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Patton Albertson Miller Group LLC Trims Stock Position in KLA Corporation (NASDAQ:KLAC)

KLA logo with Computer and Technology background

Patton Albertson Miller Group LLC trimmed its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,078 shares of the semiconductor company's stock after selling 1,469 shares during the quarter. KLA accounts for approximately 1.4% of Patton Albertson Miller Group LLC's portfolio, making the stock its 13th largest holding. Patton Albertson Miller Group LLC's holdings in KLA were worth $9,570,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of KLA in the 4th quarter worth approximately $1,175,756,000. GAMMA Investing LLC boosted its position in KLA by 95,141.6% during the 1st quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock worth $1,138,221,000 after acquiring an additional 1,672,589 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in KLA by 33.7% during the 4th 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 worth $750,638,000 after acquiring an additional 300,015 shares during the period. Capital Research Global Investors acquired a new stake in shares of KLA in the fourth quarter valued at $187,212,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of KLA by 25.2% in 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 buying an additional 292,907 shares during the period. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

KLA Price Performance

NASDAQ:KLAC opened at $937.08 on Friday. 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's 50 day moving average price is $846.00 and its two-hundred day moving average price is $750.77. The firm has a market capitalization of $123.92 billion, a price-to-earnings ratio of 34.06, a P/E/G ratio of 1.74 and a beta of 1.42. KLA Corporation has a 12-month low of $551.33 and a 12-month high of $942.97.

KLA (NASDAQ:KLAC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. The company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.01 billion. KLA had a return on equity of 112.97% and a net margin of 31.99%. The firm's quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter last year, the company earned $5.26 earnings per share. On average, analysts anticipate that KLA Corporation will post 31.59 earnings per share for the current year.

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 shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

KLA Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.81%. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is 27.63%.

Insider Transactions at KLA

In other news, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the completion of the transaction, the chief executive officer owned 78,740 shares of the company's stock, valued at approximately $53,803,042. The trade was a 12.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer directly owned 27,779 shares of the company's stock, valued at $21,291,492.34. This trade represents a 3.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,860 shares of company stock worth $8,196,798. Company insiders own 0.12% of the company's stock.

Analyst Ratings Changes

KLAC has been the topic of a number of recent analyst reports. 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. Deutsche Bank Aktiengesellschaft lowered KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective on the stock. in a report on Tuesday, May 20th. Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Cantor Fitzgerald reiterated an "overweight" rating on shares of KLA in a research report on Tuesday, June 24th. Finally, Barclays reduced 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. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, KLA presently has an average rating of "Hold" and a consensus price target of $840.33.

Read Our Latest Report on KLA

About KLA

(Free Report)

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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Institutional Ownership by Quarter for KLA (NASDAQ:KLAC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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