Palisade Asset Management LLC Reduces Stake in KLA Co. (NASDAQ:KLAC)

Palisade Asset Management LLC trimmed its position in shares of KLA Co. (NASDAQ:KLAC) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,925 shares of the semiconductor company’s stock after selling 70 shares during the quarter. Palisade Asset Management LLC’s holdings in KLA were worth $2,265,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of KLAC. EntryPoint Capital LLC grew its position in shares of KLA by 83.1% in the first quarter. EntryPoint Capital LLC now owns 141 shares of the semiconductor company’s stock valued at $98,000 after purchasing an additional 64 shares during the last quarter. LRI Investments LLC purchased a new position in KLA during the first quarter worth $46,000. Magnetar Financial LLC acquired a new position in shares of KLA in the first quarter worth $1,114,000. BOKF NA lifted its position in shares of KLA by 85.1% in the first quarter. BOKF NA now owns 7,961 shares of the semiconductor company’s stock valued at $5,659,000 after acquiring an additional 3,659 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its stake in shares of KLA by 2.4% during the first quarter. Mount Yale Investment Advisors LLC now owns 2,280 shares of the semiconductor company’s stock valued at $1,593,000 after acquiring an additional 54 shares during the last quarter. Institutional investors and hedge funds own 86.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. StockNews.com raised shares of KLA from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of KLA from $890.00 to $750.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of KLA in a research report on Thursday, October 31st. Oppenheimer upgraded KLA from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $750.00 to $850.00 in a report on Thursday, October 31st. Finally, Argus raised their price objective on KLA from $800.00 to $875.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, KLA currently has a consensus rating of “Moderate Buy” and an average target price of $815.55.

KLA Price Performance

KLA stock opened at $639.55 on Friday. The company has a quick ratio of 1.48, a current ratio of 2.13 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $85.55 billion, a P/E ratio of 29.20, a PEG ratio of 1.33 and a beta of 1.29. The firm has a fifty day moving average of $710.36 and a 200-day moving average of $760.30. KLA Co. has a 52-week low of $527.11 and a 52-week high of $896.32.

KLA (NASDAQ:KLAC) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported $7.33 EPS for the quarter, beating the consensus estimate of $7.03 by $0.30. KLA had a return on equity of 105.16% and a net margin of 28.92%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company posted $5.74 earnings per share. The firm’s revenue was up 18.5% compared to the same quarter last year. As a group, analysts predict that KLA Co. will post 30.91 EPS for the current year.

KLA Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Monday, November 18th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, November 18th. This is a boost from KLA’s previous quarterly dividend of $1.45. KLA’s dividend payout ratio is currently 31.05%.

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.