generally optimistic, raising target prices for KLA shares, with Barclays increasing it to $750 and Citigroup to $1,060, reflecting a potential growth outlook for the company.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. trimmed its position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 48.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,920 shares of the semiconductor company's stock after selling 40,947 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A.'s holdings in KLA were worth $29,851,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in KLAC. Alpine Bank Wealth Management acquired a new position in KLA during the first quarter worth about $35,000. Olde Wealth Management LLC purchased a new stake in shares of KLA in the first quarter valued at about $36,000. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of KLA during the 1st quarter worth approximately $37,000. Hazlett Burt & Watson Inc. acquired a new stake in KLA during the first quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its position in shares of KLA by 527.3% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 58 shares during the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KLAC shares. Barclays lifted their target price on shares of KLA from $590.00 to $750.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Oppenheimer lifted their target price on KLA from $740.00 to $950.00 and gave the company an "outperform" rating in a report on Tuesday, June 17th. Citigroup lifted their price target on shares of KLA from $1,035.00 to $1,060.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. TD Cowen lifted their price target on KLA from $800.00 to $900.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Finally, The Goldman Sachs Group assumed coverage on KLA in a research report on Thursday, July 10th. They set a "neutral" rating and a $980.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $890.59.

Insider Activity

In other news, CEO Richard P. Wallace sold 10,801 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $913.68, for a total transaction of $9,868,657.68. Following the transaction, the chief executive officer directly owned 92,818 shares in the company, valued at $84,805,950.24. The trade was a 10.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 completion of the sale, the chief financial officer owned 27,779 shares of the company's stock, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,908 shares of company stock valued at $18,038,659. Corporate insiders own 0.12% of the company's stock.

KLA Trading Down 8.4%

NASDAQ KLAC opened at $874.94 on Monday. The firm's fifty day moving average is $902.52 and its two-hundred day moving average is $781.30. KLA Corporation has a one year low of $551.33 and a one year high of $959.26. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.83 and a current ratio of 2.62. The firm has a market cap of $115.46 billion, a PE ratio of 28.79, a P/E/G ratio of 2.98 and a beta of 1.44.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $0.85. KLA had a return on equity of 112.41% and a net margin of 33.41%. The firm had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same quarter in the previous year, the firm posted $6.60 EPS. The firm's revenue for the quarter was up 23.6% on a year-over-year basis. Analysts expect that KLA Corporation will post 31.59 earnings per share for the current year.

KLA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Monday, August 18th will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, August 18th. KLA's dividend payout ratio (DPR) is 25.01%.

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

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.

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