KLA Corporation (NASDAQ:KLAC) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lessened its stake in KLA Corporation (NASDAQ:KLAC - Free Report) by 38.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,778 shares of the semiconductor company's stock after selling 1,106 shares during the quarter. Exchange Traded Concepts LLC's holdings in KLA were worth $1,209,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Tortoise Investment Management LLC raised its holdings in KLA by 300.0% in the 4th quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 36 shares during the period. TCTC Holdings LLC acquired a new position in KLA in the 4th quarter worth about $31,000. Kohmann Bosshard Financial Services LLC acquired a new position in KLA in the 4th quarter worth about $32,000. Fairfield Financial Advisors LTD raised its holdings 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 purchasing an additional 40 shares during the period. Finally, Hurley Capital LLC acquired a new position in KLA in the 4th quarter worth about $51,000. Institutional investors and hedge funds own 86.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on KLAC shares. Needham & Company LLC reissued a "buy" rating and set a $830.00 target price on shares of KLA in a report on Thursday, May 1st. Oppenheimer increased their target price on KLA from $740.00 to $950.00 and gave the company an "outperform" rating in a report on Tuesday. Cantor Fitzgerald reissued a "neutral" rating and set a $800.00 target price on shares of KLA in a report on Thursday, May 1st. TD Securities increased 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 reduced their target price on KLA from $870.00 to $868.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $807.06.

KLA Trading Down 2.4%

Shares of KLA stock opened at $871.16 on Thursday. The firm has a market capitalization of $115.20 billion, a price-to-earnings ratio of 31.67, a PEG ratio of 1.70 and a beta of 1.40. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $914.83. 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 stock has a 50 day moving average of $747.54 and a 200 day moving average of $713.30.

KLA (NASDAQ:KLAC - Get Free Report) last released 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 prior year, the firm earned $5.26 earnings per share. The firm's revenue was up 35.5% compared to the same quarter last year. As a group, research analysts predict that KLA Corporation will post 31.59 earnings per share for the current year.

KLA Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 0.87%. This is a boost from KLA's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, May 19th. KLA's dividend payout ratio is 27.63%.

KLA announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Richard P. Wallace sold 10,802 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total value of $781,022.74. Following the completion of the sale, the chief financial officer now owns 27,779 shares in the company, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,829 shares of company stock worth $13,240,166 over the last ninety days. Corporate insiders own 0.12% of the company's stock.

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.

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