KLA Corporation (NASDAQ:KLAC) is Smith Group Asset Management LLC's 7th Largest Position

Smith Group Asset Management LLC raised its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,279 shares of the semiconductor company's stock after acquiring an additional 2,663 shares during the quarter. KLA makes up about 2.7% of Smith Group Asset Management LLC's investment portfolio, making the stock its 7th largest holding. Smith Group Asset Management LLC's holdings in KLA were worth $36,219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of KLAC. Anchor Investment Management LLC grew its position in shares of KLA by 12.0% during the 4th quarter. Anchor Investment Management LLC now owns 140 shares of the semiconductor company's stock worth $88,000 after buying an additional 15 shares during the period. Avantax Planning Partners Inc. boosted its stake in KLA by 2.9% during the fourth quarter. Avantax Planning Partners Inc. now owns 570 shares of the semiconductor company's stock worth $359,000 after acquiring an additional 16 shares in the last quarter. Lockerman Financial Group Inc. grew its holdings in KLA by 3.8% in the first quarter. Lockerman Financial Group Inc. now owns 438 shares of the semiconductor company's stock worth $298,000 after purchasing an additional 16 shares during the period. Childress Capital Advisors LLC increased its stake in KLA by 3.3% in the first quarter. Childress Capital Advisors LLC now owns 495 shares of the semiconductor company's stock valued at $337,000 after purchasing an additional 16 shares in the last quarter. Finally, Sunflower Bank N.A. raised its holdings in shares of KLA by 4.7% during the first quarter. Sunflower Bank N.A. now owns 381 shares of the semiconductor company's stock valued at $259,000 after purchasing an additional 17 shares during the period. Institutional investors own 86.65% of the company's stock.

Insider Activity at KLA

In other news, CEO Richard P. Wallace sold 10,802 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 78,740 shares in the company, valued at approximately $53,803,042. This trade represents a 12.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Bren D. Higgins sold 1,019 shares of the company's stock in a transaction 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 sale, the chief financial officer owned 27,779 shares of the company's stock, valued at $21,291,492.34. This represents a 3.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on KLAC shares. Cantor Fitzgerald restated an "overweight" rating on shares of KLA in a research note on Tuesday, June 24th. Barclays cut their price objective on KLA from $760.00 to $590.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Stifel Nicolaus increased their price objective on KLA from $750.00 to $770.00 and gave the company a "buy" rating in a report on Thursday, May 1st. TD Cowen lifted their price objective on shares of KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. dropped their target price on KLA from $950.00 to $900.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $818.06.

KLA Price Performance

Shares of NASDAQ KLAC traded up $3.11 during mid-day trading on Tuesday, reaching $898.85. 1,079,103 shares of the company were exchanged, compared to its average volume of 1,128,023. The stock has a market capitalization of $118.86 billion, a PE ratio of 32.67, a PEG ratio of 1.69 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 Corporation has a 52 week low of $551.33 and a 52 week high of $914.83. The company's 50 day moving average price is $784.41 and its 200 day moving average price is $726.89.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. The firm had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. The company's revenue for the quarter was up 35.5% compared to the same quarter last year. During the same period in the prior year, the business earned $5.26 EPS. Sell-side analysts forecast that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA announced that its board has initiated a stock buyback 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 purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were paid a $1.90 dividend. This is a boost from KLA's previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Monday, May 19th. KLA's payout ratio is 27.63%.

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.