Kulicke and Soffa Industries, Inc. (KLIC) Hits New 1-Year High Following Strong Earnings
Shares of Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $27.70 and last traded at $23.69, with a volume of 980700 shares trading hands. The stock had previously closed at $23.61.
The semiconductor company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.30 by $0.21. Kulicke and Soffa Industries had a net margin of 11.61% and a return on equity of 11.88%. The company had revenue of $215.89 million during the quarter, compared to analysts’ expectations of $208.20 million. During the same period last year, the company posted $0.15 earnings per share. The business’s revenue for the quarter was up 48.0% on a year-over-year basis.
Kulicke and Soffa Industries announced that its board has initiated a share repurchase program on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have recently issued reports on KLIC. B. Riley reissued a “buy” rating and issued a $31.00 price target on shares of Kulicke and Soffa Industries in a research report on Tuesday, August 8th. BidaskClub lowered shares of Kulicke and Soffa Industries from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Zacks Investment Research lowered shares of Kulicke and Soffa Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, ValuEngine raised shares of Kulicke and Soffa Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $26.50.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Kulicke and Soffa Industries by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,993,880 shares of the semiconductor company’s stock worth $129,288,000 after purchasing an additional 22,569 shares in the last quarter. BlackRock Inc. lifted its position in shares of Kulicke and Soffa Industries by 909,858.7% in the first quarter. BlackRock Inc. now owns 5,532,549 shares of the semiconductor company’s stock worth $112,421,000 after purchasing an additional 5,531,941 shares in the last quarter. Royce & Associates LP raised its position in Kulicke and Soffa Industries by 17.5% during the third quarter. Royce & Associates LP now owns 2,946,089 shares of the semiconductor company’s stock valued at $63,547,000 after acquiring an additional 438,168 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in Kulicke and Soffa Industries during the third quarter valued at approximately $61,608,000. Finally, Vanguard Group Inc. raised its position in Kulicke and Soffa Industries by 11.5% during the second quarter. Vanguard Group Inc. now owns 2,033,595 shares of the semiconductor company’s stock valued at $38,679,000 after acquiring an additional 209,884 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.
The firm has a market cap of $1,678.62, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.10 and a beta of 1.34. The company has a current ratio of 4.83, a quick ratio of 4.20 and a debt-to-equity ratio of 0.02.
About Kulicke and Soffa Industries
Kulicke and Soffa Industries, Inc designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company supplies a range of bonding equipment. The Company operates through two segments: Equipment and Expendable Tools.
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