Kulicke and Soffa Industries (KLIC) to Buyback $100.00 million in Shares
Kulicke and Soffa Industries (NASDAQ:KLIC) announced that its board has authorized a stock buyback program, which permits the company to buyback $100.00 million in shares on Tuesday, August 15th, EventVestor reports. This buyback authorization permits the semiconductor company to purchase up to 7.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Several analysts recently weighed in on KLIC shares. BidaskClub cut Kulicke and Soffa Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Zacks Investment Research raised Kulicke and Soffa Industries from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Wednesday, May 3rd. B. Riley reissued a “buy” rating and set a $31.00 price target on shares of Kulicke and Soffa Industries in a report on Thursday, June 29th. Finally, ValuEngine raised Kulicke and Soffa Industries from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Kulicke and Soffa Industries presently has a consensus rating of “Buy” and an average price target of $28.50.
Shares of Kulicke and Soffa Industries (KLIC) traded up 0.79% during trading on Wednesday, reaching $19.08. The company’s stock had a trading volume of 137,749 shares. Kulicke and Soffa Industries has a 52-week low of $11.29 and a 52-week high of $23.00. The stock has a 50-day moving average of $20.62 and a 200-day moving average of $20.71. The stock has a market cap of $1.36 billion, a P/E ratio of 15.86 and a beta of 1.25.
Kulicke and Soffa Industries (NASDAQ:KLIC) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.21. Kulicke and Soffa Industries had a return on equity of 11.88% and a net margin of 11.61%. The business had revenue of $243.90 million during the quarter, compared to analyst estimates of $245.02 million. During the same period in the prior year, the company earned $0.45 earnings per share. Kulicke and Soffa Industries’s revenue was up 12.7% compared to the same quarter last year. Analysts predict that Kulicke and Soffa Industries will post $1.38 earnings per share for the current fiscal year.
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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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