Novem Group Boosts Stake in KLA Corporation (NASDAQ:KLAC)

Novem Group lifted its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 19.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,288 shares of the semiconductor company's stock after buying an additional 375 shares during the quarter. Novem Group's holdings in KLA were worth $1,555,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Tortoise Investment Management LLC grew its position in shares of KLA by 300.0% during the 4th quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 36 shares in the last quarter. TCTC Holdings LLC purchased a new stake in shares of KLA during the 4th quarter valued at $31,000. Alpine Bank Wealth Management purchased a new stake in KLA during the first quarter valued at about $35,000. Fairfield Financial Advisors LTD lifted its position 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 buying an additional 40 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of KLA by 527.3% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 58 shares during the last quarter. 86.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays cut their target price on shares of KLA from $760.00 to $590.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. TD Cowen boosted their target price on shares of KLA from $770.00 to $800.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Morgan Stanley lifted their price objective on KLA from $868.00 to $916.00 and gave the company an "overweight" rating in a research note on Tuesday. Oppenheimer lifted their target price on shares of KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a report on Tuesday, June 17th. Finally, Stifel Nicolaus upped their price target on KLA from $750.00 to $770.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $818.06.

Insider Activity at KLA

In related news, CEO Richard P. Wallace sold 10,802 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 78,740 shares of the company's stock, valued at $53,803,042. This represents a 12.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Virendra A. Kirloskar sold 39 shares of KLA stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $891.50, for a total transaction of $34,768.50. Following the sale, the chief accounting officer owned 2,616 shares of the company's stock, valued at $2,332,164. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,860 shares of company stock worth $8,196,798 in the last quarter. 0.12% of the stock is owned by company insiders.

KLA Price Performance

NASDAQ:KLAC traded down $6.40 on Friday, reaching $914.70. 489,375 shares of the company's stock traded hands, compared to its average volume of 1,132,863. The firm has a market cap of $120.96 billion, a PE ratio of 33.25, a P/E/G ratio of 1.72 and a beta of 1.42. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47. The stock has a 50-day simple moving average of $799.45 and a 200-day simple moving average of $731.20. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $928.02.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, topping 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 company had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same period in the previous year, the firm earned $5.26 EPS. The firm's revenue was up 35.5% compared to the same quarter last year. Equities research analysts forecast that KLA Corporation will post 31.59 earnings per share for the current year.

KLA Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders 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 annualized dividend and a yield of 0.83%. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is presently 27.63%.

KLA declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

KLA Company Profile

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.