Pinnacle Associates Ltd. Grows Stock Holdings in KLA-Tencor Corp (NASDAQ:KLAC)

Pinnacle Associates Ltd. grew its holdings in shares of KLA-Tencor Corp (NASDAQ:KLAC) by 18.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 15,704 shares of the semiconductor company’s stock after purchasing an additional 2,485 shares during the period. Pinnacle Associates Ltd.’s holdings in KLA-Tencor were worth $1,856,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Keybank National Association OH raised its holdings in KLA-Tencor by 4.0% in the 2nd quarter. Keybank National Association OH now owns 2,871 shares of the semiconductor company’s stock worth $339,000 after acquiring an additional 111 shares during the last quarter. LS Investment Advisors LLC raised its holdings in KLA-Tencor by 2.8% in the 1st quarter. LS Investment Advisors LLC now owns 4,489 shares of the semiconductor company’s stock worth $536,000 after acquiring an additional 121 shares during the last quarter. Cleararc Capital Inc. raised its holdings in KLA-Tencor by 4.7% in the 1st quarter. Cleararc Capital Inc. now owns 2,750 shares of the semiconductor company’s stock worth $328,000 after acquiring an additional 124 shares during the last quarter. Meiji Yasuda Life Insurance Co raised its holdings in KLA-Tencor by 3.3% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 4,044 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 129 shares during the last quarter. Finally, Cornerstone Advisors Inc. raised its holdings in KLA-Tencor by 35.4% in the 2nd quarter. Cornerstone Advisors Inc. now owns 513 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 87.35% of the company’s stock.

In other news, Director Kevin Kennedy sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $136.32, for a total transaction of $340,800.00. Following the completion of the sale, the director now owns 2,072 shares of the company’s stock, valued at approximately $282,455.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Amichai Steimberg sold 8,962 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $138.80, for a total transaction of $1,243,925.60. Following the sale, the chief executive officer now directly owns 19,892 shares of the company’s stock, valued at approximately $2,761,009.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,495 shares of company stock valued at $4,222,152. 0.19% of the stock is currently owned by insiders.

NASDAQ:KLAC traded up $0.39 during trading hours on Thursday, reaching $142.29. The company had a trading volume of 3,068 shares, compared to its average volume of 1,623,658. The company has a current ratio of 2.44, a quick ratio of 1.73 and a debt-to-equity ratio of 1.19. KLA-Tencor Corp has a 52 week low of $80.65 and a 52 week high of $143.95. The firm has a market cap of $22.60 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 1.12 and a beta of 1.73. The firm’s 50 day moving average price is $131.52 and its 200-day moving average price is $119.15.

KLA-Tencor (NASDAQ:KLAC) last posted its earnings results on Monday, August 5th. The semiconductor company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.07. KLA-Tencor had a net margin of 25.73% and a return on equity of 60.86%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm posted $2.22 EPS. The firm’s revenue was up 17.6% on a year-over-year basis. On average, analysts forecast that KLA-Tencor Corp will post 9.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Wednesday, August 14th. KLA-Tencor’s dividend payout ratio (DPR) is presently 35.46%.

A number of equities analysts recently weighed in on the stock. Bank of America restated a “buy” rating and issued a $150.00 price objective (up from $140.00) on shares of KLA-Tencor in a report on Tuesday, August 6th. Cowen restated an “outperform” rating and issued a $155.00 price objective (up from $145.00) on shares of KLA-Tencor in a report on Tuesday, August 6th. KeyCorp boosted their price objective on shares of KLA-Tencor from $149.00 to $152.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Deutsche Bank boosted their price objective on shares of KLA-Tencor from $120.00 to $133.00 and gave the stock a “hold” rating in a report on Tuesday, August 6th. Finally, ValuEngine lowered shares of KLA-Tencor from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $142.21.

KLA-Tencor Profile

KLA-Tencor Corporation designs, manufactures, and markets process control and yield management solutions for the semiconductor and related nanoelectronics industries worldwide. The company offers chip and wafer manufacturing products, including defect inspection and review systems, metrology solutions, in situ process monitoring products, computational lithography software, and data analytics systems for chip manufacturers to manage yield throughout the semiconductor fabrication process.

Further Reading: Catch-Up Contributions

Institutional Ownership by Quarter for KLA-Tencor (NASDAQ:KLAC)

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