Applied Materials, Inc. (NASDAQ:AMAT) Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI reduced its stake in Applied Materials, Inc. by 21.5%, owning 1,030,759 shares worth approximately $149.6 million after selling 281,499 shares.
• Applied Materials reported a quarterly earnings per share (EPS) of $2.39, exceeding estimates, with revenue of $7.10 billion for the period.
• The company announced a quarterly dividend of $0.46 to be paid on September 11th, representing a 1.0% yield at an annualized rate of $1.84.

National Bank of Canada FI cut its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 21.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,030,759 shares of the manufacturing equipment provider's stock after selling 281,499 shares during the period. National Bank of Canada FI owned 0.13% of Applied Materials worth $149,593,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Applied Materials by 10.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,541,999 shares of the manufacturing equipment provider's stock valued at $223,786,000 after buying an additional 143,583 shares during the last quarter. R. W. Roge & Company Inc. purchased a new position in Applied Materials in the 1st quarter valued at $217,000. Headlands Technologies LLC grew its position in Applied Materials by 237.7% in the 1st quarter. Headlands Technologies LLC now owns 47,135 shares of the manufacturing equipment provider's stock valued at $6,840,000 after buying an additional 33,176 shares during the last quarter. Blue Barn Wealth LLC lifted its holdings in Applied Materials by 32.5% in the first quarter. Blue Barn Wealth LLC now owns 1,926 shares of the manufacturing equipment provider's stock valued at $280,000 after acquiring an additional 472 shares during the period. Finally, Ontario Teachers Pension Plan Board lifted its holdings in Applied Materials by 47.7% in the first quarter. Ontario Teachers Pension Plan Board now owns 6,040 shares of the manufacturing equipment provider's stock valued at $877,000 after acquiring an additional 1,951 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Applied Materials

In other news, CAO Adam Sanders sold 562 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total transaction of $100,373.20. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is owned by company insiders.

Applied Materials Trading Up 0.9%

Shares of NASDAQ AMAT traded up $1.72 on Friday, reaching $184.87. 4,338,229 shares of the company traded hands, compared to its average volume of 6,090,117. The company has a 50 day moving average of $182.16 and a 200 day moving average of $166.76. The stock has a market capitalization of $148.36 billion, a PE ratio of 22.49, a P/E/G ratio of 2.04 and a beta of 1.70. Applied Materials, Inc. has a fifty-two week low of $123.74 and a fifty-two week high of $215.70. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $7.12 billion. During the same quarter last year, the firm posted $2.09 earnings per share. Applied Materials's revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 21st will be given a $0.46 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.84 annualized dividend and a yield of 1.0%. Applied Materials's dividend payout ratio (DPR) is 22.38%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on Applied Materials from $200.00 to $215.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Cantor Fitzgerald set a $220.00 target price on Applied Materials and gave the company an "overweight" rating in a report on Tuesday, June 24th. JPMorgan Chase & Co. cut their price target 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. TD Cowen cut their price target on Applied Materials from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Finally, 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 research note on Monday, July 7th. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, Applied Materials presently has an average rating of "Moderate Buy" and a consensus target price of $204.09.

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.