Zurcher Kantonalbank Zurich Cantonalbank Has $20.86 Million Position in KLA Corporation (NASDAQ:KLAC)

Key Points

• Zurcher Kantonalbank reduced its stake in KLA Corporation by 6.8%, holding 30,678 shares worth approximately $20.86 million as reported in its recent SEC filing.
• KLA Corporation announced a quarterly dividend increase to $1.90 per share, up from $1.70, reflecting a 0.83% yield and a dividend payout ratio of 27.63%.
• Analysts' consensus rating for KLA is currently a "Hold" with a target price averaging $858.19, reflecting mixed sentiment regarding the stock's future performance.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of KLA Corporation (NASDAQ:KLAC - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,678 shares of the semiconductor company's stock after selling 2,238 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in KLA were worth $20,855,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Anchor Investment Management LLC lifted its holdings in KLA by 12.0% during the 4th quarter. Anchor Investment Management LLC now owns 140 shares of the semiconductor company's stock valued at $88,000 after purchasing an additional 15 shares during the last quarter. IFC Advisors LLC lifted its holdings in KLA by 4.6% during the 1st quarter. IFC Advisors LLC now owns 342 shares of the semiconductor company's stock valued at $232,000 after purchasing an additional 15 shares during the last quarter. Trust Investment Advisors lifted its holdings in KLA by 1.3% during the 1st quarter. Trust Investment Advisors now owns 1,188 shares of the semiconductor company's stock valued at $808,000 after purchasing an additional 15 shares during the last quarter. Lockerman Financial Group Inc. lifted its holdings in KLA by 3.8% during the 1st quarter. Lockerman Financial Group Inc. now owns 438 shares of the semiconductor company's stock valued at $298,000 after purchasing an additional 16 shares during the last quarter. Finally, Childress Capital Advisors LLC lifted its holdings in shares of KLA by 3.3% during the first quarter. Childress Capital Advisors LLC now owns 495 shares of the semiconductor company's stock worth $337,000 after buying an additional 16 shares in the last quarter. 86.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their target price on KLA from $916.00 to $928.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup reissued a "buy" rating and set a $1,035.00 target price (up previously from $835.00) on shares of KLA in a report on Monday, July 7th. TD Cowen lifted their target price on KLA from $800.00 to $900.00 and gave the stock a "hold" rating in a report on Friday. TD Securities lifted their target price on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft downgraded 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. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, KLA presently has an average rating of "Hold" and an average target price of $889.12.

Insider Buying and Selling

In related news, CFO Bren D. Higgins sold 1,019 shares of KLA stock in a transaction that occurred 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 $21,291,492.34. The trade was a 3.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Virendra A. Kirloskar sold 39 shares of KLA stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $891.50, for a total value of $34,768.50. Following the completion of the transaction, the chief accounting officer directly owned 2,616 shares in the company, valued at approximately $2,332,164. This represents a 1.47% decrease in their ownership of the stock. 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 ninety days. 0.12% of the stock is owned by company insiders.

KLA Trading Up 0.4%

Shares of KLAC stock traded up $3.37 during mid-day trading on Friday, reaching $882.40. 743,543 shares of the stock traded hands, compared to its average volume of 1,166,542. The stock's fifty day simple moving average is $872.48 and its two-hundred day simple moving average is $767.52. KLA Corporation has a 1-year low of $551.33 and a 1-year high of $945.87. The company has a market cap of $116.69 billion, a price-to-earnings ratio of 32.07, a price-to-earnings-growth ratio of 1.72 and a beta of 1.42. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $9.38 EPS for the quarter, beating 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 112.97% and a net margin of 31.99%. The business's revenue for the quarter was up 23.6% on a year-over-year basis. During the same period last year, the firm posted $6.60 earnings per share. On average, research analysts anticipate that KLA Corporation will post 31.59 EPS for the current fiscal year.

KLA Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Monday, May 19th were paid a $1.90 dividend. This is an increase from KLA's previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, May 19th. KLA's payout ratio is presently 27.63%.

KLA declared that its Board of Directors has initiated a stock buyback plan on Wednesday, April 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

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.