Allspring Global Investments Holdings LLC Sells 155,049 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Allspring Global Investments Holdings LLC trimmed its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 48.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 165,647 shares of the manufacturing equipment provider's stock after selling 155,049 shares during the period. Allspring Global Investments Holdings LLC's holdings in Applied Materials were worth $24,128,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Runnymede Capital Advisors Inc. raised its holdings in shares of Applied Materials by 972.2% in the first quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider's stock valued at $28,000 after purchasing an additional 175 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new position in shares of Applied Materials in the fourth quarter worth about $44,000. Atala Financial Inc purchased a new position in shares of Applied Materials in the fourth quarter worth about $45,000. Minot DeBlois Advisors LLC bought a new position in shares of Applied Materials in the fourth quarter valued at approximately $46,000. Finally, Park Square Financial Group LLC bought a new position in shares of Applied Materials in the fourth quarter valued at approximately $55,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AMAT. Needham & Company LLC reiterated a "buy" rating and set a $195.00 target price on shares of Applied Materials in a research report on Friday, May 16th. Stifel Nicolaus decreased their price target on shares of Applied Materials from $235.00 to $195.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Wall Street Zen downgraded shares of Applied Materials from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Edward Jones raised shares of Applied Materials from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald set a $220.00 target price on shares of Applied Materials and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $200.76.

Insider Transactions 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 value of $100,373.20. Following the transaction, the chief accounting officer owned 5,300 shares in the company, valued at $946,580. The trade was a 9.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is currently owned by insiders.

Applied Materials Stock Up 0.4%

Shares of AMAT stock traded up $0.85 during mid-day trading on Friday, reaching $190.86. 3,568,536 shares of the company's stock traded hands, compared to its average volume of 7,077,976. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $255.89. The company has a market cap of $153.17 billion, a P/E ratio of 23.22, a P/E/G ratio of 2.13 and a beta of 1.69. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.29. The company's 50-day moving average price is $167.47 and its 200-day moving average price is $163.94.

Applied Materials (NASDAQ:AMAT - Get Free Report) last announced its earnings results 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 analysts' expectations of $7.12 billion. During the same quarter in the previous year, the business posted $2.09 EPS. The company's quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, August 21st. Applied Materials's payout ratio is 22.38%.

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

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.