Stevens Capital Management LP reduced its stake in shares of KLA-Tencor Corp (NASDAQ:KLAC) by 46.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,592 shares of the semiconductor company’s stock after selling 3,161 shares during the quarter. Stevens Capital Management LP’s holdings in KLA-Tencor were worth $392,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in KLAC. First Mercantile Trust Co. grew its stake in shares of KLA-Tencor by 121.7% during the first quarter. First Mercantile Trust Co. now owns 1,299 shares of the semiconductor company’s stock valued at $142,000 after buying an additional 713 shares during the last quarter. Centaurus Financial Inc. bought a new position in shares of KLA-Tencor during the first quarter valued at about $176,000. Advisor Group Inc. grew its stake in shares of KLA-Tencor by 96.1% during the fourth quarter. Advisor Group Inc. now owns 1,941 shares of the semiconductor company’s stock valued at $203,000 after buying an additional 951 shares during the last quarter. Grimes & Company Inc. bought a new position in shares of KLA-Tencor during the first quarter valued at about $203,000. Finally, Wedbush Securities Inc. bought a new position in shares of KLA-Tencor during the first quarter valued at about $208,000. 91.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of KLAC opened at $114.32 on Friday. The company has a quick ratio of 3.07, a current ratio of 3.78 and a debt-to-equity ratio of 1.80. KLA-Tencor Corp has a one year low of $87.93 and a one year high of $123.96. The stock has a market capitalization of $17.70 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 0.88 and a beta of 1.50.
KLA-Tencor announced that its Board of Directors has approved a stock buyback program on Monday, March 19th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other KLA-Tencor news, CFO Bren D. Higgins sold 854 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $112.92, for a total value of $96,433.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.
KLAC has been the topic of a number of recent research reports. Needham & Company LLC raised their price objective on KLA-Tencor from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 26th. Citigroup upgraded shares of KLA-Tencor from a “neutral” rating to a “buy” rating and set a $112.00 target price for the company in a report on Thursday, February 15th. ValuEngine upgraded shares of KLA-Tencor from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Bank of America initiated coverage on shares of KLA-Tencor in a report on Wednesday, March 21st. They set a “buy” rating and a $140.00 target price for the company. Finally, Argus dropped their target price on shares of KLA-Tencor from $135.00 to $115.98 and set a “buy” rating for the company in a report on Tuesday, March 20th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. KLA-Tencor presently has a consensus rating of “Buy” and a consensus price target of $127.93.
KLA-Tencor Corporation designs, manufactures, and markets process control and yield management solutions for the semiconductor and related nano-electronics industries worldwide. It offers chip manufacturing products, such as front-end defect inspection tools, defect review systems, advanced packaging process control systems, metrology solutions, in-situ process monitoring products, and lithography software; wafer manufacturing products comprising wafer manufacturing products comprising surface and defect inspection, wafer geometry and nanotopography metrology, and data management; and reticle manufacturing products, such as defect inspection and pattern placement metrology products.
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