Cypress Asset Management Inc. TX Invests $1.12 Million in KLA Co. (NASDAQ:KLAC)

Cypress Asset Management Inc. TX acquired a new stake in KLA Co. (NASDAQ:KLAC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,773 shares of the semiconductor company's stock, valued at approximately $1,117,000.

Other hedge funds also recently made changes to their positions in the company. Keyvantage Wealth LLC acquired a new stake in shares of KLA in the fourth quarter valued at approximately $214,000. Milestone Asset Management LLC acquired a new stake in shares of KLA in the fourth quarter valued at approximately $1,563,000. AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of KLA by 15.2% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 60,834 shares of the semiconductor company's stock valued at $38,326,000 after buying an additional 8,028 shares during the last quarter. Bensler LLC increased its stake in shares of KLA by 3.5% during the fourth quarter. Bensler LLC now owns 18,958 shares of the semiconductor company's stock worth $11,946,000 after purchasing an additional 649 shares during the period. Finally, Swedbank AB increased its stake in shares of KLA by 10.7% during the fourth quarter. Swedbank AB now owns 610,049 shares of the semiconductor company's stock worth $384,404,000 after purchasing an additional 59,100 shares during the period. 86.65% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total value of $7,381,006.60. Following the completion of the sale, the chief executive officer now directly owns 78,740 shares of the company's stock, valued at $53,803,042. The trade was a 12.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total value of $781,022.74. Following the completion of the sale, the chief financial officer now directly owns 27,779 shares of the company's stock, valued at $21,291,492.34. The trade was a 3.54% 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 valued at $13,240,166 in the last ninety days. 0.12% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on KLAC shares. UBS Group increased their target price on KLA from $690.00 to $740.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. TD Cowen increased 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. Oppenheimer increased their target price on KLA from $700.00 to $740.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Needham & Company LLC reiterated a "buy" rating and set a $830.00 target price on shares of KLA in a research note on Thursday, May 1st. Finally, Wells Fargo & Company increased their target price on KLA from $795.00 to $870.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $799.58.

KLA Trading Down 1.5%

KLAC traded down $11.56 during midday trading on Wednesday, hitting $777.50. 904,954 shares of the company were exchanged, compared to its average volume of 1,088,651. The firm has a market capitalization of $102.82 billion, a P/E ratio of 32.70, a P/E/G ratio of 1.57 and a beta of 1.40. KLA Co. has a 1-year low of $551.33 and a 1-year high of $896.32. The firm's 50 day moving average price is $697.81 and its 200-day moving average price is $693.03. The company has a quick ratio of 1.63, a current ratio of 2.36 and a debt-to-equity ratio of 1.64.

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

KLA declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

KLA Increases Dividend

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

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.