Equitable Trust Co. Acquires 1,943 Shares of KLA Corporation (NASDAQ:KLAC)

Key Points

• Equitable Trust Co. has significantly increased its holdings in KLA Corporation by 175.4%, acquiring an additional 1,943 shares, bringing its total to 3,051 shares valued at approximately $2.07 million.
• KLA recently declared a quarterly dividend of $1.90 per share, up from $1.70, with an annualized yield of 0.84% and a payout ratio of 27.63%.
• Analysts have mixed ratings on KLA, with a consensus rating of "Hold" and an average target price of approximately $849.76, while Citigroup increased its price target to $1,035.00.

Equitable Trust Co. boosted its position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 175.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 3,051 shares of the semiconductor company's stock after purchasing an additional 1,943 shares during the quarter. Equitable Trust Co.'s holdings in KLA were worth $2,074,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Capital International Investors boosted its stake in KLA by 0.4% during the fourth quarter. Capital International Investors now owns 3,606,838 shares of the semiconductor company's stock worth $2,273,118,000 after buying an additional 14,397 shares during the period. Geode Capital Management LLC lifted its position in shares of KLA by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,253,302 shares of the semiconductor company's stock worth $2,046,472,000 after purchasing an additional 31,608 shares during the last quarter. Norges Bank bought a new stake in shares of KLA during the fourth quarter worth $1,175,756,000. Northern Trust Corp raised its holdings in shares of KLA by 13.8% in the fourth quarter. Northern Trust Corp now owns 1,685,200 shares of the semiconductor company's stock valued at $1,061,878,000 after acquiring an additional 204,330 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of KLA by 95,141.6% in the first quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock valued at $1,138,221,000 after acquiring an additional 1,672,589 shares in the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on KLAC. Wells Fargo & Company reiterated an "equal weight" rating and issued a $920.00 target price (up from $870.00) on shares of KLA in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft downgraded KLA from a "buy" rating to a "hold" rating and set a $790.00 price target on the stock. in a research report on Tuesday, May 20th. Cowen restated a "hold" rating on shares of KLA in a research report on Thursday, May 1st. Oppenheimer upped their price objective on KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Finally, Barclays increased their price objective on KLA from $590.00 to $750.00 and gave the company an "equal weight" rating in a research note on Monday. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, KLA presently has a consensus rating of "Hold" and an average price target of $858.19.

Insider Buying and Selling

In other news, CFO Bren D. Higgins sold 1,019 shares of the 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 transaction, the chief financial officer owned 27,779 shares of the company's stock, valued at $21,291,492.34. This represents a 3.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Virendra A. Kirloskar sold 39 shares of the stock in a transaction dated 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 $2,332,164. This trade represents a 1.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,860 shares of company stock valued at $8,196,798 over the last 90 days. 0.12% of the stock is owned by insiders.

KLA Trading Up 1.1%

Shares of NASDAQ:KLAC traded up $9.67 during midday trading on Wednesday, hitting $925.76. The company had a trading volume of 236,147 shares, compared to its average volume of 1,155,996. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $945.87. 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 cap of $122.42 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 1.72 and a beta of 1.42. The firm has a fifty day simple moving average of $867.33 and a 200 day simple moving average of $765.12.

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. KLA had a return on equity of 112.97% and a net margin of 31.99%. The company had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter last year, the company earned $5.26 EPS. KLA's revenue for the quarter was up 35.5% compared to the same quarter last year. On average, analysts predict that KLA Corporation will post 31.59 EPS for the current year.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were issued a dividend of $1.90 per share. The ex-dividend date was Monday, May 19th. This is an increase from KLA's previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a dividend yield of 0.82%. KLA's dividend payout ratio is 27.63%.

KLA declared that its board has initiated a share repurchase plan on Wednesday, April 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are 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.