Envestnet Portfolio Solutions Inc. Sells 6,273 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 7.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 77,295 shares of the manufacturing equipment provider's stock after selling 6,273 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Applied Materials were worth $11,217,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Belpointe Asset Management LLC boosted its position in shares of 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 in the last quarter. Hills Bank & Trust Co boosted its position in shares of Applied Materials by 6.6% during the fourth quarter. Hills Bank & Trust Co now owns 1,061 shares of the manufacturing equipment provider's stock valued at $173,000 after purchasing an additional 66 shares in the last quarter. Kovack Advisors Inc. boosted its position in shares of Applied Materials by 2.3% during the fourth quarter. Kovack Advisors Inc. now owns 3,062 shares of the manufacturing equipment provider's stock valued at $498,000 after purchasing an additional 68 shares in the last quarter. TCTC Holdings LLC boosted its position in shares of Applied Materials by 7.7% during the fourth quarter. TCTC Holdings LLC now owns 977 shares of the manufacturing equipment provider's stock valued at $159,000 after purchasing an additional 70 shares in the last quarter. Finally, Fourpath Capital Management LLC boosted its position in shares of Applied Materials by 0.8% during the first quarter. Fourpath Capital Management LLC now owns 9,566 shares of the manufacturing equipment provider's stock valued at $1,388,000 after purchasing an additional 73 shares in the last quarter. Institutional investors own 80.56% of the company's stock.

Insider Activity at Applied Materials

In other news, CEO Gary E. Dickerson acquired 50,000 shares of Applied Materials stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the completion of the transaction, the chief executive officer now owns 1,716,058 shares in the company, valued at $235,614,763.40. The trade was a 3.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Adam Sanders sold 450 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total value of $65,173.50. Following the sale, the chief accounting officer now directly owns 6,077 shares of the company's stock, valued at $880,131.91. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.

Applied Materials Stock Down 0.7%

Applied Materials stock opened at $172.84 on Friday. The stock has a market cap of $138.70 billion, a PE ratio of 21.03, a price-to-earnings-growth ratio of 1.92 and a beta of 1.67. 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, Inc. has a one year low of $123.74 and a one year high of $255.89. The stock has a fifty day moving average of $158.62 and a 200 day moving average of $163.17.

Applied Materials (NASDAQ:AMAT - Get Free Report) last posted its quarterly earnings data 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. The company 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%. Applied Materials's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.09 earnings per share. As a group, sell-side analysts predict that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials announced that its board has initiated a stock buyback plan on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Applied Materials Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, August 21st. Applied Materials's dividend payout ratio (DPR) is presently 22.38%.

Wall Street Analyst Weigh In

AMAT has been the topic of several analyst reports. Wall Street Zen downgraded Applied Materials from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. JPMorgan Chase & Co. dropped their target price on Applied Materials from $240.00 to $210.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. B. Riley dropped their target price on Applied Materials from $250.00 to $215.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Wells Fargo & Company reissued a "mixed" rating on shares of Applied Materials in a report on Friday, May 16th. Finally, Citigroup boosted their target price on Applied Materials from $170.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Applied Materials presently has a consensus rating of "Moderate Buy" and an average price target of $199.29.

Applied Materials Company 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.

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