Fred Alger Management LLC grew its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 65.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,053,554 shares of the manufacturing equipment provider’s stock after acquiring an additional 416,411 shares during the period. Fred Alger Management LLC owned about 0.11% of Applied Materials worth $48,274,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Wealth Quarterback LLC acquired a new stake in shares of Applied Materials in the fourth quarter valued at about $3,822,210,000. Norges Bank bought a new position in shares of Applied Materials in the fourth quarter valued at approximately $778,764,000. Parnassus Investments CA raised its stake in shares of Applied Materials by 158.4% in the first quarter. Parnassus Investments CA now owns 13,693,901 shares of the manufacturing equipment provider’s stock valued at $627,455,000 after acquiring an additional 8,393,901 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Applied Materials by 75.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,512,538 shares of the manufacturing equipment provider’s stock valued at $344,224,000 after acquiring an additional 3,233,029 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of Applied Materials by 26.1% in the fourth quarter. Nuveen Asset Management LLC now owns 13,708,691 shares of the manufacturing equipment provider’s stock valued at $836,778,000 after acquiring an additional 2,835,684 shares during the last quarter. Institutional investors own 79.08% of the company’s stock.
AMAT has been the subject of a number of research reports. ValuEngine lowered shares of Applied Materials from a “hold” rating to a “sell” rating in a report on Wednesday, June 3rd. Stifel Nicolaus lifted their target price on shares of Applied Materials from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Citigroup lowered their target price on shares of Applied Materials from $76.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, March 24th. DA Davidson lifted their target price on shares of Applied Materials from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Needham & Company LLC lowered their target price on shares of Applied Materials from $73.00 to $70.00 and set a “buy” rating for the company in a report on Friday, May 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Applied Materials has an average rating of “Buy” and an average price target of $67.28.
NASDAQ:AMAT traded down $0.66 on Wednesday, hitting $60.18. 1,899,693 shares of the company’s stock were exchanged, compared to its average volume of 7,623,440. The firm has a 50-day moving average price of $55.85 and a 200-day moving average price of $56.23. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.67 and a quick ratio of 1.89. Applied Materials, Inc. has a 52 week low of $36.64 and a 52 week high of $69.44. The company has a market cap of $56.15 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 1.18 and a beta of 1.40.
Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, May 14th. The manufacturing equipment provider reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). Applied Materials had a return on equity of 37.13% and a net margin of 18.89%. The business had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $4.20 billion. During the same period last year, the firm earned $0.70 earnings per share. On average, research analysts expect that Applied Materials, Inc. will post 3.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.88 annualized dividend and a yield of 1.46%. Applied Materials’s dividend payout ratio (DPR) is presently 28.95%.
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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