KLA (NASDAQ:KLAC) Hits New 52-Week High - What's Next?

KLA Corporation (NASDAQ:KLAC - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as $931.96 and last traded at $922.15, with a volume of 65580 shares changing hands. The stock had previously closed at $919.22.

Wall Street Analysts Forecast Growth

KLAC has been the subject of several research reports. 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. Wall Street Zen lowered KLA from a "buy" rating to a "hold" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft downgraded 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. UBS Group raised their target price on KLA from $690.00 to $740.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of KLA in a research report on Tuesday, June 24th. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $833.89.

KLA Stock Up 0.4%

The business's fifty day moving average is $812.85 and its two-hundred day moving average is $737.73. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47. The stock has a market cap of $122.08 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 1.71 and a beta of 1.42.

KLA (NASDAQ:KLAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. The business had revenue of $3.06 billion for 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%. The business's revenue for the quarter was up 35.5% on a year-over-year basis. During the same period in the prior year, the company posted $5.26 EPS. Equities analysts forecast that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Monday, May 19th. This is an increase from KLA's previous quarterly dividend of $1.70. KLA's dividend payout ratio (DPR) is currently 27.63%.

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

Insider Activity

In other KLA news, CAO Virendra A. Kirloskar sold 39 shares of the firm's 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 sale, the chief accounting officer owned 2,616 shares of the company's stock, valued at $2,332,164. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard P. Wallace sold 10,802 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 78,740 shares of the company's stock, valued at approximately $53,803,042. This represents a 12.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,860 shares of company stock valued at $8,196,798. Company insiders own 0.12% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KLAC. Activest Wealth Management grew its position in shares of KLA by 4,100.0% during the 1st quarter. Activest Wealth Management now owns 42 shares of the semiconductor company's stock worth $29,000 after buying an additional 41 shares during the period. Tortoise Investment Management LLC grew its holdings in shares of KLA by 300.0% during the fourth 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 bought a new stake in KLA during the fourth quarter worth $31,000. Alpine Bank Wealth Management bought a new stake in KLA in the 1st quarter valued at $35,000. Finally, Olde Wealth Management LLC bought a new stake in KLA in the 1st quarter valued at $36,000. Institutional investors own 86.65% of the company's stock.

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.