KLA Corporation (NASDAQ:KLAC) Shares Sold by Conning Inc.

Conning Inc. lessened its holdings in KLA Corporation (NASDAQ:KLAC - Free Report) by 17.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,616 shares of the semiconductor company's stock after selling 1,402 shares during the quarter. Conning Inc.'s holdings in KLA were worth $4,498,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of KLA by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 13,484,468 shares of the semiconductor company's stock worth $8,496,833,000 after purchasing an additional 85,370 shares during the last quarter. Capital International Investors raised its stake in shares of KLA by 0.4% in the fourth quarter. Capital International Investors now owns 3,606,838 shares of the semiconductor company's stock worth $2,273,118,000 after purchasing an additional 14,397 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of KLA by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,253,302 shares of the semiconductor company's stock worth $2,046,472,000 after purchasing an additional 31,608 shares during the last quarter. Norges Bank purchased a new position in shares of KLA in the fourth quarter worth about $1,175,756,000. Finally, Northern Trust Corp raised its stake in shares of KLA by 13.8% in the fourth quarter. Northern Trust Corp now owns 1,685,200 shares of the semiconductor company's stock worth $1,061,878,000 after purchasing an additional 204,330 shares during the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

KLA Price Performance

Shares of NASDAQ:KLAC traded down $6.40 during trading on Friday, reaching $914.70. The stock had a trading volume of 489,375 shares, compared to its average volume of 1,132,863. The business has a fifty day moving average price of $803.85 and a 200-day moving average price of $732.99. The stock has a market cap of $120.96 billion, a PE ratio of 33.25, a PEG ratio of 1.72 and a beta of 1.42. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.74 and a current ratio of 2.54. KLA Corporation has a 1-year low of $551.33 and a 1-year 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 the consensus estimate 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 for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the previous year, the firm earned $5.26 EPS. The company's quarterly revenue was up 35.5% compared to the same quarter last year. On average, equities analysts forecast that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Monday, May 19th. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's payout ratio is currently 27.63%.

KLA declared that its Board of Directors has initiated a share 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 repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. TD Cowen raised their price objective on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. UBS Group lifted their price target on KLA from $690.00 to $740.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Cantor Fitzgerald reiterated an "overweight" rating on shares of KLA in a research report on Tuesday, June 24th. Needham & Company LLC reiterated a "buy" rating and set a $830.00 price target on shares of KLA in a research report on Thursday, May 1st. Finally, TD Securities lifted their price target on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $818.06.

Insider Transactions at KLA

In related news, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total value of $781,022.74. Following the sale, the chief financial officer directly owned 27,779 shares in the company, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were 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 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 disclosure for this sale can be found here. Insiders have sold a total of 11,860 shares of company stock worth $8,196,798 in the last quarter. Company 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.