Kovitz Investment Group Partners LLC Sells 1,306,841 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Kovitz Investment Group Partners LLC reduced its holdings in Applied Materials by 66.7%, selling 1,306,841 shares and now owning approximately 653,156 shares valued at $94.8 million.
• Wall Street analysts remain optimistic about Applied Materials, with a consensus rating of "Moderate Buy" and a target price averaging around $204.09, with significant increases from firms like Citigroup and Mizuho recently.
• Applied Materials also declared a quarterly dividend of $0.46 per share, with a dividend yield of 1.0%, reflecting a solid financial position with a payout ratio of 22.38%.

Kovitz Investment Group Partners LLC trimmed its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 66.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 653,156 shares of the manufacturing equipment provider's stock after selling 1,306,841 shares during the quarter. Kovitz Investment Group Partners LLC owned 0.08% of Applied Materials worth $94,786,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Runnymede Capital Advisors Inc. lifted its holdings in Applied Materials by 972.2% during the 1st quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider's stock valued at $28,000 after purchasing an additional 175 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in Applied Materials during the 1st quarter valued at $29,000. Clal Insurance Enterprises Holdings Ltd lifted its holdings in Applied Materials by 435.0% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 214 shares of the manufacturing equipment provider's stock valued at $31,000 after purchasing an additional 174 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in Applied Materials during the 4th quarter valued at $44,000. Finally, Costello Asset Management INC acquired a new stake in Applied Materials during the 1st quarter valued at $44,000. Institutional investors and hedge funds own 80.56% of the company's stock.

Insider Activity at Applied Materials

In other Applied Materials news, CAO Adam Sanders sold 562 shares of the business'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 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. The trade was a 9.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Applied Materials Trading Down 14.1%

Shares of NASDAQ:AMAT traded down $26.48 during midday trading on Friday, hitting $161.76. 31,753,938 shares of the stock were exchanged, compared to its average volume of 6,199,587. The stock has a market capitalization of $129.81 billion, a price-to-earnings ratio of 19.28, a P/E/G ratio of 2.10 and a beta of 1.70. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.76 and a current ratio of 2.46. The business's 50-day moving average price is $184.18 and its 200 day moving average price is $166.71. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $215.70.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The manufacturing equipment provider reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.12. The company had revenue of $7.30 billion for the quarter, compared to analysts' expectations of $7.21 billion. Applied Materials had a return on equity of 41.31% and a net margin of 23.88%. The business's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.12 earnings per share. Analysts predict that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 21st. Applied Materials's payout ratio is currently 21.93%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Rothschild & Co Redburn downgraded Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price target for the company. in a report on Monday, July 7th. Citigroup lowered their price objective on Applied Materials from $220.00 to $205.00 and set a "buy" rating on the stock in a research report on Friday. Wall Street Zen cut Applied Materials from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Wells Fargo & Company lowered their price objective on Applied Materials from $215.00 to $205.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, The Goldman Sachs Group initiated coverage on Applied Materials in a research report on Thursday, July 10th. They set a "buy" rating and a $225.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Applied Materials currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.84.

Applied Materials 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.