StoneRidge PMG Advisors LLC Makes New Investment in KLA Corporation $KLAC

Key Points

• StoneRidge PMG Advisors opened a new KLA position, acquiring 10,101 shares worth approximately $1.97 million; the holding represents 1.3% of its portfolio.
• Other institutional investors also increased or initiated holdings, and institutions collectively own 86.65% of KLA shares. Company insiders, meanwhile, sold about $42.2 million worth of stock over the past quarter.
• KLA beat quarterly earnings and revenue estimates, with revenue up 28.9% year over year. Analysts give the stock a “Moderate Buy” consensus rating and an average price target of $220.35.

StoneRidge PMG Advisors LLC acquired a new position in KLA Corporation (NASDAQ:KLAC - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,101 shares of the semiconductor company's stock, valued at approximately $1,969,000. KLA makes up 1.3% of StoneRidge PMG Advisors LLC's portfolio, making the stock its 14th biggest holding.

Other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of KLA by 928.9% during the 2nd quarter. Wellington Management Group LLP now owns 14,821,622 shares of the semiconductor company's stock worth $4,471,832,000 after purchasing an additional 13,381,153 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of KLA during the 2nd quarter worth $2,522,430,000. National Pension Service increased its holdings in shares of KLA by 899.4% in the 2nd quarter. National Pension Service now owns 3,634,859 shares of the semiconductor company's stock valued at $1,096,673,000 after purchasing an additional 3,271,158 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of KLA by 239.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 5,614,990 shares of the semiconductor company's stock valued at $1,094,530,000 after purchasing an additional 3,959,927 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of KLA by 5.3% in the 3rd quarter. Pictet Asset Management Holding SA now owns 5,113,870 shares of the semiconductor company's stock valued at $997,000,000 after purchasing an additional 256,716 shares in the last quarter. Hedge funds and other institutional investors own 86.65% of the company's stock.

Insider Transactions at KLA

In related news, EVP Brian Lorig sold 59,586 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $208.13, for a total transaction of $12,401,634.18. Following the transaction, the executive vice president owned 77,681 shares of the company's stock, valued at approximately $16,167,746.53. This represents a 43.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard P. Wallace sold 72,019 shares of the firm's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $171.88, for a total transaction of $12,378,625.72. Following the sale, the chief executive officer owned 706,925 shares in the company, valued at approximately $121,506,269. This trade represents a 9.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 219,173 shares of company stock valued at $42,201,914. Insiders own 79.39% of the company's stock.

KLA News Summary

Here are the key news stories impacting KLA this week:

• Positive Sentiment: KLA declared a quarterly cash dividend of $0.23 per share, payable December 1 to shareholders of record November 16. The dividend provides a modest return to shareholders. KLA Declares Regular Cash Dividend
• Positive Sentiment: A bullish analysis highlights KLA’s strong quarterly results, AI-related demand, expanding margins, and upbeat guidance, including projected year-over-year revenue growth of 43% and EPS growth above 60% in the next quarter. KLA: Unfairly Caught Up In The Tech Carnage
• Positive Sentiment: Exchange-traded funds bought $52.3 million of KLAC shares on November 3, indicating institutional fund demand. ETFs Bought $52.3 Million of KLAC
• Neutral Sentiment: A report on a $17 billion hedge fund returning cash after a poor month discusses ownership and positioning in AI-chip stocks, including KLA. It may contribute to volatility, but does not by itself establish a change in KLA’s business outlook. Hedge Fund Returns Cash After Worst Month Since 2020
• Negative Sentiment: Unusually high put-option buying suggests some investors are hedging against, or betting on, downside in KLAC, a potentially bearish near-term signal. KLA Stock Sees Unusually High Put Option Buying

KLA Price Performance

Shares of NASDAQ:KLAC opened at $138.49 on Monday. The company has a quick ratio of 1.86, a current ratio of 2.76 and a debt-to-equity ratio of 0.88. KLA Corporation has a 52-week low of $107.20 and a 52-week high of $307.37. The stock's fifty day simple moving average is $174.83 and its 200-day simple moving average is $181.68. The company has a market capitalization of $180.45 billion, a P/E ratio of 34.62, a P/E/G ratio of 1.13 and a beta of 1.49.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The semiconductor company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.04. The business had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.04 billion. KLA had a return on equity of 89.30% and a net margin of 36.25%. The business's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the company earned $8.47 earnings per share. As a group, equities research analysts forecast that KLA Corporation will post 5.73 earnings per share for the current fiscal year.

KLA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be issued a dividend of $0.23 per share. The ex-dividend date is Monday, November 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.7%. KLA's payout ratio is 23.00%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Truist Financial set a $225.00 price objective on shares of KLA in a research note on Thursday, October 29th. Zacks Research upgraded shares of KLA from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 30th. Cantor Fitzgerald set a $240.00 target price on shares of KLA and gave the company an "overweight" rating in a report on Thursday, October 29th. UBS Group reaffirmed a "neutral" rating and issued a $180.00 target price (down from $190.00) on shares of KLA in a report on Thursday, October 29th. Finally, Weiss Ratings upgraded shares of KLA from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $220.35.

KLA Profile

KLA Corporation develops process-control and yield-management technologies used in the manufacture of semiconductors and other electronic products. Its systems help manufacturers detect defects, measure features and monitor production processes as they make increasingly complex devices.

The company's products include inspection and metrology equipment, as well as software and related services. Its technologies support multiple stages of semiconductor production, from work on wafers and reticles to advanced packaging.

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