Summit Global Investments Reduces Stock Holdings in KLA Co. (NASDAQ:KLAC)

Summit Global Investments reduced its stake in shares of KLA Co. (NASDAQ:KLAC - Free Report) by 87.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 327 shares of the semiconductor company's stock after selling 2,181 shares during the quarter. Summit Global Investments' holdings in KLA were worth $253,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of KLAC. Cedar Wealth Management LLC grew its holdings in KLA by 77.3% in the 1st quarter. Cedar Wealth Management LLC now owns 39 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 17 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of KLA during the second quarter worth about $30,000. 1620 Investment Advisors Inc. bought a new stake in shares of KLA in the second quarter worth about $44,000. LRI Investments LLC purchased a new position in KLA during the 1st quarter valued at about $45,000. Finally, Olistico Wealth LLC bought a new position in KLA during the 2nd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 86.65% of the company's stock.

Wall Street Analyst Weigh In

KLAC has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on KLA from $760.00 to $875.00 and gave the company a "buy" rating in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of KLA from $890.00 to $750.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Citigroup dropped their target price on shares of KLA from $960.00 to $900.00 and set a "buy" rating for the company in a research report on Monday, September 16th. Argus boosted their price target on shares of KLA from $800.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, July 26th. Finally, Oppenheimer upgraded shares of KLA from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $750.00 to $850.00 in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, KLA has an average rating of "Moderate Buy" and a consensus price target of $802.90.

KLA Stock Down 3.8 %

KLAC stock traded down $25.95 during midday trading on Monday, hitting $661.46. The company's stock had a trading volume of 394,467 shares, compared to its average volume of 949,703. The firm's 50-day moving average is $731.06 and its 200-day moving average is $765.29. The company has a current ratio of 2.13, a quick ratio of 1.48 and a debt-to-equity ratio of 1.65. KLA Co. has a 12 month low of $524.03 and a 12 month high of $896.32. The company has a market cap of $88.48 billion, a PE ratio of 31.39, a P/E/G ratio of 1.45 and a beta of 1.29.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported $7.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.03 by $0.30. KLA had a return on equity of 105.16% and a net margin of 28.92%. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the company posted $5.74 earnings per share. The company's quarterly revenue was up 18.5% on a year-over-year basis. On average, equities research analysts forecast that KLA Co. will post 30.91 earnings per share for the current fiscal year.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Monday, November 18th will be paid a $1.70 dividend. The ex-dividend date is Monday, November 18th. This is a positive change from KLA's previous quarterly dividend of $1.45. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.03%. KLA's payout ratio is currently 26.48%.

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.