Scotia Capital Inc. Boosts Stock Holdings in KLA Corporation (NASDAQ:KLAC)

Scotia Capital Inc. boosted its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,505 shares of the semiconductor company's stock after purchasing an additional 1,549 shares during the period. Scotia Capital Inc.'s holdings in KLA were worth $11,900,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management acquired a new stake in shares of KLA in the 1st quarter valued at approximately $35,000. Olde Wealth Management LLC acquired a new stake in KLA in the first quarter valued at $36,000. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of KLA during the 1st quarter worth $37,000. Hazlett Burt & Watson Inc. acquired a new position in shares of KLA during the 1st quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its holdings 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. Hedge funds and other institutional investors own 86.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on KLAC shares. Deutsche Bank Aktiengesellschaft downgraded shares of 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. Raymond James Financial restated an "outperform" rating and issued a $950.00 price target (up previously from $850.00) on shares of KLA in a report on Friday. Morgan Stanley lifted their price objective on KLA from $916.00 to $928.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup upped their target price on KLA from $1,035.00 to $1,060.00 and gave the company a "buy" rating in a report on Friday. Finally, TD Cowen lifted their price target on KLA from $800.00 to $900.00 and gave the stock a "hold" rating in a research note on Friday. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, KLA currently has a consensus rating of "Hold" and a consensus price target of $890.59.

Insider Buying and Selling

In related news, CFO Bren D. Higgins sold 1,019 shares of the 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 approximately $21,291,492.34. This trade represents a 3.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total value of $7,381,006.60. Following the sale, the chief executive officer directly owned 78,740 shares of the company's stock, valued at approximately $53,803,042. This trade represents a 12.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,860 shares of company stock valued at $8,196,798. Insiders own 0.12% of the company's stock.

KLA Trading Up 0.9%

Shares of KLA stock opened at $886.64 on Monday. The firm has a market cap of $117.25 billion, a PE ratio of 29.18, a P/E/G ratio of 1.63 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. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $945.87. The business's fifty day moving average is $875.07 and its two-hundred day moving average is $769.31.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.53 by $0.85. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. KLA had a return on equity of 112.41% and a net margin of 33.41%. The firm's quarterly revenue was up 23.6% on a year-over-year basis. During the same period last year, the company earned $6.60 EPS. Analysts anticipate that KLA Corporation will post 31.59 earnings per share for the current year.

KLA Increases Dividend

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

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

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.

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