Applied Materials (NASDAQ:AMAT) Shares Gap Down to $56.70

Applied Materials, Inc. (NASDAQ:AMAT)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $58.22, but opened at $56.70. Applied Materials shares last traded at $55.34, with a volume of 7,745,068 shares trading hands.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Applied Materials from a “sell” rating to a “hold” rating and set a $60.00 price objective for the company in a report on Tuesday, October 29th. DZ Bank cut shares of Applied Materials from a “hold” rating to a “sell” rating and set a $46.00 price target for the company. in a research note on Tuesday, October 29th. Deutsche Bank raised their price target on shares of Applied Materials from $47.00 to $52.00 and gave the stock a “hold” rating in a report on Thursday, October 10th. BidaskClub lowered shares of Applied Materials from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 21st. Finally, Citigroup upped their price objective on Applied Materials from $54.00 to $62.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $62.43.

The company has a current ratio of 2.30, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The firm has a market cap of $53.49 billion, a PE ratio of 18.39, a P/E/G ratio of 1.87 and a beta of 1.65. The company’s 50-day moving average is $56.13 and its 200 day moving average is $48.84.

Applied Materials (NASDAQ:AMAT) last released its earnings results 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. Applied Materials had a net margin of 18.52% and a return on equity of 35.13%. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The company’s revenue was down .1% compared to the same quarter last year. On average, research analysts predict that Applied Materials, Inc. will post 3.77 EPS for the current fiscal year.

In other news, CEO Gary E. Dickerson sold 1,000,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $61.11, for a total value of $61,110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Steve G. Ghanayem sold 25,727 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $52.12, for a total transaction of $1,340,891.24. The disclosure for this sale can be found here. Insiders have sold a total of 1,028,727 shares of company stock worth $62,639,471 in the last 90 days. 0.44% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Materials by 34.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 28,351,337 shares of the manufacturing equipment provider’s stock valued at $1,273,259,000 after buying an additional 7,230,052 shares during the period. Invesco Ltd. raised its stake in shares of Applied Materials by 72.2% in the 2nd quarter. Invesco Ltd. now owns 25,611,081 shares of the manufacturing equipment provider’s stock valued at $1,150,193,000 after buying an additional 10,735,173 shares in the last quarter. Davis Selected Advisers raised its stake in shares of Applied Materials by 2.4% in the 2nd quarter. Davis Selected Advisers now owns 15,880,737 shares of the manufacturing equipment provider’s stock valued at $713,204,000 after buying an additional 364,769 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Applied Materials by 2,914.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 11,359,951 shares of the manufacturing equipment provider’s stock worth $510,176,000 after acquiring an additional 10,983,055 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Applied Materials by 49.4% during the 2nd quarter. AQR Capital Management LLC now owns 8,459,335 shares of the manufacturing equipment provider’s stock worth $379,909,000 after acquiring an additional 2,797,005 shares during the period. Hedge funds and other institutional investors own 78.97% of the company’s stock.

About Applied Materials (NASDAQ:AMAT)

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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