Impax Asset Management Group plc Grows Stock Holdings in KLA Corporation (NASDAQ:KLAC)

Impax Asset Management Group plc raised its position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 53.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 389,834 shares of the semiconductor company's stock after buying an additional 135,469 shares during the quarter. KLA comprises about 1.6% of Impax Asset Management Group plc's investment portfolio, making the stock its 15th largest holding. Impax Asset Management Group plc owned approximately 0.29% of KLA worth $264,343,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 3Chopt Investment Partners LLC purchased a new position in shares of KLA in the 1st quarter valued at approximately $402,000. GAMMA Investing LLC raised its position in shares of KLA by 40.1% in the 1st quarter. GAMMA Investing LLC now owns 2,463 shares of the semiconductor company's stock valued at $1,674,000 after purchasing an additional 705 shares during the last quarter. Confluence Wealth Services Inc. purchased a new position in shares of KLA in the 1st quarter valued at approximately $1,479,000. Keyvantage Wealth LLC purchased a new position in shares of KLA in the 4th quarter valued at approximately $214,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of KLA by 2.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 138,990 shares of the semiconductor company's stock valued at $93,624,000 after purchasing an additional 3,846 shares during the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

KLA Price Performance

Shares of NASDAQ KLAC opened at $914.70 on Friday. The firm's 50 day simple moving average is $803.85 and its 200-day simple moving average is $732.99. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $928.02. The stock has a market capitalization of $120.96 billion, a price-to-earnings ratio of 33.25, a PEG ratio of 1.72 and a beta of 1.42. 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 released its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.08 by $0.33. KLA had a net margin of 31.99% and a return on equity of 112.97%. The firm had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter last year, the company earned $5.26 EPS. The firm's revenue for the quarter was up 35.5% compared to the same quarter last year. Analysts expect 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. Investors 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 dividend on an annualized basis and a yield of 0.83%. This is a boost from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is currently 27.63%.

KLA declared that its Board of Directors has authorized 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 reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. TD Cowen raised their price target on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Morgan Stanley raised their price target on shares of KLA from $868.00 to $916.00 and gave the stock an "overweight" rating in a research report on Tuesday. Wall Street Zen lowered shares of KLA from a "buy" rating to a "hold" rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft lowered shares of KLA from a "buy" rating to a "hold" rating and set a $790.00 price target for the company. in a research report on Tuesday, May 20th. Finally, UBS Group raised their price target on shares of KLA from $690.00 to $740.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $818.06.

Insider Activity at KLA

In related news, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total value of $7,381,006.60. Following the sale, the chief executive officer owned 78,740 shares of the company's stock, valued at approximately $53,803,042. This trade represents a 12.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Virendra A. Kirloskar sold 39 shares of KLA stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $891.50, for a total transaction 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,860 shares of company stock valued at $8,196,798. 0.12% of the stock is owned by company insiders.

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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