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ProVise Management Group LLC Buys Shares of 14,660 Applied Materials, Inc. (NASDAQ:AMAT)

Applied Materials logo with Computer and Technology background

Key Points

  • ProVise Management Group LLC acquired 14,660 shares of Applied Materials, Inc. valued at approximately $2,127,000 in the 1st quarter, reflecting ongoing interest from institutional investors.
  • Applied Materials has received various analyst ratings, with a consensus rating of "Moderate Buy" and an average target price of $205.17, highlighting divided opinions on the stock's future.
  • The company reported a quarterly earnings surpassing analysts' expectations, with earnings per share of $2.39 and revenues of $7.10 billion, indicating a 6.8% increase year-over-year.
  • MarketBeat previews top five stocks to own in September.

ProVise Management Group LLC purchased a new stake in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,660 shares of the manufacturing equipment provider's stock, valued at approximately $2,127,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in shares of Applied Materials by 2,401.0% during the first quarter. Pacer Advisors Inc. now owns 3,066,817 shares of the manufacturing equipment provider's stock worth $445,056,000 after buying an additional 2,944,193 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Applied Materials by 18,402.1% in the 1st quarter. GAMMA Investing LLC now owns 1,824,304 shares of the manufacturing equipment provider's stock valued at $2,647,430,000 after purchasing an additional 1,814,444 shares in the last quarter. Northern Trust Corp raised its stake in Applied Materials by 18.6% in the 4th 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 during the last quarter. Kovitz Investment Group Partners LLC raised its stake in Applied Materials by 301.6% in 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 purchasing an additional 1,471,953 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Applied Materials by 10,767.6% during the 4th quarter. Two Sigma Investments LP now owns 1,347,580 shares of the manufacturing equipment provider's stock worth $219,157,000 after purchasing an additional 1,335,180 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Stock Performance

Shares of NASDAQ:AMAT traded down $0.07 on Friday, hitting $179.99. The company's stock had a trading volume of 8,391,962 shares, compared to its average volume of 5,876,455. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $215.70. The company has a market capitalization of $144.44 billion, a price-to-earnings ratio of 21.90, a price-to-earnings-growth ratio of 2.00 and a beta of 1.70. The stock's 50-day moving average is $179.91 and its two-hundred day moving average is $166.99. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.76 and a current ratio of 2.46.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.08. Applied Materials had a return on equity of 40.15% and a net margin of 24.06%. The company had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $7.12 billion. During the same quarter in the prior year, the business posted $2.09 earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 21st will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.0%. Applied Materials's dividend payout ratio (DPR) is 22.38%.

Insider Buying and Selling at Applied Materials

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on AMAT shares. Rothschild & Co Redburn cut Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price target for the company. in a report on Monday, July 7th. Raymond James Financial restated an "outperform" rating and issued a $200.00 price target (down previously from $225.00) on shares of Applied Materials in a report on Friday, May 16th. JPMorgan Chase & Co. decreased their price target on Applied Materials from $240.00 to $210.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Redburn Atlantic cut Applied Materials from a "strong-buy" rating to a "hold" rating and decreased their price target for the stock from $225.00 to $200.00 in a report on Monday, July 7th. Finally, Morgan Stanley upped their target price on Applied Materials from $158.00 to $169.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $205.17.

Get Our Latest Report on AMAT

Applied Materials Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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