Olstein Capital Sells $5.2 Million Kulicke and Soffa Stake -- Is the Semiconductor Equipment Rally Over?
Key Points
Olstein Capital Management sold 81,461 shares of Kulicke and Soffa Industries during Q1 2026, with an estimated transaction value of approximately $5.2 million (based on the quarter's average closing price).
Following the sale, Olstein's remaining stake of 61,000 shares was valued at roughly $4.0 million -- representing 0.88% of the firm's 13F assets under management (AUM), and no longer among its top five holdings.
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What happened
According to its SEC filing dated April 21, 2026, Olstein Capital Management, L.P. sold 81,461 shares of Kulicke and Soffa Industries (NASDAQ:KLIC), with an estimated transaction value of $5.2 million based on the average closing price for the quarter.
What else to know
- Following the sale, KLIC represents 0.88% of Olstein Capital’s 13F assets under management
- The fund's top five holdings after the filing are:
- NYSE:DIS: $10.0 million (2.2% of AUM)
- NYSE:ST: $9.8 million (2.1% of AUM)
- NYSE:AVTR: $9.5 million (2.1% of AUM)
- NASDAQ:LKQ: $9.2 million (2.0% of AUM)
- NYSE:OMC: $8.9 million (1.9% of AUM)
- As of April 22, 2026, shares were trading at $84.16, up roughly 185% over the past year and outperforming the S&P 500 by about 150 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market cap | $4.4 billion |
| Revenue (TTM) | $687.6 million |
| Net income (TTM) | ($64.6 million) |
| Dividend yield | 0.98% |
Company snapshot
Kulicke and Soffa Industries is a leading designer and manufacturer of semiconductor assembly equipment and related solutions, serving global electronics manufacturers across the U.S. and Asia/Pacific.
- Its product portfolio spans capital equipment and tools for semiconductor device assembly -- including advanced packaging, bonding, lithography systems, and consumables -- as well as software solutions.
- The company generates revenue through equipment sales and aftermarket services -- including maintenance, repair, upgrades, and consumables -- for semiconductor manufacturers, outsourced assembly and test providers, and automotive electronics suppliers.
- K&S is increasingly focused on next-generation advanced packaging technologies, including fluxless thermo-compression bonding for AI and high-bandwidth memory applications.
What this transaction means for investors
Olstein Capital's decision to trim its KLIC position looks a lot like textbook profit-taking after a remarkable run. The stock has nearly tripled over the past year -- a gain that would reasonably prompt any disciplined portfolio manager to rebalance, regardless of their long-term view on the company. Notably, Olstein hasn't exited the position entirely; it still holds 61,000 shares, suggesting some continued conviction.
And there are some compelling reasons to maintain that conviction. Kulicke and Soffa's most recent earnings -- for Q1 2026, reported in February -- showed meaningful momentum. The company reported net revenue of $199.6 million and non-GAAP EPS of $0.44, both ahead of analyst expectations. That followed a strong Q4 2025, where non-GAAP net income rose 42% year over year. Management has guided for continued growth, with full-year fiscal 2026 revenue expected in the range of $730 million to $740 million -- roughly 12% growth over fiscal 2025's $654.1 million -- and there are concrete reasons to believe the company can get there. K&S expects its thermo-compression bonding business, which is critical to the assembly of AI chips and high-bandwidth memory, to grow approximately 70% in fiscal 2026. The company also recently launched its ProMEM suite, which can deliver up to 20% higher throughput for memory assembly workloads driven by AI demand.
For long-term investors, KLIC's positioning in advanced semiconductor packaging -- particularly as demand for AI chips and high-bandwidth memory accelerates -- offers a compelling growth angle. Investors seeking broader exposure to the semiconductor equipment space might also consider sector-focused ETFs, such as the VanEck Semiconductor ETF (NASDAQ:SMH) or the iShares Semiconductor ETF (NASDAQ:SOXX), which invest in companies throughout the chip equipment supply chain.
Bottom line: Institutional reshuffling after a strong run is common, and we shouldn’t assume this sale represents anything more than routine profit-taking.
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Andy Gould has the following options: long January 2028 $115 calls on Walt Disney, short January 2028 $115 puts on Walt Disney, and short May 2026 $115 calls on Walt Disney. The Motley Fool has positions in and recommends Walt Disney and iShares Trust - iShares Semiconductor ETF. The Motley Fool recommends LKQ. The Motley Fool has a disclosure policy.
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