Pictet Asset Management Holding SA increased its stake in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 9.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,586,781 shares of the semiconductor company's stock after acquiring an additional 131,620 shares during the period. KLA accounts for about 1.2% of Pictet Asset Management Holding SA's holdings, making the stock its 10th largest position. Pictet Asset Management Holding SA owned about 1.19% of KLA worth $1,078,526,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in shares of KLA during the 1st quarter valued at about $35,000. Olde Wealth Management LLC acquired a new position in shares of KLA during the 1st quarter valued at about $36,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of KLA by 527.3% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. HM Payson & Co. increased its holdings in shares of KLA by 270.0% during the 1st quarter. HM Payson & Co. now owns 74 shares of the semiconductor company's stock valued at $50,000 after acquiring an additional 54 shares during the last quarter. Finally, Hurley Capital LLC acquired a new stake in KLA in the 4th quarter valued at approximately $51,000. Institutional investors and hedge funds own 86.65% of the company's stock.
KLA Stock Performance
Shares of NASDAQ:KLAC traded down $5.96 during trading on Friday, hitting $931.12. 682,033 shares of the stock were exchanged, compared to its average volume of 1,135,475. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.74 and a current ratio of 2.54. The company has a market capitalization of $123.13 billion, a price-to-earnings ratio of 33.85, a price-to-earnings-growth ratio of 1.75 and a beta of 1.42. KLA Corporation has a 1-year low of $551.33 and a 1-year high of $950.50. The company's fifty day simple moving average is $850.60 and its 200-day simple moving average is $752.85.
KLA (NASDAQ:KLAC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, topping the consensus estimate of $8.08 by $0.33. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. KLA's revenue was up 35.5% on a year-over-year basis. During the same quarter last year, the company earned $5.26 EPS. Sell-side analysts expect that KLA Corporation will post 31.59 EPS for the current fiscal year.
KLA declared that its Board of Directors has initiated a stock buyback plan on Wednesday, April 30th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
KLA Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Monday, May 19th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Monday, May 19th. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is 27.63%.
Insider Buying and Selling
In related news, CFO Bren D. Higgins sold 1,019 shares of the firm'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 transaction of $781,022.74. Following the completion of the transaction, the chief financial officer owned 27,779 shares in the company, valued at $21,291,492.34. This trade represents a 3.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard P. Wallace sold 10,802 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total value of $7,381,006.60. Following the transaction, the chief executive officer owned 78,740 shares of the company's stock, valued at $53,803,042. This trade represents a 12.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,860 shares of company stock worth $8,196,798 in the last 90 days. 0.12% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have issued reports on KLAC shares. Stifel Nicolaus raised their target price on KLA from $750.00 to $770.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Oppenheimer raised their target price on KLA from $740.00 to $950.00 and gave the company an "outperform" rating in a report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft lowered KLA from a "buy" rating to a "hold" rating and set a $790.00 target price on the stock. in a report on Tuesday, May 20th. TD Securities raised their target price on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Morgan Stanley raised their target price on KLA from $868.00 to $916.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, KLA presently has an average rating of "Hold" and a consensus price target of $840.33.
Read Our Latest Stock Report on KLAC
About KLA
(
Free Report)
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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