513,124 Shares in KLA Corporation (NASDAQ:KLAC) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in KLA Corporation, purchasing 513,124 shares valued at approximately $348.8 million, representing about 0.39% of the company's total shares.
• KLA reported a quarterly earnings of $9.38 per share, exceeding analyst expectations of $8.53, with a year-over-year revenue increase of 23.6%.
• The company recently announced a $1.90 quarterly dividend, equating to an annualized dividend yield of 0.8%, and authorized a $5 billion stock buyback plan signaling confidence in its stock value.

Nuveen LLC bought a new stake in shares of KLA Corporation (NASDAQ:KLAC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 513,124 shares of the semiconductor company's stock, valued at approximately $348,822,000. Nuveen LLC owned 0.39% of KLA as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Alpine Bank Wealth Management bought a new position in KLA in the 1st quarter worth $35,000. Olde Wealth Management LLC bought a new position in KLA in the first quarter worth about $36,000. MJT & Associates Financial Advisory Group Inc. purchased a new stake in KLA in the first quarter worth about $37,000. Hazlett Burt & Watson Inc. purchased a new position in shares of KLA during the 1st quarter worth approximately $45,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of KLA by 527.3% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 58 shares in the last quarter. Institutional investors own 86.65% of the company's stock.

KLA Trading Up 0.6%

KLA stock traded up $5.93 during mid-day trading on Thursday, hitting $955.41. The company's stock had a trading volume of 981,233 shares, compared to its average volume of 1,157,422. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.83 and a current ratio of 2.62. The stock has a market cap of $126.08 billion, a PE ratio of 31.44, a P/E/G ratio of 3.19 and a beta of 1.44. The company has a 50 day moving average of $897.91 and a 200-day moving average of $777.63. KLA Corporation has a one year low of $551.33 and a one year high of $959.26.

KLA (NASDAQ:KLAC - Get Free Report) last posted its earnings results on Thursday, July 31st. The semiconductor company reported $9.38 EPS for the quarter, beating analysts' consensus estimates of $8.53 by $0.85. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. KLA had a net margin of 33.41% and a return on equity of 112.41%. 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 EPS. On average, research analysts anticipate that KLA Corporation will post 31.59 EPS for the current year.

KLA Announces Dividend

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

KLA announced that its board has authorized a stock buyback plan on Wednesday, April 30th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently commented on KLAC. Citigroup boosted their price objective on shares of KLA from $1,035.00 to $1,060.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Deutsche Bank Aktiengesellschaft downgraded KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective for the company. in a report on Tuesday, May 20th. JPMorgan Chase & Co. increased their price target on KLA from $900.00 to $1,070.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC reissued a "buy" rating and issued a $830.00 price objective on shares of KLA in a report on Thursday, May 1st. Finally, Wells Fargo & Company restated an "equal weight" rating and issued a $920.00 price target (up previously from $870.00) on shares of KLA in a research report on Tuesday, July 8th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, KLA currently has an average rating of "Hold" and a consensus target price of $890.59.

Insider Activity at KLA

In other KLA news, CFO Bren D. Higgins sold 1,019 shares of the firm's stock in a transaction 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible 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 shares were sold at an average price of $891.50, for a total transaction of $34,768.50. Following the sale, the chief accounting officer directly owned 2,616 shares in the company, valued at $2,332,164. This trade represents a 1.47% 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.

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.