KLA (NASDAQ:KLAC) Hits New 12-Month High on Analyst Upgrade

KLA Corporation (NASDAQ:KLAC - Get Free Report) hit a new 52-week high on Tuesday after Oppenheimer raised their price target on the stock from $740.00 to $950.00. Oppenheimer currently has an outperform rating on the stock. KLA traded as high as $914.83 and last traded at $893.00, with a volume of 1333943 shares changing hands. The stock had previously closed at $892.38.

A number of other research analysts also recently weighed in on the company. Cantor Fitzgerald restated a "neutral" rating and issued a $800.00 price target on shares of KLA in a research note on Thursday, May 1st. Morgan Stanley decreased their target price on shares of KLA from $870.00 to $868.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Jefferies Financial Group restated a "hold" rating and set a $725.00 target price (down from $875.00) on shares of KLA in a report on Friday, March 28th. Stifel Nicolaus increased their price target on shares of KLA from $750.00 to $770.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. lowered their price objective on shares of KLA from $950.00 to $900.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $807.06.

Insider Activity

In other news, CEO Richard P. Wallace sold 10,802 shares of KLA stock in a transaction on 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 completion of the sale, the chief executive officer now owns 78,740 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction dated 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 sale, the chief financial officer now directly owns 27,779 shares of the company's stock, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,829 shares of company stock valued at $13,240,166. 0.12% of the stock is owned by insiders.

Institutional Trading of KLA

A number of institutional investors have recently bought and sold shares of KLAC. Guinness Asset Management LTD increased its holdings in shares of KLA by 5.3% during the first quarter. Guinness Asset Management LTD now owns 59,738 shares of the semiconductor company's stock worth $40,604,000 after purchasing an additional 2,994 shares during the period. First Hawaiian Bank grew its position in KLA by 24.0% during the first quarter. First Hawaiian Bank now owns 1,554 shares of the semiconductor company's stock worth $1,056,000 after buying an additional 301 shares in the last quarter. Inspire Investing LLC increased its stake in KLA by 9.3% during the 1st quarter. Inspire Investing LLC now owns 16,370 shares of the semiconductor company's stock worth $11,128,000 after acquiring an additional 1,389 shares during the period. Modern Wealth Management LLC raised its holdings in KLA by 22.3% in the 1st quarter. Modern Wealth Management LLC now owns 400 shares of the semiconductor company's stock valued at $272,000 after acquiring an additional 73 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of KLA during the 1st quarter valued at $26,473,000. Institutional investors own 86.65% of the company's stock.

KLA Trading Up 0.1%

The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.74 and a current ratio of 2.54. The company has a market capitalization of $118.09 billion, a price-to-earnings ratio of 32.46, a price-to-earnings-growth ratio of 1.70 and a beta of 1.40. The firm has a fifty day moving average price of $744.19 and a 200-day moving average price of $712.21.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share for the quarter, topping the consensus estimate of $8.08 by $0.33. The business had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.01 billion. KLA had a net margin of 31.99% and a return on equity of 112.97%. KLA's revenue was up 35.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.26 earnings per share. As a group, equities analysts anticipate that KLA Corporation will post 31.59 EPS for the current year.

KLA Increases Dividend

The company 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 represents a $7.60 dividend on an annualized basis and a yield of 0.85%. This is a boost from KLA's previous quarterly dividend of $1.70. The ex-dividend date was Monday, May 19th. KLA's dividend payout ratio (DPR) is 27.63%.

KLA announced that its board has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

About KLA

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.