KLA Corp Executive Makes Significant Stock Sale
In a notable move within the tech and financial sectors, KLA Corp's Executive Vice President and Chief Financial Officer, Bren D. Higgins, has sold a substantial stake of the company's stock. The transaction, involving 7,018 shares, amounted to over $4.9 million. This sale took place on March 26, with each share going for $705.04.
This significant financial maneuver was orchestrated under a prearranged trading plan, specifically a Rule 10b5-1 plan, which Higgins had set in place on February 23, 2023. Post-transaction, Higgins retains ownership of 21,433 shares of KLA common stock, indicating his ongoing vested interest in the company's performance. These remaining shares are principally issuable upon the vesting of restricted stock units (RSUs).
KLA Corp, with its headquarters located in Milpitas, California, is a pivotal player in the optical instruments and lenses sector, showcasing its relevance in the broader industrial applications and services domain. The legal proceedings for this transaction were facilitated by Jeffrey S. Cannon, acting as attorney-in-fact for Bren D. Higgins.
With a market capitalization of $94.47 billion and a P/E ratio initially reporting at 35.21, KLA Corp recently observed a slight adjustment to 32.75. The company boasts a track record of raising its dividend for 8 consecutive years and has consistently made payments for 20 years, signaling strong dividend growth of 11.54% over the last twelve months. This reflects a current yield of 0.83%. However, amidst these accomplishments, the company faces challenges, highlighted by a projected sales decline for the current year, with revenue growth figures indicating a decrease of 7.75% over the last twelve months.
Analyst comment
Neutral news: KLA Corp Executive makes significant stock sale.
In the short term, the market may experience some volatility as investors assess the implications of the executive’s stock sale. However, the executive’s remaining ownership indicates confidence in the company’s performance. The market will likely closely monitor KLA Corp’s sales decline and revenue growth figures in the coming months.
