Stonegate Investment Group LLC Sells 2,420 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Stonegate Investment Group LLC lowered its position in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 49.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,511 shares of the manufacturing equipment provider's stock after selling 2,420 shares during the period. Stonegate Investment Group LLC's holdings in Applied Materials were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in AMAT. Belpointe Asset Management LLC raised its stake in shares of Applied Materials by 1.7% during the fourth quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider's stock valued at $607,000 after acquiring an additional 62 shares in the last quarter. Hills Bank & Trust Co raised its stake in shares of Applied Materials by 6.6% during the fourth quarter. Hills Bank & Trust Co now owns 1,061 shares of the manufacturing equipment provider's stock valued at $173,000 after acquiring an additional 66 shares in the last quarter. Kovack Advisors Inc. raised its stake in shares of Applied Materials by 2.3% during the fourth quarter. Kovack Advisors Inc. now owns 3,062 shares of the manufacturing equipment provider's stock valued at $498,000 after acquiring an additional 68 shares in the last quarter. TCTC Holdings LLC raised its stake in shares of Applied Materials by 7.7% during the fourth quarter. TCTC Holdings LLC now owns 977 shares of the manufacturing equipment provider's stock valued at $159,000 after acquiring an additional 70 shares in the last quarter. Finally, Fourpath Capital Management LLC raised its stake in shares of Applied Materials by 0.8% during the first quarter. Fourpath Capital Management LLC now owns 9,566 shares of the manufacturing equipment provider's stock valued at $1,388,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 80.56% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on AMAT shares. Needham & Company LLC reaffirmed a "buy" rating and set a $195.00 price target on shares of Applied Materials in a research note on Friday, May 16th. Wall Street Zen downgraded shares of Applied Materials from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Bank of America reduced their price objective on shares of Applied Materials from $205.00 to $190.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company reissued a "mixed" rating on shares of Applied Materials in a research note on Friday, May 16th. Finally, Jefferies Financial Group raised shares of Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price objective for the company in a research note on Friday, March 28th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $199.29.

Applied Materials Price Performance

NASDAQ AMAT opened at $169.46 on Friday. The firm's fifty day simple moving average is $159.11 and its two-hundred day simple moving average is $162.95. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a 12-month low of $123.74 and a 12-month high of $255.89. The firm has a market capitalization of $135.99 billion, a P/E ratio of 20.62, a P/E/G ratio of 1.89 and a beta of 1.67.

Applied Materials (NASDAQ:AMAT - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $7.10 billion for 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 business's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.09 earnings per share. Analysts forecast that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 21st will be issued 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 of this dividend is Thursday, August 21st. Applied Materials's dividend payout ratio (DPR) is presently 22.38%.

Applied Materials announced that its Board of Directors has authorized a stock repurchase program on Monday, March 10th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the manufacturing equipment provider to repurchase up to 8.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Activity

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

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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