KLA Corporation (NASDAQ:KLAC) Position Increased by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its stake in KLA Corporation by 27.5%, purchasing an additional 2,943 shares, bringing their total holdings to 13,656 shares valued at approximately $9.27 million.
• Several brokerages have raised their price targets for KLA stock, with Barclays increasing its target from $590 to $750 and TD Cowen raising theirs from $770 to $800, suggesting an overall positive outlook on the stock.
• KLA recently announced a quarterly dividend of $1.90 per share, an increase from the previous $1.70, reflecting a total annualized dividend yield of 0.82% for shareholders.

Harvest Fund Management Co. Ltd grew its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,656 shares of the semiconductor company's stock after buying an additional 2,943 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in KLA were worth $9,277,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of KLAC. Alpine Bank Wealth Management acquired a new position in shares of KLA during the first quarter worth about $35,000. Olde Wealth Management LLC acquired a new position in shares of KLA during the first quarter worth about $36,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of KLA during the first quarter worth about $37,000. Hazlett Burt & Watson Inc. acquired a new position in shares of KLA during the first quarter worth about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of KLA by 527.3% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 86.65% of the company's stock.

Insider Transactions at KLA

In other KLA news, CAO Virendra A. Kirloskar sold 39 shares of the company'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 value of $34,768.50. Following the completion of the sale, the chief accounting officer directly owned 2,616 shares in the company, valued at $2,332,164. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bren D. Higgins sold 1,019 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was 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 disclosure for this sale can be found here. Over the last three months, insiders sold 11,860 shares of company stock worth $8,196,798. Company insiders own 0.12% of the company's stock.

KLA Stock Performance

Shares of NASDAQ:KLAC traded up $7.61 during trading on Friday, hitting $886.64. 1,474,586 shares of the company traded hands, compared to its average volume of 1,171,791. The stock has a market capitalization of $117.25 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 1.72 and a beta of 1.42. The business's fifty day moving average is $872.48 and its 200-day moving average is $767.52. KLA Corporation has a one year low of $551.33 and a one year high of $945.87. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.85. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. The business's revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the firm posted $6.60 earnings per share. As a group, equities analysts predict that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

KLA Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were given a dividend of $1.90 per share. This is a boost from KLA's previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, May 19th. KLA's payout ratio is presently 27.63%.

Analysts Set New Price Targets

Several research firms recently commented on KLAC. Needham & Company LLC reiterated a "buy" rating and issued a $830.00 price target on shares of KLA in a research note on Thursday, May 1st. Wall Street Zen cut KLA from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. JPMorgan Chase & Co. boosted their price target on KLA from $900.00 to $1,070.00 and gave the stock an "overweight" rating in a research note on Friday. Raymond James Financial reiterated an "outperform" rating and issued a $950.00 price target (up previously from $850.00) on shares of KLA in a research note on Friday. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $920.00 price target (up previously from $870.00) on shares of KLA in a research note on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $890.59.

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.