Invesco LLC Increases Stake in KLA Corporation (NASDAQ:KLAC)

Invesco LLC lifted its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 35.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,607 shares of the semiconductor company's stock after purchasing an additional 681 shares during the quarter. Invesco LLC's holdings in KLA were worth $1,772,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of KLAC. Tortoise Investment Management LLC boosted its position in KLA by 300.0% during the fourth quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock valued at $30,000 after buying an additional 36 shares during the period. TCTC Holdings LLC purchased a new stake in KLA during the 4th quarter valued at about $31,000. Kohmann Bosshard Financial Services LLC bought a new position in KLA during the 4th quarter worth approximately $32,000. Fairfield Financial Advisors LTD increased its stake in KLA by 160.0% in the 4th quarter. Fairfield Financial Advisors LTD now owns 65 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 40 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in KLA by 527.3% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock valued at $47,000 after purchasing an additional 58 shares during the last quarter. 86.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KLAC. TD Cowen raised their target price on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Jefferies Financial Group restated a "hold" rating and issued a $725.00 price objective (down previously from $875.00) on shares of KLA in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft lowered shares of KLA from a "buy" rating to a "hold" rating and set a $790.00 target price for the company. in a report on Tuesday, May 20th. Citigroup reduced their price target on KLA from $910.00 to $800.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. dropped their price objective on KLA from $950.00 to $900.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, KLA presently has a consensus rating of "Moderate Buy" and an average price target of $815.39.

KLA Stock Up 0.5%

Shares of NASDAQ KLAC traded up $4.43 on Wednesday, reaching $893.46. 771,945 shares of the company's stock traded hands, compared to its average volume of 1,124,601. The business's 50 day simple moving average is $763.41 and its two-hundred day simple moving average is $719.49. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $914.83. The company has a market cap of $118.15 billion, a price-to-earnings ratio of 32.48, a price-to-earnings-growth ratio of 1.63 and a beta of 1.40. 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 announced its quarterly earnings data 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 return on equity of 112.97% and a net margin of 31.99%. The business had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter in the previous year, the business earned $5.26 earnings per share. The firm's quarterly revenue was up 35.5% compared to the same quarter last year. As a group, equities research analysts forecast that KLA Corporation will post 31.59 EPS for the current fiscal year.

KLA Increases Dividend

The company also recently announced 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 0.85%. KLA's payout ratio is 27.63%.

KLA declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Transactions at KLA

In related news, CFO Bren D. Higgins sold 1,019 shares of the stock in a transaction that occurred on 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 now owns 27,779 shares in the company, valued at $21,291,492.34. This represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the completion of the sale, the chief executive officer now directly owns 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 disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.

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.