Kulicke and Soffa Industries (KLIC) Board Announces Stock Repurchase Plan
Kulicke and Soffa Industries (NASDAQ:KLIC) declared that its Board of Directors has approved a share repurchase program, which allows the company to buyback $100.00 million in shares on Tuesday, August 15th, EventVestor reports. This buyback authorization allows the semiconductor company to repurchase up to 7.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Kulicke and Soffa Industries (KLIC) traded up 0.79% during mid-day trading on Wednesday, hitting $19.08. The stock had a trading volume of 137,749 shares. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 15.86 and a beta of 1.25. The stock’s 50 day moving average price is $20.62 and its 200 day moving average price is $20.71. Kulicke and Soffa Industries has a one year low of $11.29 and a one year high of $23.00.
Kulicke and Soffa Industries (NASDAQ:KLIC) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.21. Kulicke and Soffa Industries had a return on equity of 11.88% and a net margin of 11.61%. The company had revenue of $243.90 million during the quarter, compared to analysts’ expectations of $245.02 million. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. Analysts forecast that Kulicke and Soffa Industries will post $1.38 EPS for the current year.
A number of brokerages have recently commented on KLIC. Zacks Investment Research upgraded Kulicke and Soffa Industries from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Wednesday, May 3rd. ValuEngine upgraded Kulicke and Soffa Industries from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. B. Riley reiterated a “buy” rating and set a $29.50 price target on shares of Kulicke and Soffa Industries in a report on Tuesday, May 9th. Finally, BidaskClub lowered Kulicke and Soffa Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $28.50.
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About Kulicke and Soffa Industries
Kulicke and Soffa Industries, Inc designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company supplies a range of bonding equipment. The Company operates through two segments: Equipment and Expendable Tools.
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