Harbor Island Capital LLC Has $25.36 Million Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Harbor Island Capital LLC reduced its stake in Applied Materials, Inc. by 1.5%, holding 174,738 shares valued at approximately $25.36 million, making it their second-largest investment.
• Several institutional investors significantly increased their holdings in Applied Materials, with Runnymede Capital Advisors boosting their position by 972.2% during the first quarter.
• Applied Materials recently declared a quarterly dividend of $0.46 per share, resulting in an annualized dividend yield of 1.0%, reflecting a dividend payout ratio of 22.38%.

Harbor Island Capital LLC reduced its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 1.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,738 shares of the manufacturing equipment provider's stock after selling 2,671 shares during the quarter. Applied Materials accounts for about 12.6% of Harbor Island Capital LLC's investment portfolio, making the stock its 2nd largest position. Harbor Island Capital LLC's holdings in Applied Materials were worth $25,358,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Runnymede Capital Advisors Inc. lifted its position in Applied Materials by 972.2% in the 1st quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider's stock worth $28,000 after buying an additional 175 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of Applied Materials during the first quarter worth approximately $29,000. Mascagni Wealth Management Inc. bought a new stake in shares of Applied Materials in the 4th quarter worth approximately $44,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Applied Materials in the 4th quarter valued at $46,000. Finally, Costello Asset Management INC purchased a new stake in shares of Applied Materials in the 1st quarter valued at $44,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group began coverage on Applied Materials in a research note on Thursday, July 10th. They set a "buy" rating and a $225.00 price objective on the stock. Morgan Stanley raised their price target on Applied Materials from $158.00 to $169.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. B. Riley decreased their price target on Applied Materials from $250.00 to $215.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Rothschild & Co Redburn lowered Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price objective for the company. in a research note on Monday, July 7th. Finally, Bank of America cut their target price on shares of Applied Materials from $205.00 to $190.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $204.09.

Insider Activity 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 value of $100,373.20. Following the transaction, the chief accounting officer directly owned 5,300 shares of the company's stock, valued at approximately $946,580. This trade represents a 9.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is owned by insiders.

Applied Materials Stock Performance

Shares of Applied Materials stock opened at $182.82 on Tuesday. The firm's 50-day moving average is $180.42 and its 200 day moving average is $166.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.46 and a quick ratio of 1.76. Applied Materials, Inc. has a 1 year low of $123.74 and a 1 year high of $215.70. The stock has a market cap of $146.71 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 2.00 and a beta of 1.70.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. The company had revenue of $7.10 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the company earned $2.09 EPS. Sell-side analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.84 annualized dividend and a dividend yield of 1.0%. Applied Materials's dividend payout ratio is presently 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.

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