KLA-Tencor (NASDAQ:KLAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $122.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.12% from the company’s current price.
According to Zacks, “KLA offers a complete yield management solutions which includes hardware, software and services. The addittion of new capacity by Wafer manufacturers and adoption of more complex architectures by IC customers are driving demand for the company’s new bare wafer products. KLA’s cost reduction initiatives and strong balance sheet are positives amid cyclical pressures. Though the stiff competition and concentrated customer base increases execution risk, the rising process control spending across foundry, memory and logic players through 2017 and beyond will enable KLA to deliver stronger results. However, the stock has underperformed the industry it belongs to on a year-to-date basis.”
A number of other brokerages have also recently weighed in on KLAC. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price objective on shares of KLA-Tencor in a research note on Thursday, October 19th. Credit Suisse Group reiterated an “outperform” rating on shares of KLA-Tencor in a research note on Thursday, August 31st. Stifel Nicolaus boosted their price objective on KLA-Tencor from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. B. Riley reiterated a “buy” rating and issued a $129.00 price objective (up previously from $120.00) on shares of KLA-Tencor in a research note on Friday, October 27th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $136.00 price objective on shares of KLA-Tencor in a research note on Friday, October 27th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. KLA-Tencor currently has a consensus rating of “Hold” and an average price target of $110.32.
KLA-Tencor (NASDAQ:KLAC) last issued its quarterly earnings data on Thursday, October 26th. The semiconductor company reported $1.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.17. KLA-Tencor had a return on equity of 84.61% and a net margin of 27.82%. The company had revenue of $970.00 million during the quarter, compared to analysts’ expectations of $946.86 million. During the same quarter in the previous year, the business earned $1.16 earnings per share. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. analysts forecast that KLA-Tencor will post 7.31 EPS for the current year.
In related news, Director Emiko Higashi sold 500 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $110.00, for a total transaction of $55,000.00. Following the transaction, the director now owns 13,588 shares of the company’s stock, valued at $1,494,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Virendra A. Kirloskar sold 600 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $101.52, for a total value of $60,912.00. The disclosure for this sale can be found here. In the last three months, insiders sold 34,400 shares of company stock worth $3,585,084. Corporate insiders own 0.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in KLAC. Janus Henderson Group PLC grew its holdings in KLA-Tencor by 24,123.6% during the second quarter. Janus Henderson Group PLC now owns 4,308,404 shares of the semiconductor company’s stock worth $394,262,000 after acquiring an additional 4,290,618 shares during the period. Ameriprise Financial Inc. grew its holdings in KLA-Tencor by 375.7% during the third quarter. Ameriprise Financial Inc. now owns 1,120,753 shares of the semiconductor company’s stock worth $118,799,000 after acquiring an additional 885,147 shares during the period. Pictet Asset Management Ltd. grew its holdings in KLA-Tencor by 46.0% during the third quarter. Pictet Asset Management Ltd. now owns 2,444,102 shares of the semiconductor company’s stock worth $259,075,000 after acquiring an additional 770,480 shares during the period. Koch Industries Inc. grew its holdings in KLA-Tencor by 16,899.5% during the second quarter. Koch Industries Inc. now owns 745,260 shares of the semiconductor company’s stock worth $737,000 after acquiring an additional 740,876 shares during the period. Finally, Nordea Investment Management AB grew its holdings in KLA-Tencor by 9,592.9% during the third quarter. Nordea Investment Management AB now owns 638,377 shares of the semiconductor company’s stock worth $67,668,000 after acquiring an additional 631,791 shares during the period. 90.63% of the stock is currently owned by hedge funds and other institutional investors.
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KLA-Tencor Corporation (KLA-Tencor) is a supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries. The Company’s products are also used in a number of other high technology industries, including the light emitting diode (LED) and data storage industries, as well as general materials research.
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