KLP Kapitalforvaltning AS Acquires 300 Shares of KLA Corporation (NASDAQ:KLAC)

KLP Kapitalforvaltning AS raised its stake in KLA Corporation (NASDAQ:KLAC - Free Report) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,370 shares of the semiconductor company's stock after acquiring an additional 300 shares during the period. KLP Kapitalforvaltning AS's holdings in KLA were worth $41,040,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC boosted its position in shares of KLA by 81.9% during the fourth quarter. Proficio Capital Partners LLC now owns 544 shares of the semiconductor company's stock worth $342,000 after buying an additional 245 shares during the period. American Century Companies Inc. boosted its position in shares of KLA by 2.8% during the fourth quarter. American Century Companies Inc. now owns 203,744 shares of the semiconductor company's stock worth $128,383,000 after buying an additional 5,579 shares during the period. Sei Investments Co. boosted its position in shares of KLA by 3.8% during the fourth quarter. Sei Investments Co. now owns 84,711 shares of the semiconductor company's stock worth $53,378,000 after buying an additional 3,064 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of KLA during the fourth quarter worth approximately $772,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of KLA during the fourth quarter worth approximately $481,000. 86.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Virendra A. Kirloskar sold 39 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $891.50, for a total value of $34,768.50. Following the completion of the transaction, the chief accounting officer owned 2,616 shares of the company's stock, valued at $2,332,164. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bren D. Higgins sold 1,019 shares of the stock in a transaction dated 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 directly owned 27,779 shares of the company's stock, valued at $21,291,492.34. This trade represents a 3.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,860 shares of company stock valued at $8,196,798. Insiders own 0.12% of the company's stock.

KLA Stock Up 0.8%

Shares of KLA stock traded up $7.09 on Thursday, hitting $904.18. 542,107 shares of the company traded hands, compared to its average volume of 1,168,409. The company has a 50-day moving average price of $857.91 and a 200 day moving average price of $758.39. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47. KLA Corporation has a 12-month low of $551.33 and a 12-month high of $945.87. The company has a market cap of $119.57 billion, a PE ratio of 32.87, a PEG ratio of 1.66 and a beta of 1.42.

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

KLA announced that its board has approved a stock 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 repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

KLA Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were given a dividend of $1.90 per share. This is a positive change from KLA's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.60 dividend on an annualized basis and a yield of 0.84%. KLA's payout ratio is currently 27.63%.

Analyst Ratings Changes

Several equities research analysts recently commented on KLAC shares. The Goldman Sachs Group started coverage on KLA in a report on Thursday, July 10th. They set a "neutral" rating and a $980.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut KLA from a "buy" rating to a "hold" rating and set a $790.00 target price on the stock. in a report on Tuesday, May 20th. Cowen reissued a "hold" rating on shares of KLA in a report on Thursday, May 1st. Barclays dropped their target price on KLA from $760.00 to $590.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $920.00 target price (up previously from $870.00) on shares of KLA in a report on Tuesday, July 8th. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $852.56.

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.