KLA Corporation (NASDAQ:KLAC) Shares Sold by Westover Capital Advisors LLC

Key Points

• Westover Capital Advisors LLC has reduced its stake in KLA Corporation by 8.9% in the first quarter, now holding 3,191 shares valued at approximately $2.17 million.
• The company's board has initiated a $5 billion share buyback program, indicating confidence that its shares are currently undervalued.
• KLA recently reported $8.41 EPS for the last quarter, exceeding analyst expectations, with a revenue of $3.06 billion and a year-over-year revenue increase of 35.5%.

Westover Capital Advisors LLC decreased its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 8.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,191 shares of the semiconductor company's stock after selling 311 shares during the period. Westover Capital Advisors LLC's holdings in KLA were worth $2,169,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of KLA in the 4th quarter valued at about $1,175,756,000. GAMMA Investing LLC boosted its stake in shares of KLA by 95,141.6% during the 1st quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock worth $1,138,221,000 after acquiring an additional 1,672,589 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of KLA by 33.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,191,262 shares of the semiconductor company's stock worth $750,638,000 after acquiring an additional 300,015 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of KLA in the 4th quarter worth approximately $187,212,000. Finally, Pictet Asset Management Holding SA increased its stake in KLA by 25.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,455,161 shares of the semiconductor company's stock valued at $916,926,000 after purchasing an additional 292,907 shares in the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

KLAC has been the topic of several research reports. TD Cowen upped 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. Wall Street Zen cut shares of KLA from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. The Goldman Sachs Group began coverage on shares of KLA in a report on Thursday, July 10th. They issued a "neutral" rating and a $980.00 price target on the stock. Morgan Stanley lifted their price objective on KLA from $868.00 to $916.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Stifel Nicolaus increased their target price on KLA from $750.00 to $770.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $852.56.

Insider Transactions at KLA

In other KLA news, CEO Richard P. Wallace sold 10,802 shares of the 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 completion of the sale, the chief executive officer owned 78,740 shares of the company's stock, valued at $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 available through the SEC website. Also, CAO Virendra A. Kirloskar sold 39 shares of the business's 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 transaction, the chief accounting officer directly owned 2,616 shares in the company, valued at approximately $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 11,860 shares of company stock valued at $8,196,798 over the last quarter. Company insiders own 0.12% of the company's stock.

KLA Stock Up 0.8%

Shares of NASDAQ KLAC opened at $904.18 on Friday. 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 market capitalization of $119.57 billion, a PE ratio of 32.87, a P/E/G ratio of 1.67 and a beta of 1.42. The firm has a fifty day moving average of $859.87 and a 200-day moving average of $759.86. KLA Corporation has a 52-week low of $551.33 and a 52-week high of $945.87.

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, topping the consensus estimate of $8.08 by $0.33. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.01 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. The firm's revenue was up 35.5% on a year-over-year basis. During the same period in the prior year, the firm posted $5.26 earnings per share. On average, analysts anticipate that KLA Corporation will post 31.59 EPS for the current year.

KLA Increases Dividend

The business also recently disclosed 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 dividend yield of 0.84%. The ex-dividend date was Monday, May 19th. This is a boost from KLA's previous quarterly dividend of $1.70. KLA's payout ratio is currently 27.63%.

KLA announced that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

KLA 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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