Assetmark Inc. Boosts Stake in Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Assetmark Inc. increased its stake in Applied Materials, Inc. by 10.4%, owning 243,315 shares valued at $35.31 million after an additional purchase of 22,862 shares during the first quarter.
• Applied Materials reported quarterly earnings per share (EPS) of $2.39, exceeding estimates, and had a revenue of $7.10 billion, showing a year-over-year increase of 6.8%.
• The company announced a quarterly dividend of $0.46 per share, with a yield of 0.99%, set to be paid on September 11th to shareholders of record on August 21st.

Assetmark Inc. lifted its position in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 10.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 243,315 shares of the manufacturing equipment provider's stock after buying an additional 22,862 shares during the quarter. Assetmark Inc.'s holdings in Applied Materials were worth $35,310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AMAT. Runnymede Capital Advisors Inc. raised its holdings in shares of Applied Materials by 972.2% in the 1st quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider's stock valued at $28,000 after buying an additional 175 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Applied Materials in the 1st quarter valued at $29,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Applied Materials in the 4th quarter valued at $44,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Applied Materials in the 4th quarter valued at $46,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of Applied Materials in the 4th quarter valued at $55,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Applied Materials Stock Down 1.3%

Shares of NASDAQ AMAT opened at $185.69 on Friday. The stock has a market cap of $149.02 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 2.09 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. Applied Materials, Inc. has a 52-week low of $123.74 and a 52-week high of $215.70. The business has a 50-day moving average price of $177.59 and a 200 day moving average price of $166.59.

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

Applied Materials Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on AMAT shares. Rothschild & Co Redburn downgraded Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price objective on the stock. in a report on Monday, July 7th. Mizuho boosted their target price on Applied Materials from $195.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Jefferies Financial Group raised Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 target price for the company in a research note on Friday, March 28th. Wall Street Zen cut Applied Materials from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Finally, Needham & Company LLC reissued a "buy" rating and set a $195.00 target price on shares of Applied Materials in a research note on Friday, May 16th. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $204.74.

Insider Buying and Selling

In other Applied Materials news, CAO Adam Sanders sold 562 shares of the company's stock in a transaction that occurred 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 represents a 9.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

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.

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