National Bank of Canada FI Has $145.05 Million Stock Holdings in KLA Corporation (NASDAQ:KLAC)

Key Points

• National Bank of Canada FI reduced its holdings in KLA Corporation by 40.3%, ending the first quarter with 213,380 shares valued at approximately $145.05 million.
• KLA recently announced a quarterly dividend of $1.90 per share, with a yield of 0.8%, and disclosed a $5 billion stock repurchase program.
• Despite substantial changes in institutional ownership, KLA's stock has shown resilience, currently trading at $912.06, with a consensus rating of "Hold" from analysts.

National Bank of Canada FI lessened its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 40.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 213,380 shares of the semiconductor company's stock after selling 143,925 shares during the period. National Bank of Canada FI owned 0.16% of KLA worth $145,052,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. AMF Tjanstepension AB acquired a new position in KLA during the 1st quarter worth about $42,052,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of KLA by 11.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 258,696 shares of the semiconductor company's stock valued at $175,862,000 after buying an additional 26,344 shares during the period. Ironwood Investment Counsel LLC increased its holdings in shares of KLA by 2.6% during the first quarter. Ironwood Investment Counsel LLC now owns 11,244 shares of the semiconductor company's stock valued at $7,644,000 after acquiring an additional 288 shares in the last quarter. Deutsche Bank AG increased its stake in KLA by 8.0% during the 1st quarter. Deutsche Bank AG now owns 542,236 shares of the semiconductor company's stock valued at $368,612,000 after purchasing an additional 40,070 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of KLA during the first quarter worth about $326,000. Institutional investors own 86.65% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on KLAC shares. Citigroup increased their price target on KLA from $1,035.00 to $1,060.00 and gave the company a "buy" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. upped their price objective on KLA from $900.00 to $1,070.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Barclays increased their target price on shares of KLA from $590.00 to $750.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Stifel Nicolaus boosted their price objective on KLA from $770.00 to $922.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Wall Street Zen lowered shares of KLA from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $890.59.

Insider Activity

In other news, CFO Bren D. Higgins sold 1,019 shares of KLA stock in a transaction that occurred 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 directly owned 27,779 shares in the company, valued at $21,291,492.34. The trade was a 3.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Virendra A. Kirloskar sold 39 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief accounting officer owned 2,616 shares in the company, valued at $2,332,164. This represents a 1.47% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.12% of the company's stock.

KLA Trading Up 2.7%

Shares of KLAC opened at $912.06 on Friday. The company has a current ratio of 2.62, a quick ratio of 1.83 and a debt-to-equity ratio of 1.25. KLA Corporation has a 1-year low of $551.33 and a 1-year high of $945.87. The firm's 50-day moving average price is $885.11 and its 200-day moving average price is $773.08. The firm has a market capitalization of $120.61 billion, a price-to-earnings ratio of 30.01, a PEG ratio of 3.02 and a beta of 1.44.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The semiconductor company reported $9.38 EPS for the quarter, beating the consensus estimate of $8.53 by $0.85. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. KLA had a return on equity of 112.41% and a net margin of 33.41%. The company's revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter last year, the firm posted $6.60 earnings per share. Sell-side analysts anticipate that KLA Corporation will post 31.59 EPS for the current year.

KLA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Monday, August 18th will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 0.8%. KLA's dividend payout ratio (DPR) is 25.01%.

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

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.

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