KLA Co. (NASDAQ:KLAC) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its stake in shares of KLA Co. (NASDAQ:KLAC - Free Report) by 21.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,125 shares of the semiconductor company's stock after selling 22,679 shares during the quarter. KLA comprises 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 11th biggest holding. Wedge Capital Management L L P NC owned 0.06% of KLA worth $55,829,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Tortoise Investment Management LLC raised its stake in shares of KLA by 300.0% during the 4th quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock worth $30,000 after buying an additional 36 shares in the last quarter. TCTC Holdings LLC acquired a new position in KLA during the fourth quarter worth $31,000. Kohmann Bosshard Financial Services LLC acquired a new position in KLA during the fourth quarter worth $32,000. Fairfield Financial Advisors LTD raised its position in KLA by 160.0% in the fourth quarter. Fairfield Financial Advisors LTD now owns 65 shares of the semiconductor company's stock worth $41,000 after acquiring an additional 40 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in KLA in the fourth quarter valued at $43,000. 86.65% of the stock is owned by institutional investors and hedge funds.

KLA Price Performance

KLA stock traded up $16.11 during mid-day trading on Friday, hitting $808.00. 996,246 shares of the company were exchanged, compared to its average volume of 1,098,125. KLA Co. has a 12-month low of $551.33 and a 12-month high of $896.32. The company has a market capitalization of $106.85 billion, a P/E ratio of 33.98, a PEG ratio of 1.57 and a beta of 1.40. The business's 50 day simple moving average is $710.28 and its two-hundred day simple moving average is $700.90. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.36 and a quick ratio of 1.63.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. The firm had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. KLA had a return on equity of 108.60% and a net margin of 29.58%. The firm's quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter last year, the business posted $5.26 EPS. Analysts forecast that KLA Co. will post 31.59 earnings per share for the current fiscal year.

KLA declared that its Board of Directors has authorized a share buyback plan on Wednesday, April 30th that permits the company to repurchase $5.00 billion in outstanding 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 typically a sign that the company's management believes its shares are undervalued.

KLA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date was Monday, May 19th. This is a positive change from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio is currently 27.63%.

Insiders Place Their Bets

In related news, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 78,740 shares in the company, valued at approximately $53,803,042. The trade was a 12.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Bren D. Higgins sold 7,008 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $724.62, for a total transaction of $5,078,136.96. Following the transaction, the chief financial officer now directly owns 28,798 shares in the company, valued at approximately $20,867,606.76. This represents a 19.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,829 shares of company stock valued at $13,240,166 in the last quarter. 0.12% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on KLAC shares. Barclays decreased their target price on shares of KLA from $760.00 to $590.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen downgraded shares of KLA from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Cowen restated a "hold" rating on shares of KLA in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft cut shares of KLA from a "buy" rating to a "hold" rating and set a $790.00 target price for the company. in a report on Tuesday, May 20th. Finally, Citigroup decreased their price target on KLA from $910.00 to $800.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, KLA presently has an average rating of "Moderate Buy" and a consensus price target of $795.39.

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.