Kulicke and Soffa Industries (NASDAQ:KLIC) Shares Gap Up After Dividend Announcement

Shares of Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $47.05, but opened at $48.98. Kulicke and Soffa Industries shares last traded at $48.34, with a volume of 169,653 shares changing hands.

The newly announced dividend which will be paid on Thursday, December 19th. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 1.70%. This is an increase from Kulicke and Soffa Industries’s previous quarterly dividend of $0.20. Kulicke and Soffa Industries’s dividend payout ratio is -76.92%.

Analyst Ratings Changes

Several analysts recently issued reports on KLIC shares. StockNews.com cut Kulicke and Soffa Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. Craig Hallum cut their price objective on Kulicke and Soffa Industries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, TD Cowen decreased their target price on Kulicke and Soffa Industries from $52.00 to $45.00 and set a “hold” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.33.

Kulicke and Soffa Industries Price Performance

The stock’s 50 day moving average is $44.00 and its 200-day moving average is $45.36. The company has a market capitalization of $2.64 billion, a P/E ratio of -45.67 and a beta of 1.38.

Kulicke and Soffa Industries declared that its Board of Directors has initiated a stock repurchase program on Wednesday, November 13th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Kulicke and Soffa Industries by 1.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,735 shares of the semiconductor company’s stock worth $891,000 after purchasing an additional 250 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Kulicke and Soffa Industries by 36.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 39,005 shares of the semiconductor company’s stock worth $1,760,000 after acquiring an additional 10,450 shares in the last quarter. FMR LLC increased its stake in shares of Kulicke and Soffa Industries by 308.6% in the 3rd quarter. FMR LLC now owns 13,369 shares of the semiconductor company’s stock worth $603,000 after acquiring an additional 10,097 shares in the last quarter. D.A. Davidson & CO. lifted its position in Kulicke and Soffa Industries by 9.3% during the 3rd quarter. D.A. Davidson & CO. now owns 10,551 shares of the semiconductor company’s stock valued at $476,000 after acquiring an additional 900 shares during the period. Finally, Citigroup Inc. boosted its stake in Kulicke and Soffa Industries by 37.4% during the third quarter. Citigroup Inc. now owns 150,533 shares of the semiconductor company’s stock worth $6,794,000 after acquiring an additional 40,990 shares in the last quarter. Hedge funds and other institutional investors own 98.22% of the company’s stock.

Kulicke and Soffa Industries Company Profile

Kulicke and Soffa Industries, Inc designs, manufactures, and sells capital equipment and tools used to assemble semiconductor devices. It operates through four segments: Ball Bonding Equipment, Wedge Bonding Equipment, Advanced Solutions, and Aftermarket Products and Services (APS). The company offers ball bonding equipment, wafer level bonding equipment, wedge bonding equipment; and advanced display, die-attach, and thermocompression systems and solutions, as well as tools, spares and services for equipment.