Pictet Asset Management Ltd. lessened its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 29.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,248,264 shares of the manufacturing equipment provider’s stock after selling 515,396 shares during the period. Pictet Asset Management Ltd. owned approximately 0.13% of Applied Materials worth $56,060,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in AMAT. Princeton Global Asset Management LLC purchased a new position in shares of Applied Materials in the 1st quarter worth approximately $27,000. Cable Hill Partners LLC boosted its stake in shares of Applied Materials by 378.4% in the 1st 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 during the last quarter. Front Row Advisors LLC boosted its stake in shares of Applied Materials by 283.6% in the 1st quarter. Front Row Advisors LLC now owns 821 shares of the manufacturing equipment provider’s stock worth $33,000 after buying an additional 607 shares during the last quarter. Sandy Spring Bank boosted its stake in shares of Applied Materials by 57.4% in the 2nd quarter. Sandy Spring Bank now owns 787 shares of the manufacturing equipment provider’s stock worth $35,000 after buying an additional 287 shares during the last quarter. Finally, Next Capital Management LLC purchased a new position in shares of Applied Materials in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 78.70% of the company’s stock.
AMAT has been the topic of a number of research analyst reports. Susquehanna Bancshares set a $60.00 target price on Applied Materials and gave the stock a “buy” rating in a research note on Friday, August 16th. Deutsche Bank upped their price objective on Applied Materials from $44.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Morgan Stanley upped their price objective on Applied Materials from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Friday, August 16th. Cowen reiterated an “outperform” rating and issued a $55.00 price objective (up previously from $53.00) on shares of Applied Materials in a research note on Friday, August 16th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $54.00 price objective on shares of Applied Materials in a research note on Wednesday, August 14th. Ten investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Applied Materials currently has an average rating of “Buy” and an average target price of $51.86.
Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, August 15th. The manufacturing equipment provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Applied Materials had a net margin of 19.40% and a return on equity of 39.37%. The business’s quarterly revenue was down 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. As a group, equities analysts expect that Applied Materials, Inc. will post 3 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $0.84 dividend on an annualized basis and a yield of 1.63%. Applied Materials’s dividend payout ratio is presently 18.88%.
In related news, Director Stephen R. Forrest sold 3,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $46.00, for a total value of $138,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis D. Powell sold 25,218 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $51.44, for a total value of $1,297,213.92. The disclosure for this sale can be found here. 0.44% of the stock is owned by corporate insiders.
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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