Teachers Retirement System of The State of Kentucky Raises Holdings in KLA Corporation (NASDAQ:KLAC)

Teachers Retirement System of The State of Kentucky increased its holdings in KLA Corporation (NASDAQ:KLAC - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 52,990 shares of the semiconductor company's stock after acquiring an additional 2,740 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in KLA were worth $36,023,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management acquired a new position in KLA during the first quarter worth $35,000. Olde Wealth Management LLC acquired a new position in KLA during the first quarter worth $36,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in 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 worth $47,000 after purchasing an additional 58 shares in the last quarter. HM Payson & Co. lifted its stake in KLA by 270.0% during the first quarter. HM Payson & Co. now owns 74 shares of the semiconductor company's stock worth $50,000 after purchasing an additional 54 shares in the last quarter. Finally, Hurley Capital LLC acquired a new position in KLA during the fourth quarter worth $51,000. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

KLA Stock Performance

Shares of KLAC stock opened at $931.12 on Friday. The stock's 50-day moving average is $850.60 and its two-hundred day moving average is $753.70. The firm has a market cap of $123.13 billion, a price-to-earnings ratio of 33.85, a PEG ratio of 1.73 and a beta of 1.42. KLA Corporation has a 1 year low of $551.33 and a 1 year high of $945.87. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.74 and a current ratio of 2.54.

KLA (NASDAQ:KLAC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.08 by $0.33. The company had revenue of $3.06 billion for 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 business's quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter last year, the company posted $5.26 earnings per share. Analysts predict 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 issued a dividend of $1.90 per share. 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 0.82%. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is currently 27.63%.

KLA announced that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. decreased their price target on KLA from $950.00 to $900.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Cowen reiterated a "hold" rating on shares of KLA in a research note on Thursday, May 1st. Morgan Stanley increased their price objective on KLA from $868.00 to $916.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Stifel Nicolaus increased their price objective on KLA from $750.00 to $770.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft cut KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective on the stock. in a research note on Tuesday, May 20th. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $840.33.

Insider Buying and Selling

In related news, CEO Richard P. Wallace sold 10,802 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 78,740 shares of the company's stock, valued at $53,803,042. This trade represents a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Bren D. Higgins sold 1,019 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $21,291,492.34. This represents a 3.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,860 shares of company stock valued at $8,196,798 over the last quarter. 0.12% of the stock is currently owned by insiders.

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.

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