Cypress Asset Management Inc. TX Makes New $1.12 Million Investment 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 the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,773 shares of the semiconductor company's stock, valued at approximately $1,117,000.

A number of other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in KLA during the 4th quarter worth approximately $1,175,756,000. Parnassus Investments LLC lifted its stake in KLA by 381.3% during the 4th quarter. Parnassus Investments LLC now owns 733,328 shares of the semiconductor company's stock worth $462,085,000 after acquiring an additional 580,967 shares in the last quarter. Proficio Capital Partners LLC increased its stake in KLA by 114,444.5% during the 4th quarter. Proficio Capital Partners LLC now owns 342,488 shares of the semiconductor company's stock worth $215,809,000 after buying an additional 342,189 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in KLA by 33.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,191,262 shares of the semiconductor company's stock valued at $750,638,000 after purchasing an additional 300,015 shares during the period. Finally, Capital Research Global Investors acquired a new position in KLA during the 4th quarter worth approximately $187,212,000. Institutional investors and hedge funds own 86.65% of the company's stock.

Insiders Place Their Bets

In other news, CFO Bren D. Higgins sold 1,019 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was 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 now directly owns 27,779 shares in the company, valued at $21,291,492.34. This represents a 3.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction on 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 owns 78,740 shares in the company, valued at $53,803,042. The trade was a 12.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,829 shares of company stock valued at $13,240,166 over the last quarter. Company insiders own 0.12% of the company's stock.

KLA Trading Down 2.8%

KLAC stock traded down $22.01 during midday trading on Friday, hitting $751.96. The stock had a trading volume of 504,764 shares, compared to its average volume of 1,086,759. The company's 50-day moving average price is $700.15 and its 200 day moving average price is $694.36. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.36 and a quick ratio of 1.63. The firm has a market cap of $99.44 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 1.57 and a beta of 1.40. KLA Co. has a 12-month low of $551.33 and a 12-month high of $896.32.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, beating 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 business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the previous year, the business earned $5.26 earnings per share. The business's revenue for the quarter was up 35.5% on a year-over-year basis. On average, equities research analysts predict that KLA Co. will post 31.59 earnings per share for the current fiscal year.

KLA announced that its board has initiated a stock repurchase program on Wednesday, April 30th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Monday, May 19th will be given a dividend of $1.90 per share. This is a positive change from KLA's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, May 19th. This represents a $7.60 annualized dividend and a yield of 1.01%. KLA's dividend payout ratio is 27.63%.

Analysts Set New Price Targets

KLAC has been the subject of several recent analyst reports. UBS Group boosted 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. Jefferies Financial Group reissued a "hold" rating and issued a $725.00 target price (down from $875.00) on shares of KLA in a report on Friday, March 28th. Stifel Nicolaus raised their target price on shares of KLA from $750.00 to $770.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. TD Cowen raised their price objective on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Finally, Citigroup reduced their price objective on KLA from $910.00 to $800.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $799.58.

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.