Prudential PLC Cuts Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Prudential PLC reduced its stake in Applied Materials, Inc. by 21.6%, selling 22,228 shares and holding a total of 80,696 shares valued at approximately $11.7 million.
• Insider trading activity includes CAO Adam Sanders selling 562 shares at an average price of $178.60, which decreased his position by 9.59%.
• Analysts have mixed opinions on Applied Materials, with price targets ranging from a high of $220 to a low of $190, while the stock holds a consensus rating of "Moderate Buy."

Prudential PLC decreased its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 21.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,696 shares of the manufacturing equipment provider's stock after selling 22,228 shares during the quarter. Prudential PLC's holdings in Applied Materials were worth $11,711,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Runnymede Capital Advisors Inc. lifted its position in Applied Materials by 972.2% during the first 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 position in Applied Materials during the first quarter valued at approximately $29,000. Clal Insurance Enterprises Holdings Ltd lifted its position in Applied Materials by 435.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 214 shares of the manufacturing equipment provider's stock valued at $31,000 after purchasing an additional 174 shares during the period. Mascagni Wealth Management Inc. bought a new position in Applied Materials during the fourth quarter valued at approximately $44,000. Finally, Costello Asset Management INC bought a new position in Applied Materials during the first quarter valued at approximately $44,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Insider Activity

In other news, CAO Adam Sanders sold 562 shares of the firm's 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 sale, the chief accounting officer owned 5,300 shares in the company, valued at approximately $946,580. This trade represents a 9.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.24% of the company's stock.

Analyst Ratings Changes

AMAT has been the topic of several recent research reports. Bank of America decreased their price target on shares of Applied Materials from $205.00 to $190.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Redburn Atlantic downgraded shares of Applied Materials from a "strong-buy" rating to a "hold" rating and decreased their price target for the stock from $225.00 to $200.00 in a research report on Monday, July 7th. Wall Street Zen downgraded shares of Applied Materials from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Cantor Fitzgerald set a $220.00 price target on shares of Applied Materials and gave the stock an "overweight" rating in a research report on Tuesday, June 24th. Finally, TD Cowen reduced their price objective on shares of Applied Materials from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $204.09.

Applied Materials Stock Performance

Shares of NASDAQ:AMAT opened at $188.45 on Wednesday. Applied Materials, Inc. has a 52 week low of $123.74 and a 52 week high of $215.70. The stock has a market capitalization of $151.23 billion, a P/E ratio of 22.93, a PEG ratio of 2.05 and a beta of 1.70. The firm has a fifty day simple moving average of $183.24 and a two-hundred day simple moving average of $166.53. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.29.

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 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 business had revenue of $7.10 billion during the quarter, compared to analysts' expectations of $7.12 billion. During the same period last year, the company posted $2.09 EPS. The business's revenue was up 6.8% on a year-over-year basis. On average, analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Dividend Announcement

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

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.

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