US Bancorp DE Sells 2,561 Shares of KLA Corporation (NASDAQ:KLAC)

Key Points

• US Bancorp DE has reduced its stake in KLA Corporation by 3.8%, selling 2,561 shares and now holding a total of 64,641 shares valued at approximately $43.94 million.
• KLA has recently announced an increase in its dividend from $1.70 to $1.90 per share, representing a 0.9% yield and a 25.01% payout ratio.
• Several analysts have raised their price targets for KLA, with JPMorgan Chase now setting it at $1,070, indicating strong confidence in the stock's performance.

US Bancorp DE lessened its stake in KLA Corporation (NASDAQ:KLAC - Free Report) by 3.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,641 shares of the semiconductor company's stock after selling 2,561 shares during the period. US Bancorp DE's holdings in KLA were worth $43,944,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its position in shares of KLA by 95,141.6% during the 1st quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company's stock valued at $1,138,221,000 after purchasing an additional 1,672,589 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in KLA by 33.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,191,262 shares of the semiconductor company's stock worth $750,638,000 after acquiring an additional 300,015 shares during the period. Capital Research Global Investors acquired a new position in KLA during the fourth quarter worth about $187,212,000. Voloridge Investment Management LLC boosted its position in shares of KLA by 421.8% during the 4th quarter. Voloridge Investment Management LLC now owns 325,411 shares of the semiconductor company's stock valued at $205,048,000 after purchasing an additional 263,051 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of KLA by 13.8% during the 4th quarter. Northern Trust Corp now owns 1,685,200 shares of the semiconductor company's stock valued at $1,061,878,000 after purchasing an additional 204,330 shares in the last quarter. Institutional investors and hedge funds own 86.65% of the company's stock.

KLA Stock Performance

Shares of KLA stock traded up $28.98 on Monday, reaching $915.62. The stock had a trading volume of 1,064,513 shares, compared to its average volume of 981,847. The business's 50-day moving average price is $875.07 and its two-hundred day moving average price is $769.31. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.83 and a current ratio of 2.62. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $945.87. The stock has a market cap of $121.08 billion, a P/E ratio of 30.13, a price-to-earnings-growth ratio of 1.63 and a beta of 1.44.

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

KLA announced that its board has authorized a stock buyback program on Wednesday, April 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

KLA Increases Dividend

The firm 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. The ex-dividend date was Monday, May 19th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio is currently 25.01%.

Insider Activity

In other news, CEO Richard P. Wallace sold 10,802 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer owned 78,740 shares in the company, valued at approximately $53,803,042. This represents a 12.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total transaction of $781,022.74. Following the completion of the transaction, the chief financial officer owned 27,779 shares of the company's stock, 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. In the last 90 days, insiders sold 11,860 shares of company stock worth $8,196,798. 0.12% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on KLAC. TD Cowen raised their price objective on shares of KLA from $800.00 to $900.00 and gave the company a "hold" rating in a research report on Friday. The Goldman Sachs Group began coverage on shares of KLA in a research report on Thursday, July 10th. They set a "neutral" rating and a $980.00 price objective for the company. Oppenheimer raised their price objective on shares of KLA from $740.00 to $950.00 and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft lowered shares of KLA from a "buy" rating to a "hold" rating and set a $790.00 price objective for the company. in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of KLA from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, KLA presently has a consensus rating of "Hold" and a consensus price target of $890.59.

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.