Applied Materials (NASDAQ:AMAT) Trading Up 1.6% - Here's What Happened

Shares of Applied Materials, Inc. (NASDAQ:AMAT - Get Free Report) traded up 1.6% during trading on Thursday . The stock traded as high as $199.14 and last traded at $198.49. 1,607,870 shares traded hands during trading, a decline of 77% from the average session volume of 7,088,952 shares. The stock had previously closed at $195.39.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Applied Materials in a research report on Thursday. They set a "buy" rating and a $225.00 price target for the company. Stifel Nicolaus dropped their price target on shares of Applied Materials from $235.00 to $195.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. B. Riley dropped their price target on shares of Applied Materials from $250.00 to $215.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Barclays dropped their price target on shares of Applied Materials from $190.00 to $160.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, Bank of America dropped their price target on shares of Applied Materials from $205.00 to $190.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Applied Materials currently has an average rating of "Moderate Buy" and an average target price of $203.65.

Applied Materials Stock Down 0.1%

The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $158.84 billion, a P/E ratio of 24.08, a P/E/G ratio of 2.20 and a beta of 1.69. The stock's 50 day simple moving average is $171.91 and its 200 day simple moving average is $164.94.

Applied Materials (NASDAQ:AMAT - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.08. Applied Materials had a net margin of 24.06% and a return on equity of 40.15%. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $7.12 billion. During the same period in the prior year, the firm posted $2.09 EPS. The firm's revenue was up 6.8% compared to the same quarter last year. As a group, research analysts predict that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 21st will be issued a $0.46 dividend. The ex-dividend date is Thursday, August 21st. This represents a $1.84 dividend on an annualized basis and a yield of 0.93%. Applied Materials's dividend payout ratio is currently 22.38%.

Insider Transactions at Applied Materials

In other Applied Materials news, CAO Adam Sanders sold 562 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total value of $100,373.20. Following the transaction, the chief accounting officer owned 5,300 shares of the company's stock, valued at $946,580. This trade represents a 9.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Materials

A number of large investors have recently bought and sold shares of the business. Shelton Wealth Management LLC lifted its holdings in Applied Materials by 1.5% in the second 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 during the last quarter. Belpointe Asset Management LLC lifted its holdings in Applied Materials by 1.7% in the fourth quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider's stock worth $607,000 after acquiring an additional 62 shares during the last quarter. Hills Bank & Trust Co raised its holdings in shares of Applied Materials by 6.6% during the fourth quarter. Hills Bank & Trust Co now owns 1,061 shares of the manufacturing equipment provider's stock valued at $173,000 after buying an additional 66 shares during the last quarter. Old Port Advisors raised its holdings in shares of Applied Materials by 2.5% during the first quarter. Old Port Advisors now owns 2,730 shares of the manufacturing equipment provider's stock valued at $396,000 after buying an additional 66 shares during the last quarter. Finally, Silver Oak Securities Incorporated raised its holdings in shares of Applied Materials by 4.7% during the first quarter. Silver Oak Securities Incorporated now owns 1,506 shares of the manufacturing equipment provider's stock valued at $218,000 after buying an additional 68 shares during the last quarter. Institutional investors own 80.56% of the company's stock.

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.