Envestnet Portfolio Solutions Inc. Sells 2,987 Shares of KLA Corporation (NASDAQ:KLAC)

Envestnet Portfolio Solutions Inc. decreased its stake in KLA Corporation (NASDAQ:KLAC - Free Report) by 24.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,116 shares of the semiconductor company's stock after selling 2,987 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in KLA were worth $6,197,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Tortoise Investment Management LLC grew its holdings 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 acquiring an additional 36 shares in the last quarter. TCTC Holdings LLC bought a new position in KLA during the fourth quarter worth about $31,000. Kohmann Bosshard Financial Services LLC acquired a new position in KLA during the fourth quarter worth approximately $32,000. Fairfield Financial Advisors LTD raised its stake in KLA by 160.0% in the fourth quarter. Fairfield Financial Advisors LTD now owns 65 shares of the semiconductor company's stock valued at $41,000 after buying an additional 40 shares during the period. Finally, Hurley Capital LLC acquired a new stake in shares of KLA in the fourth quarter valued at approximately $51,000. Institutional investors own 86.65% of the company's stock.

KLA Stock Performance

KLAC opened at $850.00 on Friday. The business has a fifty day simple moving average of $755.43 and a 200 day simple moving average of $715.99. The company has a market capitalization of $112.40 billion, a PE ratio of 30.90, a price-to-earnings-growth ratio of 1.66 and a beta of 1.40. KLA Corporation has a 1 year low of $551.33 and a 1 year high of $914.83. The company has a debt-to-equity ratio of 1.47, a current ratio of 2.54 and a quick ratio of 1.74.

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 for the quarter, beating the consensus estimate of $8.08 by $0.33. The firm had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. The company's quarterly revenue was up 35.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.26 EPS. Research analysts expect that KLA Corporation will post 31.59 EPS for the current year.

KLA declared that its Board of Directors has authorized a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

KLA Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were issued a $1.90 dividend. The ex-dividend date was Monday, May 19th. This is a boost from KLA's previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a yield of 0.89%. KLA's payout ratio is currently 27.63%.

Insider Buying and Selling at KLA

In other KLA news, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction on 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of KLA stock in a transaction on 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 transaction, the chief financial officer now directly owns 27,779 shares of the company's stock, valued at $21,291,492.34. This represents a 3.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,829 shares of company stock valued at $13,240,166 in the last three months. Corporate insiders own 0.12% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $725.00 price objective (down from $875.00) on shares of KLA in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft cut KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective for the company. in a research report on Tuesday, May 20th. Wall Street Zen cut KLA from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Morgan Stanley cut their price objective on KLA from $870.00 to $868.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, TD Securities raised their price objective on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $807.06.

About KLA

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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