Envestnet Asset Management Inc. reduced its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 44.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 403,038 shares of the manufacturing equipment provider’s stock after selling 320,238 shares during the period. Envestnet Asset Management Inc.’s holdings in Applied Materials were worth $15,984,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Squar Milner Financial Services LLC raised its holdings in shares of Applied Materials by 190.8% in the 1st quarter. Squar Milner Financial Services LLC now owns 698 shares of the manufacturing equipment provider’s stock valued at $27,000 after purchasing an additional 458 shares in the last quarter. Lenox Wealth Advisors LLC boosted its holdings in shares of Applied Materials by 73.7% in the 1st quarter. Lenox Wealth Advisors LLC now owns 780 shares of the manufacturing equipment provider’s stock valued at $31,000 after acquiring an additional 331 shares during the last quarter. Horan Capital Advisors LLC. purchased a new stake in shares of Applied Materials in the 1st quarter valued at $31,000. Cable Hill Partners LLC boosted its holdings in Applied Materials by 378.4% during the first quarter. Cable Hill Partners LLC now owns 799 shares of the manufacturing equipment provider’s stock worth $32,000 after buying an additional 632 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. acquired a new position in Applied Materials during the first quarter worth $33,000. Institutional investors own 77.54% of the company’s stock.
In related news, Director Stephen R. Forrest sold 2,000 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $42.45, for a total value of $84,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steve G. Ghanayem sold 25,000 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $42.70, for a total transaction of $1,067,500.00. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 16th. The manufacturing equipment provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. Applied Materials had a net margin of 22.10% and a return on equity of 47.88%. The firm had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the firm posted $1.22 EPS. Applied Materials’s quarterly revenue was down 22.7% on a year-over-year basis. As a group, sell-side analysts predict that Applied Materials, Inc. will post 2.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 22nd will be given a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $0.84 annualized dividend and a dividend yield of 1.87%. Applied Materials’s dividend payout ratio is presently 18.88%.
A number of brokerages have recently commented on AMAT. Wells Fargo & Co reiterated an “outperform” rating on shares of Applied Materials in a research report on Thursday, June 20th. BidaskClub upgraded shares of Applied Materials from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Nomura began coverage on shares of Applied Materials in a research report on Friday, June 7th. They set a “neutral” rating and a $40.00 price objective for the company. Zacks Investment Research upgraded shares of Applied Materials from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 target price on shares of Applied Materials in a research note on Sunday, May 19th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $51.43.
Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits.
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