Cresset Asset Management LLC Reduces Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

Cresset Asset Management LLC lessened its stake in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 37.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 111,885 shares of the manufacturing equipment provider's stock after selling 66,581 shares during the quarter. Cresset Asset Management LLC's holdings in Applied Materials were worth $18,196,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AMAT. Norges Bank purchased a new position in Applied Materials during the fourth quarter worth about $1,588,422,000. Northern Trust Corp increased its holdings in shares of Applied Materials by 18.6% during the 4th quarter. Northern Trust Corp now owns 10,230,464 shares of the manufacturing equipment provider's stock worth $1,663,780,000 after buying an additional 1,602,645 shares during the last quarter. Kovitz Investment Group Partners LLC raised its position in shares of Applied Materials by 301.6% during the 4th 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 buying an additional 1,471,953 shares during the period. Raymond James Financial Inc. purchased a new position in Applied Materials in the fourth quarter worth approximately $182,962,000. Finally, Bessemer Group Inc. increased its stake in Applied Materials by 1,069.9% during the fourth quarter. Bessemer Group Inc. now owns 1,079,977 shares of the manufacturing equipment provider's stock worth $175,637,000 after acquiring an additional 987,660 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

Applied Materials Trading Down 1.0 %

Shares of NASDAQ:AMAT opened at $153.03 on Wednesday. Applied Materials, Inc. has a 52 week low of $123.74 and a 52 week high of $255.89. The company's 50 day moving average is $147.17 and its two-hundred day moving average is $166.45. The company has a market cap of $124.33 billion, a PE ratio of 20.00, a P/E/G ratio of 1.81 and a beta of 1.71. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29.

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

Applied Materials Increases Dividend

The business 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 $0.46 dividend. This is a boost from Applied Materials's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.20%. Applied Materials's dividend payout ratio is presently 24.05%.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on AMAT. Edward Jones upgraded Applied Materials from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. 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. Wells Fargo & Company decreased their price objective on shares of Applied Materials from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Monday, January 13th. Barclays lowered their price objective 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, Susquehanna upped their price target on Applied Materials from $155.00 to $165.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.86.

Insider Activity at Applied Materials

In other news, CEO Gary E. Dickerson acquired 50,000 shares of the firm's stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost of $137.30 per share, with a total value of $6,865,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,716,058 shares of the company's stock, valued at $235,614,763.40. The trade was a 3.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Adam Sanders sold 271 shares of Applied Materials stock in a transaction on Monday, February 24th. The shares were sold at an average price of $172.72, for a total transaction of $46,807.12. Following the completion of the transaction, the chief accounting officer now directly owns 6,479 shares in the company, valued at $1,119,052.88. The trade was a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.24% of the company's stock.

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.

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