KBC Group NV Trims Holdings in KLA Corporation (NASDAQ:KLAC)

KBC Group NV lowered its stake in KLA Corporation (NASDAQ:KLAC - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,245 shares of the semiconductor company's stock after selling 1,269 shares during the quarter. KBC Group NV's holdings in KLA were worth $21,920,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of KLAC. Root Financial Partners LLC lifted its holdings in KLA by 3.0% during the 1st quarter. Root Financial Partners LLC now owns 732 shares of the semiconductor company's stock worth $498,000 after buying an additional 21 shares during the last quarter. Sovran Advisors LLC increased its stake in KLA by 54.4% during the first quarter. Sovran Advisors LLC now owns 548 shares of the semiconductor company's stock valued at $348,000 after purchasing an additional 193 shares during the last quarter. Little House Capital LLC lifted its position in shares of KLA by 16.3% in the 1st quarter. Little House Capital LLC now owns 1,806 shares of the semiconductor company's stock worth $1,228,000 after buying an additional 253 shares during the last quarter. Confluence Wealth Services Inc. acquired a new position in KLA during the 1st quarter valued at approximately $1,479,000. Finally, Gold Investment Management Ltd. grew its position in shares of KLA by 23.1% during the first quarter. Gold Investment Management Ltd. now owns 714 shares of the semiconductor company's stock worth $485,000 after acquiring an additional 134 shares during the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

KLA Stock Up 2.5%

NASDAQ KLAC traded up $22.25 during trading hours on Wednesday, hitting $921.10. 1,051,008 shares of the company traded hands, compared to its average volume of 1,132,669. KLA Corporation has a twelve month low of $551.33 and a twelve month high of $927.22. The stock has a market capitalization of $121.81 billion, a price-to-earnings ratio of 33.48, a P/E/G ratio of 1.67 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. The business's 50-day moving average is $789.66 and its 200-day moving average is $728.08.

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

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

KLA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.83%. 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 presently 27.63%.

Insider Buying and Selling

In other news, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 78,740 shares in the company, valued at $53,803,042. This trade represents a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of the company'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 approximately $21,291,492.34. This trade represents a 3.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.12% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on KLAC. Needham & Company LLC reaffirmed a "buy" rating and set a $830.00 target price on shares of KLA in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft cut KLA from a "buy" rating to a "hold" rating and set a $790.00 target price for the company. in a research note on Tuesday, May 20th. TD Cowen lifted their price objective on shares of KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. TD Securities lifted their price objective on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of KLA in a report on Tuesday, June 24th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $818.06.

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.