California Public Employees Retirement System lessened its holdings in KLA Co. (NASDAQ:KLAC) by 3.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 346,609 shares of the semiconductor company’s stock after selling 13,952 shares during the period. California Public Employees Retirement System owned approximately 0.23% of KLA worth $112,374,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in KLAC. E Fund Management Co. Ltd. purchased a new stake in shares of KLA during the 1st quarter worth $1,188,000. JPMorgan Chase & Co. lifted its position in shares of KLA by 22.1% during the 1st quarter. JPMorgan Chase & Co. now owns 401,800 shares of the semiconductor company’s stock worth $132,754,000 after purchasing an additional 72,728 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of KLA by 27.6% during the 1st quarter. Quadrant Capital Group LLC now owns 679 shares of the semiconductor company’s stock worth $224,000 after purchasing an additional 147 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in shares of KLA by 3.8% during the 1st quarter. Pinnacle Associates Ltd. now owns 16,981 shares of the semiconductor company’s stock worth $5,611,000 after purchasing an additional 615 shares during the last quarter. Finally, Cresset Asset Management LLC lifted its position in shares of KLA by 25.4% during the 1st quarter. Cresset Asset Management LLC now owns 3,317 shares of the semiconductor company’s stock worth $1,096,000 after purchasing an additional 672 shares during the last quarter. 85.70% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Brian Lorig sold 875 shares of the company’s stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $348.16, for a total transaction of $304,640.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Bren D. Higgins sold 6,617 shares of the company’s stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $335.92, for a total transaction of $2,222,782.64. Following the transaction, the chief financial officer now directly owns 6,827 shares in the company, valued at approximately $2,293,325.84. The disclosure for this sale can be found here. Insiders sold 17,174 shares of company stock worth $5,950,888 in the last ninety days. Insiders own 0.16% of the company’s stock.
KLA (NASDAQ:KLAC) last announced its quarterly earnings results on Wednesday, July 28th. The semiconductor company reported $4.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.99 by $0.44. KLA had a net margin of 30.04% and a return on equity of 74.13%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.87 billion. On average, analysts forecast that KLA Co. will post 19.3 EPS for the current fiscal year.
KLA declared that its Board of Directors has approved a stock repurchase program on Thursday, July 29th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Monday, August 16th were issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Friday, August 13th. This is an increase from KLA’s previous quarterly dividend of $0.90. KLA’s dividend payout ratio is 28.87%.
KLAC has been the topic of a number of recent research reports. UBS Group lifted their price objective on shares of KLA from $345.00 to $350.00 and gave the company a “neutral” rating in a research note on Friday, July 30th. Morgan Stanley boosted their price target on shares of KLA from $364.00 to $389.00 and gave the stock an “equal weight” rating in a research note on Friday, July 30th. Stifel Nicolaus boosted their price target on shares of KLA from $380.00 to $403.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of KLA from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Finally, Susquehanna Bancshares upgraded shares of KLA from a “neutral” rating to a “positive” rating and boosted their price target for the stock from $380.00 to $475.00 in a research note on Tuesday, September 14th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $377.11.
KLA Corp. engages in the supply of process control and yield management solutions for the semiconductor and related nano-electronics industries. The company operates through the following segments; Semiconductor Process Control, Specialty Semiconductor Process, PCB, Display & Component Inspection and Other.
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