OVERSEA CHINESE BANKING Corp Ltd Purchases 34,864 Shares of KLA Corporation (NASDAQ:KLAC)

OVERSEA CHINESE BANKING Corp Ltd increased its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 312.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,037 shares of the semiconductor company's stock after purchasing an additional 34,864 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in KLA were worth $31,296,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of KLAC. TCTC Holdings LLC bought a new position in KLA in the fourth quarter worth approximately $31,000. Alpine Bank Wealth Management bought a new stake in KLA during the 1st quarter valued at $35,000. Olde Wealth Management LLC bought a new stake in KLA during the 1st quarter valued at $36,000. E Fund Management Hong Kong Co. Ltd. boosted its position in KLA by 527.3% during the 1st 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. Finally, HM Payson & Co. boosted its position in KLA by 270.0% during the 1st quarter. HM Payson & Co. now owns 74 shares of the semiconductor company's stock valued at $50,000 after acquiring an additional 54 shares in the last quarter. Institutional investors own 86.65% of the company's stock.

KLA Price Performance

NASDAQ:KLAC opened at $924.58 on Monday. KLA Corporation has a 52 week low of $551.33 and a 52 week high of $932.17. 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 company has a market capitalization of $122.27 billion, a P/E ratio of 33.61, a P/E/G ratio of 1.72 and a beta of 1.42. The stock's fifty day moving average is $826.84 and its two-hundred day moving average is $744.14.

KLA (NASDAQ:KLAC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, beating analysts' consensus estimates of $8.08 by $0.33. KLA had a return on equity of 112.97% and a net margin of 31.99%. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the previous year, the business earned $5.26 earnings per share. The company's revenue for the quarter was up 35.5% on a year-over-year basis. Equities analysts expect that KLA Corporation will post 31.59 EPS for the current year.

KLA Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders 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 dividend on an annualized basis and a yield of 0.82%. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's payout ratio is currently 27.63%.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $830.00 target price on shares of KLA in a research report on Thursday, May 1st. Barclays lowered their price objective on KLA from $760.00 to $590.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Citigroup reissued a "buy" rating and issued a $1,035.00 price objective (up previously from $835.00) on shares of KLA in a research report on Monday, July 7th. Jefferies Financial Group reissued a "hold" rating and issued a $725.00 price objective (down previously from $875.00) on shares of KLA in a research report on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered their price objective on KLA from $950.00 to $900.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $840.33.

Insider Activity at KLA

In related news, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction 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 sale, the chief financial officer owned 27,779 shares in the company, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value 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. In the last 90 days, insiders have sold 11,860 shares of company stock worth $8,196,798. 0.12% of the stock is currently 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.

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