Raiffeisen Bank International AG Has $33.08 Million Stock Holdings in KLA Corporation (NASDAQ:KLAC)

Key Points

• Raiffeisen Bank International AG reduced its holdings in KLA Corporation by 3.3% during the first quarter, selling 1,675 shares for a total of $33.08 million.
• KLA Corporation reported $9.38 earnings per share for the last quarter, exceeding analysts' estimates of $8.53 and showing a 23.6% increase in revenue year-over-year.
• The company recently approved a $5 billion stock repurchase program, indicating that its board believes KLA's stock is currently undervalued.

Raiffeisen Bank International AG cut its stake in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 49,108 shares of the semiconductor company's stock after selling 1,675 shares during the period. Raiffeisen Bank International AG's holdings in KLA were worth $33,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KLAC. Alpine Bank Wealth Management acquired a new position in KLA during the 1st quarter worth approximately $35,000. Olde Wealth Management LLC acquired a new position in KLA during the 1st quarter worth approximately $36,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in KLA during the 1st quarter worth approximately $37,000. Hazlett Burt & Watson Inc. acquired a new position in shares of KLA in the 1st quarter valued at 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 valued at $47,000 after purchasing an additional 58 shares in the last quarter. 86.65% of the stock is owned by institutional investors and hedge funds.

KLA Trading Up 2.6%

Shares of NASDAQ KLAC traded up $23.42 during mid-day trading on Thursday, hitting $911.70. 243,128 shares of the company traded hands, compared to its average volume of 1,163,079. KLA Corporation has a 1 year low of $551.33 and a 1 year high of $945.87. The stock has a market capitalization of $120.56 billion, a price-to-earnings ratio of 29.95, a PEG ratio of 3.01 and a beta of 1.44. The company has a quick ratio of 1.83, a current ratio of 2.62 and a debt-to-equity ratio of 1.25. The business has a 50 day moving average of $880.13 and a two-hundred day moving average of $771.20.

KLA (NASDAQ:KLAC - Get Free Report) last announced its earnings results on Thursday, July 31st. The semiconductor company reported $9.38 EPS for the quarter, beating the consensus estimate of $8.53 by $0.85. KLA had a return on equity of 112.41% and a net margin of 33.41%. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the business posted $6.60 earnings per share. KLA's revenue was up 23.6% compared to the same quarter last year. On average, sell-side analysts anticipate that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group upped their target price on KLA from $775.00 to $960.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Stifel Nicolaus boosted their price target on KLA from $770.00 to $922.00 and gave the company a "buy" rating in a report on Friday, August 1st. TD Securities boosted their price target on KLA from $770.00 to $800.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Cowen reiterated a "hold" rating on shares of KLA in a report on Thursday, May 1st. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $890.59.

Insider Activity at KLA

In related news, CAO Virendra A. Kirloskar sold 39 shares of the business'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 value of $34,768.50. Following the completion of the sale, the chief accounting officer directly owned 2,616 shares in the company, valued at approximately $2,332,164. The trade was a 1.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.

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.