BI Asset Management Fondsmaeglerselskab A S Sells 6,561 Shares of KLA Corporation $KLAC

BI Asset Management Fondsmaeglerselskab A S cut its holdings in KLA Corporation (NASDAQ:KLAC) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,497 shares of the semiconductor company’s stock after selling 6,561 shares during the period. KLA makes up 0.7% of BI Asset Management Fondsmaeglerselskab A S’s portfolio, making the stock its 25th largest position. BI Asset Management Fondsmaeglerselskab A S owned 0.07% of KLA worth $65,599,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new position in shares of KLA during the first quarter valued at about $35,000. Olde Wealth Management LLC bought a new position in shares of KLA during the first quarter valued at about $36,000. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of KLA during the first quarter valued at about $37,000. Hazlett Burt & Watson Inc. bought a new position in shares of KLA during the first quarter valued at about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in shares of KLA by 527.3% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. 86.65% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Virendra A. Kirloskar sold 39 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $891.50, for a total transaction of $34,768.50. Following the sale, the chief accounting officer owned 2,616 shares in the company, valued at $2,332,164. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian Lorig sold 8,049 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $913.68, for a total transaction of $7,354,210.32. Following the sale, the executive vice president owned 11,479 shares in the company, valued at approximately $10,488,132.72. The trade was a 41.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,908 shares of company stock worth $18,038,659. Corporate insiders own 0.12% of the company’s stock.

KLA Price Performance

Shares of NASDAQ KLAC opened at $883.39 on Tuesday. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $959.26. The company has a 50 day simple moving average of $903.60 and a two-hundred day simple moving average of $782.31. The company has a market capitalization of $116.57 billion, a price-to-earnings ratio of 29.07, a P/E/G ratio of 2.98 and a beta of 1.44. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.83 and a current ratio of 2.62.

KLA (NASDAQ:KLAC) last announced its earnings results on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $0.85. KLA had a net margin of 33.41% and a return on equity of 112.41%. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the firm earned $6.60 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. Analysts expect that KLA Corporation will post 31.59 EPS for the current fiscal year.

KLA announced that its board 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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

KLA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Monday, August 18th will be issued a dividend of $1.90 per share. The ex-dividend date is Monday, August 18th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 0.9%. KLA’s dividend payout ratio is presently 25.01%.

Analysts Set New Price Targets

KLAC has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of KLA from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. TD Cowen upped their price objective on shares of KLA from $800.00 to $900.00 and gave the company a “hold” rating in a research note on Friday, August 1st. The Goldman Sachs Group assumed coverage on shares of KLA in a research note on Thursday, July 10th. They set a “neutral” rating and a $980.00 price objective for the company. Citigroup increased their price target on shares of KLA from $1,035.00 to $1,060.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus increased their price target on shares of KLA from $770.00 to $922.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $890.59.

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.