Harmony Asset Management LLC Cuts Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Harmony Asset Management LLC trimmed its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 7.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,389 shares of the manufacturing equipment provider's stock after selling 2,072 shares during the period. Applied Materials makes up approximately 1.7% of Harmony Asset Management LLC's investment portfolio, making the stock its 11th largest position. Harmony Asset Management LLC's holdings in Applied Materials were worth $4,292,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of AMAT. City Holding Co. acquired a new stake in Applied Materials during the fourth quarter worth about $39,000. Diversify Wealth Management LLC boosted its stake in shares of Applied Materials by 21.1% in the 4th quarter. Diversify Wealth Management LLC now owns 4,617 shares of the manufacturing equipment provider's stock valued at $793,000 after purchasing an additional 804 shares in the last quarter. LaFleur & Godfrey LLC boosted its stake in shares of Applied Materials by 17.2% in the 4th quarter. LaFleur & Godfrey LLC now owns 17,246 shares of the manufacturing equipment provider's stock valued at $2,805,000 after purchasing an additional 2,536 shares in the last quarter. Pure Financial Advisors LLC boosted its stake in shares of Applied Materials by 15.0% in the 4th quarter. Pure Financial Advisors LLC now owns 1,965 shares of the manufacturing equipment provider's stock valued at $320,000 after purchasing an additional 256 shares in the last quarter. Finally, Atomi Financial Group Inc. boosted its stake in shares of Applied Materials by 16.8% in the 4th quarter. Atomi Financial Group Inc. now owns 5,452 shares of the manufacturing equipment provider's stock valued at $887,000 after purchasing an additional 783 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Applied Materials news, CEO Gary E. Dickerson purchased 50,000 shares of Applied Materials stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average price of $137.30 per share, with a total value of $6,865,000.00. Following the transaction, the chief executive officer now owns 1,716,058 shares in the company, valued at $235,614,763.40. This trade represents a 3.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Adam Sanders sold 271 shares of Applied Materials stock in a transaction on Monday, February 24th. The shares were sold at an average price of $172.72, for a total transaction of $46,807.12. Following the completion of the sale, the chief accounting officer now directly owns 6,479 shares of the company's stock, valued at approximately $1,119,052.88. The trade was a 4.01% decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

Applied Materials Trading Down 1.9%

Applied Materials stock traded down $3.01 during mid-day trading on Friday, hitting $157.51. 5,730,689 shares of the stock were exchanged, compared to its average volume of 6,896,893. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $255.89. The firm's fifty day simple moving average is $150.15 and its two-hundred day simple moving average is $164.60. The stock has a market capitalization of $127.97 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 1.81 and a beta of 1.71.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.08. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $7.12 billion. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. Applied Materials's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.09 EPS. Analysts forecast that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials announced that its board has initiated a stock repurchase plan on Monday, March 10th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the manufacturing equipment provider to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be paid a $0.46 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.17%. This is a positive change from Applied Materials's previous quarterly dividend of $0.40. Applied Materials's payout ratio is currently 22.38%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMAT. Bank of America reduced their price target on shares of Applied Materials from $205.00 to $190.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Jefferies Financial Group upgraded shares of Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price target on the stock in a research note on Friday, March 28th. Raymond James restated an "outperform" rating and issued a $200.00 price target (down from $225.00) on shares of Applied Materials in a research note on Friday, May 16th. Cantor Fitzgerald reduced their price target on shares of Applied Materials from $220.00 to $200.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Finally, Mizuho dropped their price objective on shares of Applied Materials from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $199.48.

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.