Pacer Advisors Inc. Acquires 2,944,193 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Pacer Advisors Inc. significantly increased its stake in Applied Materials, Inc. by 2,401.0% during Q1, acquiring a total of 3,066,817 shares valued at approximately $445 million.
• Applied Materials announced a quarterly dividend of $0.46 per share, with an annual yield of 0.99%, set to be paid on September 11th.
• Analysts have set new price targets for AMAT, with average ratings reflecting a consensus price target of $204.74, indicating a "Moderate Buy" sentiment.

Pacer Advisors Inc. raised its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 2,401.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,066,817 shares of the manufacturing equipment provider's stock after buying an additional 2,944,193 shares during the quarter. Applied Materials comprises about 1.0% of Pacer Advisors Inc.'s investment portfolio, making the stock its 29th biggest position. Pacer Advisors Inc. owned about 0.38% of Applied Materials worth $445,056,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of AMAT. Belpointe Asset Management LLC lifted its stake in shares of Applied Materials by 1.7% during the 4th quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider's stock worth $607,000 after purchasing an additional 62 shares during the period. Old Port Advisors lifted its stake in shares of Applied Materials by 2.5% during the 1st quarter. Old Port Advisors now owns 2,730 shares of the manufacturing equipment provider's stock worth $396,000 after purchasing an additional 66 shares during the period. Silver Oak Securities Incorporated lifted its stake in shares of Applied Materials by 4.7% during the 1st quarter. Silver Oak Securities Incorporated now owns 1,506 shares of the manufacturing equipment provider's stock worth $218,000 after purchasing an additional 68 shares during the period. Cromwell Holdings LLC lifted its stake in shares of Applied Materials by 2.8% during the 1st quarter. Cromwell Holdings LLC now owns 2,540 shares of the manufacturing equipment provider's stock worth $369,000 after purchasing an additional 69 shares during the period. Finally, Hardy Reed LLC raised its position in shares of Applied Materials by 1.0% in the 1st quarter. Hardy Reed LLC now owns 7,324 shares of the manufacturing equipment provider's stock worth $1,063,000 after buying an additional 71 shares during the period. Institutional investors and hedge funds own 80.56% of the company's stock.

Applied Materials Stock Performance

AMAT stock traded down $2.43 during midday trading on Friday, reaching $185.69. The company had a trading volume of 6,580,937 shares, compared to its average volume of 6,161,150. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $177.59 and a 200 day moving average price of $166.59. Applied Materials, Inc. has a fifty-two week low of $123.74 and a fifty-two week high of $215.70. The firm has a market capitalization of $149.02 billion, a PE ratio of 22.59, a P/E/G ratio of 2.09 and a beta of 1.69.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $7.12 billion. During the same quarter in the previous year, the company posted $2.09 earnings per share. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. Analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

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 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 0.99%. Applied Materials's dividend payout ratio is currently 22.38%.

Insider Activity

In other Applied Materials news, CAO Adam Sanders sold 562 shares of Applied Materials 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 transaction, the chief accounting officer directly owned 5,300 shares in the company, valued at approximately $946,580. The trade was a 9.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

AMAT has been the topic of several research reports. Cantor Fitzgerald set a $220.00 target price on Applied Materials and gave the stock an "overweight" rating in a research report on Tuesday, June 24th. Wells Fargo & Company increased their target price on Applied Materials from $200.00 to $215.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Mizuho increased their target price on Applied Materials from $195.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Morgan Stanley increased their target price on Applied Materials from $158.00 to $169.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Jefferies Financial Group raised Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price objective on the stock in a research report on Friday, March 28th. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Applied Materials has an average rating of "Moderate Buy" and a consensus price target of $204.74.

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.