The Chemung Canal Trust Co. Reduced the position of Applied Materials Inc. (AMAT)

The Chemung Canal Trust Co. Reduced the position of Applied Materials Inc. (AMAT)

Chemung Canal Trust Co. decreased its position in Applied Materials Inc. (NASDAQ:AMAT) by 26.7% during the second quarter, Holdings Channel reports. The firm owned 29,420 shares of the manufacturing equipment provider’s stock after selling 10,694 shares during the period. Chemung Canal Trust Co.’s holdings in Applied Materials were worth $705,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AMAT. Lazard Asset Management LLC raised its position in Applied Materials by 0.8% in the first quarter. Lazard Asset Management LLC now owns 14,935,512 shares of the manufacturing equipment provider’s stock valued at $316,333,000 after buying an additional 124,092 shares in the last quarter. Geode Capital Management LLC raised its position in Applied Materials by 2.8% in the first quarter. Geode Capital Management LLC now owns 10,168,236 shares of the manufacturing equipment provider’s stock valued at $214,965,000 after buying an additional 277,567 shares in the last quarter. Primecap Management Co. CA raised its position in Applied Materials by 0.7% in the first quarter. Primecap Management Co. CA now owns 6,128,155 shares of the manufacturing equipment provider’s stock valued at $129,794,000 after buying an additional 45,400 shares in the last quarter. Legal & General Group Plc raised its position in Applied Materials by 2.4% in the first quarter. Legal & General Group Plc now owns 5,063,202 shares of the manufacturing equipment provider’s stock valued at $107,236,000 after buying an additional 119,577 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in Applied Materials by 28.1% in the first quarter. UBS Asset Management Americas Inc. now owns 4,233,589 shares of the manufacturing equipment provider’s stock valued at $89,668,000 after buying an additional 929,289 shares in the last quarter. 82.20% of the stock is owned by institutional investors and hedge funds.

Shares of Applied Materials Inc. (NASDAQ:AMAT) traded up 1.095% on Friday, hitting $28.165. The stock had a trading volume of 6,679,413 shares. The company has a market capitalization of $30.44 billion, a PE ratio of 22.212 and a beta of 1.84. Applied Materials Inc. has a 1-year low of $15.44 and a 1-year high of $31.07. The firm has a 50-day moving average of $29.72 and a 200 day moving average of $25.13.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, August 18th. The manufacturing equipment provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm earned $2.82 billion during the quarter, compared to analyst estimates of $2.84 billion. Applied Materials had a net margin of 14.62% and a return on equity of 22.37%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 EPS. On average, equities analysts anticipate that Applied Materials Inc. will post $1.75 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, November 25th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 22nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.44%. Applied Materials’s dividend payout ratio (DPR) is currently 31.25%.

AMAT has been the topic of a number of research reports. Vetr lowered Applied Materials from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a report on Thursday, July 7th. Nomura restated a “buy” rating and issued a $28.00 price target (up from $25.00) on shares of Applied Materials in a report on Thursday, June 23rd. Pacific Crest restated a “buy” rating on shares of Applied Materials in a report on Thursday, September 22nd. DA Davidson upgraded Applied Materials from a “neutral” rating to a “buy” rating and boosted their price target for the company from $24.00 to $28.00 in a report on Friday, June 24th. Finally, Credit Suisse Group AG restated an “outperform” rating and issued a $29.00 price target (up from $26.00) on shares of Applied Materials in a report on Thursday, August 18th. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Applied Materials currently has an average rating of “Buy” and an average target price of $31.20.

In other news, insider Gary E. Dickerson sold 229,935 shares of Applied Materials stock in a transaction on Friday, October 7th. The shares were sold at an average price of $29.71, for a total transaction of $6,831,368.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Omkaram Nalamasu sold 99,491 shares of Applied Materials 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 disclosure for this sale can be found here. Insiders own 0.25% 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.

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