Frank Rimerman Advisors LLC Buys 851 Shares of KLA Corporation (NASDAQ:KLAC)

Key Points

• Frank Rimerman Advisors LLC increased its stake in KLA Corporation by 44.7%, owning a total of 2,756 shares valued at approximately $1.87 million.
• KLA Corporation declared a quarterly dividend of $1.90 per share, set to be paid on September 3rd, which represents a 0.8% yield.
• Several analysts raised their price targets for KLA, with Raymond James setting a new target at $950.00, reflecting consistent optimism about the company's performance.

Frank Rimerman Advisors LLC raised its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 44.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,756 shares of the semiconductor company's stock after purchasing an additional 851 shares during the quarter. Frank Rimerman Advisors LLC's holdings in KLA were worth $1,874,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of KLA by 95,141.6% during the first quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock worth $1,138,221,000 after acquiring an additional 1,672,589 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of KLA by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,852,814 shares of the semiconductor company's stock valued at $1,259,543,000 after buying an additional 404,634 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in KLA by 33.7% during the 4th 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 acquiring an additional 300,015 shares during the period. Capital Research Global Investors purchased a new position in KLA in the 4th quarter worth approximately $187,212,000. Finally, Voloridge Investment Management LLC lifted its position in KLA by 421.8% in the fourth quarter. Voloridge Investment Management LLC now owns 325,411 shares of the semiconductor company's stock valued at $205,048,000 after purchasing an additional 263,051 shares during the last quarter. Institutional investors own 86.65% of the company's stock.

Insiders Place Their Bets

In other KLA news, CAO Virendra A. Kirloskar sold 39 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $891.50, for a total value of $34,768.50. Following the completion of the transaction, the chief accounting officer owned 2,616 shares in the company, valued at approximately $2,332,164. This represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the chief financial officer directly owned 27,779 shares in the company, valued at $21,291,492.34. The trade was a 3.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.

KLA Stock Up 1.5%

KLA stock traded up $14.00 during midday trading on Wednesday, reaching $949.53. The company's stock had a trading volume of 419,273 shares, compared to its average volume of 1,155,373. The business has a 50-day simple moving average of $894.57 and a 200-day simple moving average of $776.44. The company has a market cap of $125.30 billion, a P/E ratio of 31.22, a P/E/G ratio of 3.10 and a beta of 1.44. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $951.31. The company has a quick ratio of 1.83, a current ratio of 2.62 and a debt-to-equity ratio of 1.25.

KLA (NASDAQ:KLAC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share for the quarter, topping analysts' consensus estimates of $8.53 by $0.85. The company had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $3.08 billion. KLA had a net margin of 33.41% and a return on equity of 112.41%. The firm's revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter last year, the company earned $6.60 earnings per share. On average, research analysts expect that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

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

KLA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Monday, August 18th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, August 18th. KLA's payout ratio is currently 25.01%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on KLAC. Citigroup increased their price target on shares of KLA from $1,035.00 to $1,060.00 and gave the company a "buy" rating in a research report on Friday, August 1st. UBS Group upped their price target on KLA from $775.00 to $960.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Stifel Nicolaus upped their target price on KLA from $770.00 to $922.00 and gave the company a "buy" rating in a report on Friday, August 1st. The Goldman Sachs Group initiated coverage on shares of KLA in a research report on Thursday, July 10th. They set a "neutral" rating and a $980.00 price objective on the stock. Finally, Cowen reiterated a "hold" rating on shares of KLA in a report on Thursday, May 1st. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $890.59.

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.