Applied Materials, Inc. (NASDAQ:AMAT) Holdings Cut by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management reduced its holdings in Applied Materials by 73.2% in the first quarter, selling 10,212 shares and bringing its total to 3,738 shares worth $542,000.
• Applied Materials reported quarterly earnings of $2.39 per share, exceeding analysts' expectations, with quarterly revenue at $7.10 billion.
• The company announced a quarterly dividend of $0.46, representing an annualized yield of 0.99%, payable on September 11th.

Neo Ivy Capital Management trimmed its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 73.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,738 shares of the manufacturing equipment provider's stock after selling 10,212 shares during the quarter. Neo Ivy Capital Management's holdings in Applied Materials were worth $542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. 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 acquiring an additional 175 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Applied Materials in the first quarter valued at about $29,000. Mascagni Wealth Management Inc. acquired a new position in shares of Applied Materials during the 4th quarter worth approximately $44,000. Minot DeBlois Advisors LLC acquired a new position in Applied Materials in the 4th quarter valued at about $46,000. Finally, Park Square Financial Group LLC acquired a new position in Applied Materials in the 4th quarter valued at about $55,000. 80.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Applied Materials from $200.00 to $215.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. B. Riley lowered their price objective on Applied Materials from $250.00 to $215.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $195.00 price target on shares of Applied Materials in a report on Friday, May 16th. Raymond James Financial restated an "outperform" rating and issued a $200.00 target price (down from $225.00) on shares of Applied Materials in a research report on Friday, May 16th. Finally, Redburn Atlantic lowered Applied Materials from a "strong-buy" rating to a "hold" rating and reduced their target price for the company from $225.00 to $200.00 in a report on Monday, July 7th. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $204.74.

Applied Materials Stock Down 1.3%

Shares of Applied Materials stock traded down $2.43 on Friday, reaching $185.69. The company's stock had a trading volume of 6,580,937 shares, compared to its average volume of 6,161,150. Applied Materials, Inc. has a 52 week low of $123.74 and a 52 week high of $215.70. 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 firm's fifty day simple moving average is $177.59 and its two-hundred day simple moving average is $166.52. The company has a market capitalization of $149.02 billion, a price-to-earnings ratio of 22.59, a P/E/G ratio of 2.07 and a beta of 1.69.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.08. The firm had revenue of $7.10 billion during the quarter, compared to analyst estimates of $7.12 billion. Applied Materials had a return on equity of 40.15% and a net margin of 24.06%. Applied Materials's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $2.09 EPS. Equities analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Thursday, August 21st. Applied Materials's dividend payout ratio (DPR) is presently 22.38%.

Insiders Place Their Bets

In other Applied Materials 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.24% 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.