Zurich Insurance Group Ltd FI trimmed its holdings in KLA Co. (NASDAQ:KLAC - Free Report) by 75.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,795 shares of the semiconductor company's stock after selling 77,426 shares during the period. Zurich Insurance Group Ltd FI's holdings in KLA were worth $15,624,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in KLA by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 13,484,468 shares of the semiconductor company's stock valued at $8,496,833,000 after purchasing an additional 85,370 shares during the last quarter. Capital International Investors raised its position in shares of KLA by 0.4% in the fourth quarter. Capital International Investors now owns 3,606,838 shares of the semiconductor company's stock valued at $2,273,118,000 after purchasing an additional 14,397 shares during the period. Geode Capital Management LLC lifted its stake in shares of KLA by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,253,302 shares of the semiconductor company's stock worth $2,046,472,000 after buying an additional 31,608 shares during the last quarter. Norges Bank acquired a new stake in shares of KLA during the 4th quarter worth about $1,175,756,000. Finally, Northern Trust Corp boosted its holdings 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 worth $1,061,878,000 after buying an additional 204,330 shares during the period. 86.65% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have weighed in on KLAC. Jefferies Financial Group reissued a "hold" rating and issued a $725.00 price target (down from $875.00) on shares of KLA in a report on Friday, March 28th. TD Securities increased their target price on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. UBS Group lifted their price target on KLA from $690.00 to $740.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft downgraded KLA from a "buy" rating to a "hold" rating and set a $790.00 price target for the company. in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $800.00 price objective on shares of KLA in a report on Thursday, May 1st. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $799.58.
Check Out Our Latest Research Report on KLAC
KLA Price Performance
Shares of NASDAQ:KLAC opened at $790.29 on Wednesday. The firm has a 50 day moving average of $692.36 and a 200-day moving average of $689.75. KLA Co. has a 12 month low of $551.33 and a 12 month high of $896.32. The company has a current ratio of 2.36, a quick ratio of 1.63 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $104.51 billion, a PE ratio of 33.23, a PEG ratio of 1.57 and a beta of 1.40.
KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.08 by $0.33. KLA had a net margin of 29.58% and a return on equity of 108.60%. The business had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same period last year, the firm posted $5.26 earnings per share. The firm's quarterly revenue was up 35.5% compared to the same quarter last year. On average, equities research analysts predict that KLA Co. will post 31.59 EPS for the current fiscal year.
KLA Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th will be paid a dividend of $1.90 per share. This is an increase from KLA's previous quarterly dividend of $1.70. The ex-dividend date is Monday, May 19th. This represents a $7.60 annualized dividend and a yield of 0.96%. KLA's payout ratio is presently 27.63%.
KLA announced that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.
Insiders Place Their Bets
In related news, CFO Bren D. Higgins sold 7,008 shares of the firm's stock in a transaction 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 sale, the chief financial officer now owns 28,798 shares of the company's stock, valued at $20,867,606.76. This trade represents a 19.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total value of $7,381,006.60. Following the sale, the chief executive officer now owns 78,740 shares in the company, valued at $53,803,042. This represents a 12.06% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.
KLA Profile
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Free Report)
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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