Lazard Asset Management LLC Sells 426,489 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Lazard Asset Management LLC reduced its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 10.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,778,640 shares of the manufacturing equipment provider's stock after selling 426,489 shares during the quarter. Applied Materials accounts for about 0.9% of Lazard Asset Management LLC's investment portfolio, making the stock its 25th largest holding. Lazard Asset Management LLC owned about 0.46% of Applied Materials worth $614,518,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of AMAT. Brookstone Capital Management raised its position in shares of Applied Materials by 59.1% during the 4th quarter. Brookstone Capital Management now owns 45,378 shares of the manufacturing equipment provider's stock worth $7,380,000 after purchasing an additional 16,851 shares during the period. Advisors Management Group Inc. ADV bought a new position in Applied Materials during the 4th quarter valued at $339,000. Rheos Capital Works Inc. grew its holdings in Applied Materials by 2.7% during the fourth quarter. Rheos Capital Works Inc. now owns 170,100 shares of the manufacturing equipment provider's stock worth $27,663,000 after acquiring an additional 4,500 shares during the period. Czech National Bank raised its holdings in shares of Applied Materials by 6.0% in the 4th quarter. Czech National Bank now owns 178,748 shares of the manufacturing equipment provider's stock worth $29,070,000 after purchasing an additional 10,081 shares in the last quarter. Finally, Talbot Financial LLC lifted its position in shares of Applied Materials by 4.6% during the 4th quarter. Talbot Financial LLC now owns 117,361 shares of the manufacturing equipment provider's stock valued at $19,086,000 after acquiring an additional 5,124 shares during the last quarter. Institutional investors own 80.56% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on AMAT. Cantor Fitzgerald decreased their target price on shares of Applied Materials from $220.00 to $200.00 and set an "overweight" rating for the company in a report on Monday. Edward Jones raised Applied Materials from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Jefferies Financial Group upgraded shares of Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price objective for the company in a report on Friday, March 28th. B. Riley dropped their price target on shares of Applied Materials from $250.00 to $215.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Barclays cut their price objective on Applied Materials from $190.00 to $160.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $203.38.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 271 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the transaction, the chief accounting officer now directly owns 6,479 shares of the company's stock, valued at approximately $1,119,052.88. This represents a 4.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary E. Dickerson bought 50,000 shares of the business's stock in a transaction on Thursday, April 3rd. The stock was purchased at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the purchase, the chief executive officer now directly owns 1,716,058 shares in the company, valued at approximately $235,614,763.40. This represents a 3.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.24% of the company's stock.

Applied Materials Price Performance

Applied Materials stock traded up $0.61 during mid-day trading on Thursday, hitting $174.75. 12,091,396 shares of the company were exchanged, compared to its average volume of 6,842,671. Applied Materials, Inc. has a 1-year low of $123.74 and a 1-year high of $255.89. The company has a market capitalization of $141.97 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. The business has a fifty day moving average of $148.32 and a 200 day moving average of $165.73. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29.

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 $2.30 by $0.09. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. As a group, sell-side analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. This is a boost from Applied Materials's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.05%. Applied Materials's payout ratio is presently 24.05%.

Applied Materials declared that its Board of Directors has approved a share repurchase plan on Monday, March 10th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

About Applied Materials

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.