Envestnet Asset Management Inc. Grows Stake in KLA Corporation (NASDAQ:KLAC)

Envestnet Asset Management Inc. raised its stake in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 7.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 329,526 shares of the semiconductor company's stock after buying an additional 23,184 shares during the period. Envestnet Asset Management Inc. owned about 0.25% of KLA worth $224,012,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tortoise Investment Management LLC grew its position in shares of 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 acquiring an additional 36 shares during the period. TCTC Holdings LLC bought a new position in KLA in the 4th quarter worth $31,000. Alpine Bank Wealth Management bought a new position in KLA in the 1st quarter worth $35,000. Olde Wealth Management LLC bought a new position in KLA in the 1st quarter worth $36,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its holdings in KLA by 527.3% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock worth $47,000 after buying an additional 58 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $725.00 target price (down previously from $875.00) on shares of KLA in a report on Friday, March 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $830.00 target price on shares of KLA in a report on Thursday, May 1st. TD Securities upped their target price on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. TD Cowen upped their target price on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Oppenheimer upped their target price on shares of KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $833.89.

Insiders Place Their Bets

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 value 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 $21,291,492.34. This trade represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Virendra A. Kirloskar sold 39 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $891.50, for a total transaction of $34,768.50. Following the transaction, the chief accounting officer directly owned 2,616 shares in the company, valued at approximately $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 sold a total of 11,860 shares of company stock valued at $8,196,798 over the last 90 days. Insiders own 0.12% of the company's stock.

KLA Trading Up 0.4%

Shares of NASDAQ:KLAC traded up $3.96 during trading on Wednesday, reaching $923.18. The company's stock had a trading volume of 600,943 shares, compared to its average volume of 1,134,185. The company has a current ratio of 2.54, a quick ratio of 1.74 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $122.08 billion, a PE ratio of 33.56, a price-to-earnings-growth ratio of 1.70 and a beta of 1.42. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $931.09. The firm's 50 day simple moving average is $812.85 and its two-hundred day simple moving average is $737.73.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.08 by $0.33. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. KLA had a net margin of 31.99% and a return on equity of 112.97%. The firm's quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 earnings per share. On average, research analysts predict that KLA Corporation will post 31.59 EPS for the current fiscal year.

KLA Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were paid a $1.90 dividend. The ex-dividend date was Monday, May 19th. This represents a $7.60 annualized dividend and a yield of 0.82%. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is presently 27.63%.

KLA declared that its Board of Directors has approved a share buyback 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 repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

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.