Alkeon Capital Management LLC Has $7.32 Million Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

Alkeon Capital Management LLC lessened its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 97.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,000 shares of the manufacturing equipment provider's stock after selling 1,832,133 shares during the period. Alkeon Capital Management LLC's holdings in Applied Materials were worth $7,318,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in Applied Materials in the 4th quarter valued at about $1,588,422,000. Northern Trust Corp lifted its holdings in shares of Applied Materials by 18.6% in the fourth quarter. Northern Trust Corp now owns 10,230,464 shares of the manufacturing equipment provider's stock valued at $1,663,780,000 after purchasing an additional 1,602,645 shares in the last quarter. Kovitz Investment Group Partners LLC grew its position in shares of Applied Materials by 301.6% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,959,997 shares of the manufacturing equipment provider's stock valued at $318,754,000 after purchasing an additional 1,471,953 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Applied Materials during the 4th quarter worth approximately $182,962,000. Finally, Bessemer Group Inc. raised its position in shares of Applied Materials by 1,069.9% during the 4th quarter. Bessemer Group Inc. now owns 1,079,977 shares of the manufacturing equipment provider's stock worth $175,637,000 after purchasing an additional 987,660 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

Insider Activity

In related news, CAO Adam Sanders sold 450 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $144.83, for a total transaction of $65,173.50. Following the completion of the sale, the chief accounting officer now directly owns 6,077 shares in the company, valued at $880,131.91. This represents a 6.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary E. Dickerson purchased 50,000 shares of Applied Materials stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the completion of the purchase, the chief executive officer now owns 1,716,058 shares in the company, valued at $235,614,763.40. This represents a 3.00 % increase in their position. The disclosure for this purchase can be found here. 0.24% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Susquehanna raised their target price on shares of Applied Materials from $155.00 to $165.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Edward Jones raised shares of Applied Materials from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Wells Fargo & Company reduced their price target on shares of Applied Materials from $210.00 to $200.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. KeyCorp upgraded Applied Materials from a "sector weight" rating to an "overweight" rating and set a $225.00 target price for the company in a research note on Friday, January 17th. Finally, Mizuho decreased their price target on Applied Materials from $220.00 to $210.00 and set an "outperform" rating for the company in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $208.86.

Applied Materials Stock Performance

AMAT stock traded down $0.49 during trading hours on Monday, reaching $154.61. The stock had a trading volume of 4,068,508 shares, compared to its average volume of 6,724,898. The stock has a 50-day simple moving average of $147.24 and a 200 day simple moving average of $166.54. Applied Materials, Inc. has a fifty-two week low of $123.74 and a fifty-two week high of $255.89. The stock has a market capitalization of $125.61 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 1.96.

Applied Materials (NASDAQ:AMAT - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. Analysts predict that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials declared that its Board of Directors has initiated a stock buyback program on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to repurchase up to 8.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This is a boost from Applied Materials's previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a dividend yield of 1.19%. Applied Materials's dividend payout ratio (DPR) is currently 24.05%.

Applied Materials Profile

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company 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.