Credit Suisse Group Reaffirms “Outperform” Rating for Applied Materials (NASDAQ:AMAT)

Credit Suisse Group reiterated their outperform rating on shares of Applied Materials (NASDAQ:AMAT) in a report issued on Friday morning, 24/7 WallStreet reports.

A number of other brokerages have also recently issued reports on AMAT. Needham & Company LLC increased their price objective on Applied Materials from $56.00 to $65.00 and gave the stock a buy rating in a report on Friday. Citigroup increased their price objective on Applied Materials from $54.00 to $62.00 and gave the stock a buy rating in a report on Monday, September 23rd. Nomura raised Applied Materials from a neutral rating to a buy rating and increased their price objective for the stock from $40.00 to $68.00 in a report on Friday. DZ Bank cut Applied Materials from a hold rating to a sell rating and set a $46.00 price objective on the stock. in a report on Tuesday, October 29th. Finally, Royal Bank of Canada increased their price objective on Applied Materials from $63.00 to $67.00 and gave the stock an outperform rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $62.91.

Shares of NASDAQ AMAT traded down $0.61 during trading on Friday, reaching $61.74. 310,867 shares of the stock traded hands, compared to its average volume of 7,565,617. Applied Materials has a 52-week low of $28.79 and a 52-week high of $63.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.30 and a quick ratio of 1.51. The company has a 50-day moving average of $53.95 and a 200-day moving average of $47.59. The stock has a market capitalization of $57.33 billion, a P/E ratio of 20.32, a price-to-earnings-growth ratio of 3.74 and a beta of 1.66.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, November 14th. The manufacturing equipment provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The business had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Applied Materials had a return on equity of 35.13% and a net margin of 18.52%. The firm’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 EPS. Analysts expect that Applied Materials will post 3.32 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.21 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $0.84 dividend on an annualized basis and a yield of 1.36%. Applied Materials’s dividend payout ratio is currently 27.63%.

In other Applied Materials news, Director Stephen R. Forrest sold 3,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $46.00, for a total value of $138,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Steve G. Ghanayem sold 25,727 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $52.12, for a total value of $1,340,891.24. The disclosure for this sale can be found here. Insiders sold a total of 53,945 shares of company stock worth $2,776,105 over the last 90 days. Corporate insiders own 0.44% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fulton Bank N.A. increased its position in shares of Applied Materials by 4.5% during the 2nd quarter. Fulton Bank N.A. now owns 48,361 shares of the manufacturing equipment provider’s stock valued at $2,172,000 after purchasing an additional 2,083 shares during the last quarter. Swedbank increased its position in shares of Applied Materials by 25.7% during the 2nd quarter. Swedbank now owns 479,404 shares of the manufacturing equipment provider’s stock valued at $21,530,000 after purchasing an additional 98,088 shares during the last quarter. DNB Asset Management AS increased its position in shares of Applied Materials by 266.4% during the 2nd quarter. DNB Asset Management AS now owns 399,543 shares of the manufacturing equipment provider’s stock valued at $17,943,000 after purchasing an additional 290,501 shares during the last quarter. WINTON GROUP Ltd increased its position in shares of Applied Materials by 106.1% during the 2nd quarter. WINTON GROUP Ltd now owns 488,410 shares of the manufacturing equipment provider’s stock valued at $21,934,000 after purchasing an additional 251,467 shares during the last quarter. Finally, Empirical Finance LLC increased its position in shares of Applied Materials by 1.4% during the 2nd quarter. Empirical Finance LLC now owns 27,253 shares of the manufacturing equipment provider’s stock valued at $1,224,000 after purchasing an additional 382 shares during the last quarter. Institutional investors and hedge funds own 77.70% of the company’s stock.

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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Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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