OVERSEA CHINESE BANKING Corp Ltd Has $5.42 Million Stock Holdings in KLA Corporation (NASDAQ:KLAC)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its holdings in KLA Corporation by 28.7% during the first quarter, now owning 7,968 shares valued at approximately $5.4 million.
• In related insider trading news, CEO Richard P. Wallace sold 10,802 shares of KLA stock, marking a 12.06% decrease in his ownership.
• KLA's stock has received several analyst upgrades, with target prices raised, and the average consensus rating is currently a "Hold."

OVERSEA CHINESE BANKING Corp Ltd cut its holdings in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 28.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,968 shares of the semiconductor company's stock after selling 3,205 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in KLA were worth $5,417,000 at the end of the most recent reporting period.

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

KLA Price Performance

Shares of KLA stock traded up $28.98 on Monday, hitting $915.62. The company had a trading volume of 1,064,513 shares, compared to its average volume of 981,847. The company has a market cap of $121.08 billion, a PE ratio of 30.13, a PEG ratio of 1.63 and a beta of 1.44. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.62 and a quick ratio of 1.83. KLA Corporation has a 52 week low of $551.33 and a 52 week high of $945.87. The business has a 50-day simple moving average of $875.07 and a 200-day simple moving average of $769.31.

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

KLA announced that its Board of Directors has authorized a share buyback program on Wednesday, April 30th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were given a $1.90 dividend. The ex-dividend date was Monday, May 19th. This represents a $7.60 annualized dividend and a dividend yield of 0.8%. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio is 25.01%.

Insider Buying and Selling

In other KLA news, CFO Bren D. Higgins sold 1,019 shares of KLA 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 transaction, the chief financial officer directly owned 27,779 shares in the company, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 sale, the chief accounting officer 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. Insiders sold a total of 11,860 shares of company stock valued at $8,196,798 over the last three months. Company insiders own 0.12% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. TD Securities lifted their price target on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Cantor Fitzgerald restated an "overweight" rating on shares of KLA in a research note on Tuesday, June 24th. Cowen restated a "hold" rating on shares of KLA in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft lowered shares of KLA from a "buy" rating to a "hold" rating and set a $790.00 target price on the stock. in a research report on Tuesday, May 20th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $950.00 price target (up previously from $850.00) on shares of KLA in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, KLA currently has a consensus rating of "Hold" and an average target price of $890.59.

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.