Raiffeisen Bank International AG Sells 1,675 Shares of 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 trimmed its position in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 49,108 shares of the semiconductor company's stock after selling 1,675 shares during the quarter. Raiffeisen Bank International AG's holdings in KLA were worth $33,079,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of KLAC. Alpine Bank Wealth Management bought a new stake in KLA during the 1st quarter valued at approximately $35,000. Olde Wealth Management LLC bought a new stake in KLA during the 1st quarter valued at approximately $36,000. MJT & Associates Financial Advisory Group Inc. bought a new stake in KLA during the 1st quarter valued at approximately $37,000. Hazlett Burt & Watson Inc. bought a new stake in KLA during the 1st quarter valued at approximately $45,000. Finally, 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. 86.65% of the stock is owned by institutional investors.

KLA Price Performance

Shares of KLAC opened at $886.64 on Friday. The firm has a market cap of $117.25 billion, a PE ratio of 29.18, a P/E/G ratio of 1.65 and a beta of 1.44. The company has a current ratio of 2.54, a quick ratio of 1.74 and a debt-to-equity ratio of 1.47. The firm has a fifty day simple moving average of $875.07 and a two-hundred day simple moving average of $769.16. KLA Corporation has a 1-year low of $551.33 and a 1-year high of $945.87.

KLA (NASDAQ:KLAC - Get Free Report) last announced its earnings results on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share for the quarter, beating analysts' consensus estimates of $8.53 by $0.85. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. KLA had a net margin of 33.41% and a return on equity of 119.79%. The company's quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the business earned $6.60 EPS. On average, equities analysts anticipate that KLA Corporation will post 31.59 EPS for the current year.

KLA Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were paid a $1.90 dividend. This is a positive change from KLA's previous quarterly dividend of $1.70. The ex-dividend date was Monday, May 19th. This represents a $7.60 annualized dividend and a dividend yield of 0.9%. KLA's dividend payout ratio (DPR) is currently 25.01%.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on KLAC. Oppenheimer upped their price target on KLA from $740.00 to $950.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Barclays upped their price target on KLA from $590.00 to $750.00 and gave the stock an "equal weight" rating in a research note on Monday, July 28th. Wells Fargo & Company restated an "equal weight" rating and issued a $920.00 price target (up previously from $870.00) on shares of KLA in a research note on Tuesday, July 8th. Citigroup upped their price target on KLA from $1,035.00 to $1,060.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, KLA has a consensus rating of "Hold" and an average price target of $890.59.

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 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 directly owned 27,779 shares in the company, valued at $21,291,492.34. This represents a 3.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Virendra A. Kirloskar sold 39 shares of the company's stock in a transaction 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 owned 2,616 shares of the company's stock, 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 11,860 shares of company stock worth $8,196,798 in the last three months. Corporate insiders own 0.12% of the company's stock.

KLA Company 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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