Quadrant Private Wealth Management LLC Makes New Investment in KLA Corporation (NASDAQ:KLAC)

Quadrant Private Wealth Management LLC bought a new position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 315 shares of the semiconductor company's stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Alpine Bank Wealth Management acquired a new position in KLA in the first quarter worth about $35,000. Olde Wealth Management LLC bought a new position in shares of KLA during the first quarter valued at approximately $36,000. Hazlett Burt & Watson Inc. bought a new position in shares of KLA during the first quarter valued at approximately $45,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of KLA by 527.3% during 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 purchasing an additional 58 shares during the last quarter. Finally, HM Payson & Co. grew its holdings in shares of KLA by 270.0% during the first quarter. HM Payson & Co. now owns 74 shares of the semiconductor company's stock valued at $50,000 after purchasing an additional 54 shares during the last quarter. 86.65% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at KLA

In other news, CFO Bren D. Higgins sold 1,019 shares of the company'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 transaction, the chief financial officer directly owned 27,779 shares of the company's stock, valued at approximately $21,291,492.34. This represents a 3.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard P. Wallace sold 10,802 shares of the company'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 directly owned 78,740 shares in the company, valued at $53,803,042. This trade represents a 12.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,860 shares of company stock valued at $8,196,798. 0.12% of the stock is owned by insiders.

KLA Price Performance

Shares of NASDAQ:KLAC traded down $2.09 on Friday, reaching $902.09. 807,981 shares of the company traded hands, compared to its average volume of 836,322. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $945.87. The company's 50 day moving average is $862.09 and its 200-day moving average is $761.33. The company has a debt-to-equity ratio of 1.47, a current ratio of 2.54 and a quick ratio of 1.74. The stock has a market capitalization of $119.29 billion, a PE ratio of 32.79, a P/E/G ratio of 1.68 and a beta of 1.42.

KLA (NASDAQ:KLAC - Get Free Report) last released its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.08 by $0.33. The company had revenue of $3.06 billion during 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 company's revenue for the quarter was up 35.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.26 earnings per share. As a group, analysts anticipate that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA declared that its board has authorized a share buyback program on Wednesday, April 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

KLA Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were issued a $1.90 dividend. 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 0.84%. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio is presently 27.63%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on KLAC. Jefferies Financial Group reaffirmed a "hold" rating and set a $725.00 target price (down from $875.00) on shares of KLA in a report on Friday, March 28th. Cowen reiterated a "hold" rating on shares of KLA in a research report on Thursday, May 1st. The Goldman Sachs Group began coverage on KLA in a research report on Thursday, July 10th. They set a "neutral" rating and a $980.00 price objective for the company. Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Citigroup reiterated a "buy" rating and set a $1,035.00 price objective (up from $835.00) on shares of KLA in a research report on Monday, July 7th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $849.76.

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.