KLA Corporation $KLAC Stock Sold by Carmel Capital Management L.L.C.

Key Points

• Carmel Capital Management cut its KLA stake by 12.3% in the third quarter, selling 10,730 shares. It retained 76,290 shares valued at approximately $14.9 million.
• KLA beat quarterly earnings and revenue estimates, reporting EPS of $1.22 versus expectations of $1.18 and revenue of $4.14 billion; revenue rose 28.9% year over year.
• Analyst sentiment remained broadly positive, with a MarketBeat average rating of “Moderate Buy” and an average price target of $220.35, while company insiders sold 219,173 shares in the quarter.

Carmel Capital Management L.L.C. reduced its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 12.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,290 shares of the semiconductor company's stock after selling 10,730 shares during the quarter. KLA accounts for 3.5% of Carmel Capital Management L.L.C.'s portfolio, making the stock its 13th largest position. Carmel Capital Management L.L.C.'s holdings in KLA were worth $14,871,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in KLAC. Formuepleje A S boosted its position in KLA by 1,125.5% in the 2nd quarter. Formuepleje A S now owns 30,062 shares of the semiconductor company's stock valued at $9,070,000 after buying an additional 27,609 shares during the last quarter. TOWER TRUST & INVESTMENT Co increased its position in shares of KLA by 829.7% during the second quarter. TOWER TRUST & INVESTMENT Co now owns 7,456 shares of the semiconductor company's stock worth $2,249,000 after acquiring an additional 6,654 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of KLA by 1,195.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 14,948 shares of the semiconductor company's stock worth $4,510,000 after acquiring an additional 13,794 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of KLA by 7.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 275,745 shares of the semiconductor company's stock worth $53,751,000 after acquiring an additional 19,700 shares in the last quarter. Finally, Colton Groome Financial Advisors LLC lifted its stake in shares of KLA by 40.1% in the third quarter. Colton Groome Financial Advisors LLC now owns 28,728 shares of the semiconductor company's stock worth $5,600,000 after acquiring an additional 8,225 shares in the last quarter. Institutional investors and hedge funds own 86.65% of the company's stock.

KLA Stock Performance

Shares of KLA stock opened at $156.04 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.86 and a current ratio of 2.76. KLA Corporation has a 1 year low of $107.20 and a 1 year high of $307.37. The firm's 50-day simple moving average is $177.49 and its 200-day simple moving average is $181.89. The firm has a market cap of $203.32 billion, a PE ratio of 39.01, a price-to-earnings-growth ratio of 1.25 and a beta of 1.49.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The semiconductor company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.04. The business had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.04 billion. KLA had a return on equity of 89.30% and a net margin of 36.25%. The company's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the firm earned $8.47 earnings per share. Equities analysts forecast that KLA Corporation will post 5.73 earnings per share for the current fiscal year.

KLA Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.92 dividend on an annualized basis and a yield of 0.6%. This is a boost from KLA's previous quarterly dividend of $0.23. KLA's dividend payout ratio (DPR) is 23.00%.

Insider Activity at KLA

In other news, EVP Brian Lorig sold 59,586 shares of KLA stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $208.13, for a total value of $12,401,634.18. Following the completion of the transaction, the executive vice president owned 77,681 shares in the company, valued at approximately $16,167,746.53. This trade represents a 43.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard Wallace sold 87,568 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $198.95, for a total value of $17,421,653.60. Following the sale, the chief executive officer directly owned 778,944 shares in the company, valued at approximately $154,970,908.80. This represents a 10.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 219,173 shares of company stock valued at $42,201,914. Insiders own 79.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Susquehanna reduced their price target on KLA from $215.00 to $190.00 and set a "neutral" rating for the company in a report on Thursday, October 29th. Jefferies Financial Group restated a "buy" rating and set a $210.00 price objective (up from $200.00) on shares of KLA in a report on Wednesday, July 29th. Citigroup cut their target price on KLA from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $195.00 target price (down from $220.00) on shares of KLA in a research note on Wednesday, July 29th. Finally, Morgan Stanley reissued an "overweight" rating and set a $220.00 price target on shares of KLA in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, KLA has an average rating of "Moderate Buy" and an average price target of $220.35.

KLA Company Profile

KLA Corporation NASDAQ: KLAC develops process control, inspection and yield management solutions for the semiconductor and other advanced manufacturing industries. Its technologies help manufacturers identify defects, measure critical dimensions and monitor production processes to improve quality, reliability and manufacturing efficiency.

The company's product portfolio includes wafer and reticle inspection systems, metrology and measurement tools, defect review and classification systems, and software for analyzing manufacturing data.

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