Sawgrass Asset Management LLC Cuts Position in Applied Materials, Inc. (NASDAQ:AMAT)

Sawgrass Asset Management LLC lowered its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 89,529 shares of the manufacturing equipment provider's stock after selling 3,432 shares during the quarter. Applied Materials accounts for about 1.6% of Sawgrass Asset Management LLC's holdings, making the stock its 15th biggest position. Sawgrass Asset Management LLC's holdings in Applied Materials were worth $12,992,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. FPC Investment Advisory Inc. purchased a new position in Applied Materials in the fourth quarter valued at about $28,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Applied Materials in the 4th quarter worth approximately $44,000. Atala Financial Inc purchased a new position in Applied Materials in the 4th quarter valued at approximately $45,000. Minot DeBlois Advisors LLC acquired a new position in Applied Materials during the fourth quarter worth $46,000. Finally, Noble Wealth Management PBC purchased a new stake in Applied Materials during the fourth quarter worth $48,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AMAT shares. Stifel Nicolaus lowered their price objective on shares of Applied Materials from $235.00 to $195.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Edward Jones upgraded shares of Applied Materials from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Mizuho cut their price objective on Applied Materials from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. Barclays lowered their target price on Applied Materials from $190.00 to $160.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Finally, Cantor Fitzgerald cut their price target on Applied Materials from $220.00 to $200.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Seven research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $199.29.

Insider Buying and Selling

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

Applied Materials Price Performance

AMAT opened at $169.46 on Monday. Applied Materials, Inc. has a twelve month low of $123.74 and a twelve month high of $255.89. The firm has a market cap of $135.99 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 1.89 and a beta of 1.67. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $159.11 and a 200 day simple moving average of $162.89.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS 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 firm had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $7.12 billion. During the same quarter in the prior year, the business posted $2.09 earnings per share. Applied Materials's revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts expect that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Thursday, August 21st. Applied Materials's payout ratio is currently 22.38%.

Applied Materials announced that its Board of Directors has authorized a share repurchase plan on Monday, March 10th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

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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