M&T Bank Corp Reduces Position in Applied Materials, Inc. (NASDAQ:AMAT)

M&T Bank Corp decreased its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 6.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 289,389 shares of the manufacturing equipment provider's stock after selling 21,150 shares during the quarter. M&T Bank Corp's holdings in Applied Materials were worth $41,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Runnymede Capital Advisors Inc. grew its stake in shares of 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 period. Smallwood Wealth Investment Management LLC bought a new stake in shares of Applied Materials during the 1st quarter valued at about $29,000. Mascagni Wealth Management Inc. bought a new position in Applied Materials in the fourth quarter worth approximately $44,000. Atala Financial Inc bought a new position in Applied Materials in the fourth quarter worth approximately $45,000. Finally, Minot DeBlois Advisors LLC bought a new position in Applied Materials in the fourth quarter worth approximately $46,000. Institutional investors own 80.56% of the company's stock.

Insider Activity at Applied Materials

In related news, CAO Adam Sanders sold 562 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total value of $100,373.20. Following the completion of the transaction, the chief accounting officer 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.24% of the company's stock.

Applied Materials Price Performance

AMAT traded up $4.21 during trading hours on Tuesday, hitting $194.99. The company's stock had a trading volume of 8,095,416 shares, compared to its average volume of 7,091,998. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $255.89. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. The business's 50-day moving average price is $168.27 and its 200-day moving average price is $164.13. The stock has a market cap of $156.48 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 2.13 and a beta of 1.69.

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

Applied Materials declared that its Board of Directors has approved a share buyback 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 buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Applied Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Thursday, August 21st. Applied Materials's payout ratio is 22.38%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AMAT shares. TD Cowen lowered their target price on Applied Materials from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Mizuho decreased their price objective on Applied Materials from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Friday, May 16th. JPMorgan Chase & Co. cut their price objective on Applied Materials from $240.00 to $210.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Wells Fargo & Company increased their target price on shares of Applied Materials from $200.00 to $215.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Cantor Fitzgerald set a $220.00 price target on shares of Applied Materials and gave the company an "overweight" rating in a report on Tuesday, June 24th. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Applied Materials has an average rating of "Moderate Buy" and an average price target of $202.65.

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.