Vetr downgraded shares of Applied Materials Inc. (NASDAQ:AMAT) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $35.25 price target on the manufacturing equipment provider’s stock.
Other equities research analysts have also recently issued reports about the company. B. Riley reaffirmed an amat ($29.20 rating and set a $39.00 price objective on shares of Applied Materials in a research note on Sunday, August 21st. Citigroup Inc. lifted their price objective on Applied Materials from $31.00 to $32.00 and gave the stock a buy rating in a research note on Friday, August 19th. Morgan Stanley reiterated a buy rating and set a $25.00 target price on shares of Applied Materials in a report on Tuesday, August 16th. DA Davidson reiterated a buy rating and set a $32.00 target price (up from $28.00) on shares of Applied Materials in a report on Tuesday, August 16th. Finally, Stifel Nicolaus lifted their target price on Applied Materials from $28.00 to $35.00 and gave the stock a buy rating in a report on Monday, August 15th. Five investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $31.95.
Applied Materials (NASDAQ:AMAT) opened at 31.88 on Tuesday. The stock’s 50 day moving average price is $29.16 and its 200-day moving average price is $26.89. Applied Materials has a one year low of $15.44 and a one year high of $31.95. The firm has a market cap of $34.46 billion, a price-to-earnings ratio of 20.70 and a beta of 1.86.
Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings data on Thursday, November 17th. The manufacturing equipment provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Applied Materials had a return on equity of 28.09% and a net margin of 15.90%. The business earned $3.30 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 39.2% compared to the same quarter last year. Analysts forecast that Applied Materials will post $2.37 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Friday, November 25th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Tuesday, November 22nd. Applied Materials’s payout ratio is presently 25.64%.
In other Applied Materials news, VP Omkaram Nalamasu sold 99,491 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $30.15, for a total transaction of $2,999,653.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gary E. Dickerson sold 229,935 shares of the company’s stock in a transaction on Friday, October 7th. The stock was sold at an average price of $29.71, for a total value of $6,831,368.85. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Piedmont Investment Advisors LLC acquired a new stake in Applied Materials during the third quarter valued at $13,276,000. Scout Investments Inc. acquired a new stake in Applied Materials during the third quarter valued at $10,695,000. Quantitative Systematic Strategies LLC boosted its stake in Applied Materials by 47.8% in the third quarter. Quantitative Systematic Strategies LLC now owns 50,743 shares of the manufacturing equipment provider’s stock valued at $1,503,000 after buying an additional 16,400 shares during the last quarter. LPL Financial LLC boosted its stake in Applied Materials by 40.6% in the third quarter. LPL Financial LLC now owns 71,654 shares of the manufacturing equipment provider’s stock valued at $2,122,000 after buying an additional 20,688 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of Applied Materials by 50.0% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 1,152,266 shares of the manufacturing equipment provider’s stock worth $34,739,000 after buying an additional 383,843 shares during the last quarter. Hedge funds and other institutional investors own 81.44% of the company’s stock.
About Applied Materials
Applied Materials, Inc (Applied) provides manufacturing equipment, services and software to the semiconductor, display, solar photovoltaic (PV) and related industries across the world. The Company operates in four segments: Silicon Systems, Applied Global Services, Display, and Energy and Environmental Solutions.