Kulicke and Soffa Industries (NASDAQ:KLIC) to Repurchase $300.00 million in Stock

Kulicke and Soffa Industries (NASDAQ:KLIC) announced that its board has authorized a stock buyback plan on Wednesday, November 13th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Kulicke and Soffa Industries Stock Performance

Kulicke and Soffa Industries stock opened at $46.19 on Friday. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -37.55 and a beta of 1.38. Kulicke and Soffa Industries has a fifty-two week low of $38.20 and a fifty-two week high of $56.71. The stock’s fifty day moving average is $44.12 and its two-hundred day moving average is $45.37.

Kulicke and Soffa Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Thursday, December 19th will be issued a $0.205 dividend. This is a positive change from Kulicke and Soffa Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.82 annualized dividend and a yield of 1.78%. Kulicke and Soffa Industries’s dividend payout ratio is -65.04%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com cut Kulicke and Soffa Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. Craig Hallum cut their price objective on Kulicke and Soffa Industries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. TD Cowen increased their price objective on Kulicke and Soffa Industries from $45.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday. Needham & Company LLC upgraded Kulicke and Soffa Industries from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Friday. Finally, DA Davidson cut their price objective on Kulicke and Soffa Industries from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $52.40.

About Kulicke and Soffa Industries

Kulicke and Soffa Industries, Inc designs, manufactures, and sells capital equipment and tools used to assemble semiconductor devices. It operates through four segments: Ball Bonding Equipment, Wedge Bonding Equipment, Advanced Solutions, and Aftermarket Products and Services (APS). The company offers ball bonding equipment, wafer level bonding equipment, wedge bonding equipment; and advanced display, die-attach, and thermocompression systems and solutions, as well as tools, spares and services for equipment.