Riverpark Capital Management LLC Buys 2,067 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Key Points

• Riverpark Capital Management LLC increased its stake in Applied Materials by 48.6% in the first quarter, bringing its total holdings to 6,324 shares valued at $918,000.
• Applied Materials reported a net margin of 24.06% and earnings per share of $2.39 for the last quarter, surpassing analysts' estimates by $0.08.
• The company announced a quarterly dividend of $0.46 per share, with a dividend yield of 1.0%, payable on September 11th to stockholders of record on August 21st.

Riverpark Capital Management LLC lifted its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 48.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,324 shares of the manufacturing equipment provider's stock after acquiring an additional 2,067 shares during the quarter. Applied Materials accounts for about 1.7% of Riverpark Capital Management LLC's holdings, making the stock its 28th biggest position. Riverpark Capital Management LLC's holdings in Applied Materials were worth $918,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AMAT. Runnymede Capital Advisors Inc. raised 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 valued at $28,000 after acquiring an additional 175 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Applied Materials during the 1st quarter worth $29,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Applied Materials during the 4th quarter worth $44,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Applied Materials during the 4th quarter worth $46,000. Finally, Costello Asset Management INC acquired a new stake in shares of Applied Materials during the 1st quarter worth $44,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AMAT. Needham & Company LLC restated a "buy" rating and set a $195.00 price objective on shares of Applied Materials in a report on Friday, May 16th. Rothschild & Co Redburn cut shares of Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price target for the company. in a research report on Monday, July 7th. Morgan Stanley upped their price target on shares of Applied Materials from $158.00 to $169.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Wells Fargo & Company upped their price target on shares of Applied Materials from $200.00 to $215.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen lowered Applied Materials from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $204.09.

Insider Activity

In related news, CAO Adam Sanders sold 562 shares of Applied Materials stock in a transaction on 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 of the company's stock, 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 0.24% of the company's stock.

Applied Materials Trading Up 2.1%

Applied Materials stock traded up $3.92 during midday trading on Tuesday, reaching $188.30. The stock had a trading volume of 2,314,550 shares, compared to its average volume of 7,201,637. The firm's fifty day simple moving average is $182.71 and its two-hundred day simple moving average is $166.37. Applied Materials, Inc. has a twelve month low of $123.74 and a twelve month high of $215.70. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.46 and a quick ratio of 1.76. The firm has a market cap of $151.11 billion, a price-to-earnings ratio of 22.91, a PEG ratio of 2.06 and a beta of 1.70.

Applied Materials (NASDAQ:AMAT - Get Free Report) last posted 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. The firm had revenue of $7.10 billion during the quarter, compared to analyst estimates of $7.12 billion. Applied Materials had a net margin of 24.06% and a return on equity of 40.15%. The company's revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the business posted $2.09 EPS. Equities analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Dividend Announcement

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