Northern Trust Corp Sells 42,857 Shares of KLA Corporation $KLAC

by · The Cerbat Gem

Northern Trust Corp lessened its holdings in KLA Corporation (NASDAQ:KLAC – Free Report) by 2.5% during the 1st quarter, Holdings Channel reports. The firm owned 1,642,343 shares of the semiconductor company’s stock after selling 42,857 shares during the period. Northern Trust Corp’s holdings in KLA were worth $1,116,465,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in KLAC. Alpine Bank Wealth Management acquired a new stake in KLA during the 1st quarter worth approximately $35,000. Olde Wealth Management LLC bought a new stake in KLA in the first quarter valued at approximately $36,000. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of KLA in the first quarter valued at about $37,000. Hazlett Burt & Watson Inc. acquired a new stake in KLA during the 1st quarter worth approximately $45,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its holdings in KLA by 527.3% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 58 shares during the period. 86.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KLAC has been the topic of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of KLA in a report on Tuesday, June 24th. Raymond James Financial restated an “outperform” rating and set a $950.00 price objective (up from $850.00) on shares of KLA in a research report on Friday, August 1st. Morgan Stanley lifted their price target on KLA from $916.00 to $928.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Barclays boosted their price target on KLA from $590.00 to $750.00 and gave the stock an “equal weight” rating in a report on Monday, July 28th. Finally, TD Securities raised their price objective on KLA from $770.00 to $800.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, KLA presently has a consensus rating of “Hold” and an average target price of $890.59.

Check Out Our Latest Research Report on KLAC

Insider Transactions at KLA

In related news, EVP Brian Lorig sold 8,049 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $913.68, for a total value of $7,354,210.32. Following the sale, the executive vice president directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard P. Wallace sold 10,801 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $913.68, for a total transaction of $9,868,657.68. Following the sale, the chief executive officer directly owned 92,818 shares in the company, valued at approximately $84,805,950.24. This trade represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,908 shares of company stock worth $18,038,659 over the last 90 days. 0.12% of the stock is owned by insiders.

KLA Price Performance

Shares of NASDAQ:KLAC opened at $874.94 on Monday. KLA Corporation has a fifty-two week low of $551.33 and a fifty-two week high of $959.26. The company’s 50-day moving average is $902.52 and its 200 day moving average is $781.30. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.83 and a current ratio of 2.62. The company has a market capitalization of $115.46 billion, a P/E ratio of 28.79, a price-to-earnings-growth ratio of 2.98 and a beta of 1.44.

KLA (NASDAQ:KLAC – Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $9.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.85. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. KLA had a net margin of 33.41% and a return on equity of 112.41%. KLA’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter last year, the business posted $6.60 EPS. On average, equities research analysts forecast that KLA Corporation will post 31.59 earnings per share for the current year.

KLA Announces Dividend

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 paid a dividend of $1.90 per share. The ex-dividend date is Monday, August 18th. This represents a $7.60 annualized dividend and a dividend yield of 0.9%. KLA’s dividend payout ratio is presently 25.01%.

KLA announced that its Board of Directors has initiated a share repurchase plan on Wednesday, April 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

KLA Company Profile

(Free Report)

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.

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