Applied Materials (NASDAQ:AMAT) Given Neutral Rating at Bank of America

Key Points

• Applied Materials received a "neutral" rating from Bank of America, along with a reduced price target of $180.00, indicating a potential downside of 4.38% from its previous close.
• Other analysts have varied perspectives on the stock, with reported ratings including "hold," "buy," and "outperform," and an average price target of $197.24, reflecting a "Moderate Buy."
• In its recent earnings report, Applied Materials exceeded expectations with an EPS of $2.48 and quarterly revenue of $7.30 billion, demonstrating a year-over-year revenue increase of 7.7%.

Applied Materials (NASDAQ:AMAT - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities researchers at Bank of America in a research report issued on Friday, MarketBeat.com reports. They currently have a $180.00 price target on the manufacturing equipment provider's stock, down from their previous price target of $190.00. Bank of America's price target would indicate a potential upside of 11.28% from the company's current price.

A number of other research firms have also recently commented on AMAT. Wells Fargo & Company increased their price target on shares of Applied Materials from $200.00 to $215.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen cut shares of Applied Materials from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Barclays increased their price target on shares of Applied Materials from $160.00 to $170.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. B. Riley cut their price target on shares of Applied Materials from $250.00 to $215.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Evercore ISI reiterated an "outperform" rating and set a $209.00 price target on shares of Applied Materials in a report on Friday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $194.84.

Applied Materials Stock Down 14.1%

AMAT traded down $26.48 during midday trading on Friday, reaching $161.76. The company's stock had a trading volume of 31,753,938 shares, compared to its average volume of 6,199,587. The firm has a market capitalization of $129.81 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 1.80 and a beta of 1.70. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. Applied Materials has a 1 year low of $123.74 and a 1 year high of $215.70. The stock's 50-day moving average is $184.18 and its 200-day moving average is $166.65.

Applied Materials (NASDAQ:AMAT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The manufacturing equipment provider reported $2.48 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.12. The business had revenue of $7.30 billion for the quarter, compared to analysts' expectations of $7.21 billion. Applied Materials had a net margin of 23.88% and a return on equity of 41.31%. The business's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.12 earnings per share. As a group, research analysts expect that Applied Materials will post 9.38 EPS for the current year.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 562 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total transaction of $100,373.20. Following the transaction, the chief accounting officer directly owned 5,300 shares in the company, valued at approximately $946,580. This represents a 9.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Materials

Several hedge funds have recently added to or reduced their stakes in the company. Shelton Wealth Management LLC raised its stake in shares of Applied Materials by 1.5% during the 2nd quarter. Shelton Wealth Management LLC now owns 3,398 shares of the manufacturing equipment provider's stock worth $622,000 after acquiring an additional 51 shares in the last quarter. Octavia Wealth Advisors LLC raised its stake in shares of Applied Materials by 0.8% during the 2nd quarter. Octavia Wealth Advisors LLC now owns 6,200 shares of the manufacturing equipment provider's stock worth $1,135,000 after acquiring an additional 51 shares in the last quarter. Narus Financial Partners LLC raised its stake in shares of Applied Materials by 3.8% during the 2nd quarter. Narus Financial Partners LLC now owns 1,433 shares of the manufacturing equipment provider's stock worth $262,000 after acquiring an additional 52 shares in the last quarter. AdvisorNet Financial Inc raised its stake in shares of Applied Materials by 2.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,958 shares of the manufacturing equipment provider's stock worth $358,000 after acquiring an additional 52 shares in the last quarter. Finally, Encompass Wealth Advisors LLC increased its stake in Applied Materials by 3.4% during the 2nd quarter. Encompass Wealth Advisors LLC now owns 1,601 shares of the manufacturing equipment provider's stock valued at $293,000 after purchasing an additional 53 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

About Applied Materials

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.