Migdal Insurance & Financial Holdings Ltd. Increases Stock Position in KLA Corporation (NASDAQ:KLAC)

Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 272.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 916 shares of the semiconductor company's stock after acquiring an additional 670 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in KLA were worth $623,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of KLA in the fourth quarter valued at $1,175,756,000. GAMMA Investing LLC lifted its holdings in shares of KLA by 95,141.6% in the first quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock valued at $1,138,221,000 after buying an additional 1,672,589 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of KLA by 33.7% during the fourth 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 valued at $750,638,000 after purchasing an additional 300,015 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of KLA during the fourth quarter valued at $187,212,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of KLA by 25.2% during the fourth 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 during the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

KLA Stock Performance

Shares of KLA stock traded down $5.96 on Friday, hitting $931.12. The stock had a trading volume of 682,033 shares, compared to its average volume of 1,136,345. KLA Corporation has a twelve month low of $551.33 and a twelve month high of $945.87. The business's 50 day moving average is $850.60 and its two-hundred day moving average is $753.70. 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 cap of $123.13 billion, a price-to-earnings ratio of 33.85, a price-to-earnings-growth ratio of 1.73 and a beta of 1.42.

KLA (NASDAQ:KLAC - Get Free Report) last released its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share 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 firm had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. During the same period in the prior year, the company earned $5.26 earnings per share. The company's quarterly revenue was up 35.5% on a year-over-year basis. Analysts forecast that KLA Corporation will post 31.59 EPS for the current year.

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 is an increase from KLA's previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Monday, May 19th. KLA's dividend payout ratio (DPR) is presently 27.63%.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on KLAC shares. Cowen reaffirmed a "hold" rating on shares of KLA in a research report on Thursday, May 1st. Oppenheimer raised their price objective on KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $830.00 price target on shares of KLA in a report on Thursday, May 1st. Finally, TD Cowen lifted their target price on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $840.33.

Insiders Place Their Bets

In other KLA news, CFO Bren D. Higgins sold 1,019 shares of the firm'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 value of $781,022.74. Following the completion of the sale, the chief financial officer owned 27,779 shares of the company's stock, valued at approximately $21,291,492.34. This trade represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 78,740 shares in the company, valued at $53,803,042. The trade was a 12.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,860 shares of company stock worth $8,196,798. Company 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.