Bristol Gate Capital Partners Inc. Has $76.84 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Bristol Gate Capital Partners Inc. increased its stake in Applied Materials by 38.0% in Q1, owning approximately 529,519 shares valued at $76.8 million.
• Several other institutional investors also modified their holdings, with 80.56% of Applied Materials stock now owned by institutional investors and hedge funds.
• Analysts have set varied price targets for the stock, with a consensus rating of "Moderate Buy" and a target price of $205.17.

Bristol Gate Capital Partners Inc. lifted its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 529,519 shares of the manufacturing equipment provider's stock after buying an additional 145,891 shares during the period. Applied Materials comprises approximately 3.8% of Bristol Gate Capital Partners Inc.'s portfolio, making the stock its 20th biggest position. Bristol Gate Capital Partners Inc. owned about 0.07% of Applied Materials worth $76,844,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Belpointe Asset Management LLC boosted its position in Applied Materials by 1.7% during the fourth quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider's stock valued at $607,000 after purchasing an additional 62 shares during the last quarter. Old Port Advisors lifted its holdings in shares of Applied Materials by 2.5% during the 1st 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. Silver Oak Securities Incorporated lifted its holdings in shares of Applied Materials by 4.7% during the 1st 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. Cromwell Holdings LLC lifted its holdings in shares of Applied Materials by 2.8% during the 1st quarter. Cromwell Holdings LLC now owns 2,540 shares of the manufacturing equipment provider's stock valued at $369,000 after buying an additional 69 shares during the last quarter. Finally, TCTC Holdings LLC lifted its holdings in shares of Applied Materials by 7.2% during the 1st quarter. TCTC Holdings LLC now owns 1,047 shares of the manufacturing equipment provider's stock valued at $152,000 after buying an additional 70 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 562 shares of the firm's stock in a transaction on 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 SEC, which is available at this hyperlink. Insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Applied Materials from $158.00 to $169.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. TD Cowen reduced their price objective on shares of Applied Materials from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 16th. B. Riley reduced their price target on Applied Materials from $250.00 to $215.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Mizuho boosted their price target on Applied Materials from $195.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Finally, Stifel Nicolaus reduced their target price on Applied Materials from $235.00 to $195.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $205.17.

Applied Materials Stock Performance

Shares of NASDAQ AMAT traded up $0.98 during trading hours on Wednesday, reaching $189.39. The stock had a trading volume of 3,958,519 shares, compared to its average volume of 5,725,215. The business's fifty day moving average is $179.07 and its two-hundred day moving average is $166.88. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.46 and a quick ratio of 1.76. The company has a market cap of $151.99 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 2.10 and a beta of 1.69. Applied Materials, Inc. has a twelve month low of $123.74 and a twelve month high of $215.70.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued its 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. Applied Materials had a return on equity of 40.15% and a net margin of 24.06%. The business had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $7.12 billion. During the same period in the prior year, the firm posted $2.09 EPS. Applied Materials's quarterly revenue was up 6.8% compared to the same quarter last year. As a group, research analysts expect that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Thursday, August 21st. Applied Materials's payout ratio is 22.38%.

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.