NewEdge Wealth LLC Reduces Stake in Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• NewEdge Wealth LLC has reduced its stake in Applied Materials, Inc. by 30.8%, holding 110,033 shares worth approximately $15.97 million after selling 48,882 shares in the first quarter.
• Multiple institutional investors, including Runnymede Capital Advisors Inc., have significantly increased their investments in Applied Materials, demonstrating a strong interest in the stock.
• Analysts have mixed views on Applied Materials, with a consensus rating of "Moderate Buy" and a target price averaging $205.17, reflecting varied outlooks on the company's performance.

NewEdge Wealth LLC lowered its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 30.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 110,033 shares of the manufacturing equipment provider's stock after selling 48,882 shares during the quarter. NewEdge Wealth LLC's holdings in Applied Materials were worth $15,968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AMAT. Runnymede Capital Advisors Inc. lifted its holdings 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 period. Smallwood Wealth Investment Management LLC purchased a new stake in Applied Materials in the 1st quarter worth approximately $29,000. Mascagni Wealth Management Inc. purchased a new stake in Applied Materials in the 4th quarter worth approximately $44,000. Minot DeBlois Advisors LLC purchased a new stake in Applied Materials in the 4th quarter worth approximately $46,000. Finally, Fiduciary Wealth Partners LLC purchased a new position in shares of Applied Materials in the 1st quarter valued at approximately $46,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AMAT. Cantor Fitzgerald set a $220.00 target price on Applied Materials and gave the company an "overweight" rating in a research note on Tuesday, June 24th. Wall Street Zen cut Applied Materials from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. B. Riley lowered their target price on Applied Materials from $250.00 to $215.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Mizuho raised their target price on Applied Materials from $195.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Finally, Rothschild & Co Redburn cut Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 target price for the company. in a research note on Monday, July 7th. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, Applied Materials has a consensus rating of "Moderate Buy" and a consensus target price of $205.17.

Applied Materials Stock Performance

Shares of AMAT opened at $179.99 on Friday. 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 one year low of $123.74 and a one year high of $215.70. The firm has a market capitalization of $144.44 billion, a P/E ratio of 21.90, a PEG ratio of 2.00 and a beta of 1.70. The business has a fifty day moving average of $179.91 and a 200 day moving average of $166.91.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued 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. Applied Materials had a return on equity of 40.15% and a net margin of 24.06%. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $7.12 billion. During the same quarter in the previous year, the company posted $2.09 earnings per share. Applied Materials's revenue was up 6.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials Dividend Announcement

The company also recently disclosed 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. 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 payout ratio is presently 22.38%.

Insider Activity at Applied Materials

In related news, CAO Adam Sanders sold 562 shares of Applied Materials 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 completion of the sale, the chief accounting officer owned 5,300 shares of the company's stock, valued at $946,580. The trade was a 9.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.24% of the stock is owned by insiders.

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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