Richard P. Wallace Sells 10,802 Shares of KLA Co. (NASDAQ:KLAC) Stock

KLA Co. (NASDAQ:KLAC) CEO Richard P. Wallace sold 10,802 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the completion of the transaction, the chief executive officer now directly owns 78,740 shares of the company’s stock, valued at approximately $53,803,042. This trade represents a 12.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

KLA Stock Down 0.3 %

NASDAQ KLAC opened at $701.20 on Friday. 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 company has a market cap of $93.18 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 1.57 and a beta of 1.40. The company has a 50 day moving average of $678.12 and a 200-day moving average of $684.07. KLA Co. has a 1-year low of $551.33 and a 1-year high of $896.32.

KLA (NASDAQ:KLAC) last released its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share for the quarter, beating analysts’ consensus estimates of $8.08 by $0.33. KLA had a return on equity of 108.60% and a net margin of 29.58%. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the prior year, the company posted $5.26 EPS. The company’s revenue was up 35.5% compared to the same quarter last year. On average, equities research analysts expect that KLA Co. will post 31.59 earnings per share for the current fiscal year.

KLA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, April 30th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

KLA Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, May 19th. This is an increase from KLA’s previous quarterly dividend of $1.70. KLA’s dividend payout ratio is 24.72%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KLAC. UBS Group raised their price objective on KLA from $690.00 to $740.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Susquehanna boosted their price target on KLA from $620.00 to $655.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Jefferies Financial Group reiterated a “hold” rating and set a $725.00 price objective (down previously from $875.00) on shares of KLA in a research note on Friday, March 28th. TD Cowen boosted their target price on shares of KLA from $770.00 to $800.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Finally, Oppenheimer increased their price target on shares of KLA from $700.00 to $740.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $802.74.

Institutional Investors Weigh In On KLA

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hutchens & Kramer Investment Management Group LLC raised its position in shares of KLA by 3.3% during the 4th quarter. Hutchens & Kramer Investment Management Group LLC now owns 411 shares of the semiconductor company’s stock valued at $259,000 after buying an additional 13 shares in the last quarter. Richardson Financial Services Inc. grew its position in KLA by 5.9% in the fourth quarter. Richardson Financial Services Inc. now owns 253 shares of the semiconductor company’s stock worth $160,000 after acquiring an additional 14 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in KLA by 6.5% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 246 shares of the semiconductor company’s stock valued at $155,000 after acquiring an additional 15 shares during the last quarter. Catalyst Financial Partners LLC raised its position in KLA by 2.0% during the fourth quarter. Catalyst Financial Partners LLC now owns 755 shares of the semiconductor company’s stock valued at $476,000 after purchasing an additional 15 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its stake in KLA by 12.0% during the fourth quarter. Anchor Investment Management LLC now owns 140 shares of the semiconductor company’s stock worth $88,000 after purchasing an additional 15 shares during the last quarter. 86.65% of the stock is currently owned by institutional investors.

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.