NorthCrest Asset Manangement LLC Increases Position in Applied Materials, Inc. (NASDAQ:AMAT)

NorthCrest Asset Manangement LLC lifted its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 1.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 303,734 shares of the manufacturing equipment provider's stock after acquiring an additional 5,371 shares during the quarter. Applied Materials makes up about 1.3% of NorthCrest Asset Manangement LLC's portfolio, making the stock its 9th biggest holding. NorthCrest Asset Manangement LLC's holdings in Applied Materials were worth $44,078,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. FPC Investment Advisory Inc. bought a new stake in Applied Materials in the 4th quarter valued at $28,000. Mascagni Wealth Management Inc. bought a new stake in Applied Materials in the 4th quarter valued at $44,000. Atala Financial Inc bought a new stake in Applied Materials in the 4th quarter valued at $45,000. Minot DeBlois Advisors LLC bought a new stake in Applied Materials in the 4th quarter valued at $46,000. Finally, Centricity Wealth Management LLC bought a new stake in Applied Materials in the 4th quarter valued at $47,000. 80.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Materials

In other Applied Materials news, CEO Gary E. Dickerson bought 50,000 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the transaction, the chief executive officer now directly owns 1,716,058 shares in the company, valued at approximately $235,614,763.40. This trade represents a 3.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Adam Sanders sold 450 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total value of $65,173.50. Following the sale, the chief accounting officer now owns 6,077 shares in the company, valued at approximately $880,131.91. The trade was a 6.89% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company's stock.

Applied Materials Price Performance

AMAT traded down $4.41 on Friday, reaching $170.59. The stock had a trading volume of 5,292,961 shares, compared to its average volume of 6,989,010. Applied Materials, Inc. has a fifty-two week low of $123.74 and a fifty-two week high of $255.89. The firm has a 50-day moving average of $156.02 and a 200-day moving average of $163.14. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $136.90 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 1.81 and a beta of 1.67.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued its earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.08. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. The business had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $7.12 billion. During the same quarter in the prior year, the firm earned $2.09 EPS. The business's revenue for the quarter 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 announced that its Board of Directors has approved a stock repurchase plan on Monday, March 10th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the manufacturing equipment provider to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Applied Materials Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.08%. Applied Materials's dividend payout ratio (DPR) is presently 22.38%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AMAT shares. Jefferies Financial Group upgraded Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 target price for the company in a research report on Friday, March 28th. Wells Fargo & Company reiterated a "mixed" rating on shares of Applied Materials in a research report on Friday, May 16th. Edward Jones upgraded Applied Materials from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Barclays cut their target price on Applied Materials from $190.00 to $160.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, B. Riley cut their target price on Applied Materials from $250.00 to $215.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Seven analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $199.29.

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.