Applied Materials (AMAT) Given New $52.00 Price Target at Wells Fargo & Co

Applied Materials (NASDAQ:AMAT) had its price target lifted by Wells Fargo & Co from $45.00 to $52.00 in a report published on Friday, BenzingaRatingsTable reports. Wells Fargo & Co currently has an outperform rating on the manufacturing equipment provider’s stock.

Several other analysts have also weighed in on the company. UBS Group raised their price objective on Applied Materials from $45.00 to $49.00 and gave the company a neutral rating in a research note on Friday. Bank of America reaffirmed a neutral rating and issued a $45.00 price objective on shares of Applied Materials in a research note on Friday. Craig Hallum reaffirmed a buy rating and issued a $50.00 price objective (up from $44.00) on shares of Applied Materials in a research note on Friday. B. Riley raised Applied Materials from a neutral rating to a buy rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday. Finally, Cowen raised their price objective on Applied Materials from $47.00 to $53.00 and gave the company an outperform rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $52.25.

Shares of NASDAQ AMAT traded up $1.04 during mid-day trading on Friday, reaching $42.70. The company had a trading volume of 20,159,567 shares, compared to its average volume of 8,881,213. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.72. Applied Materials has a one year low of $28.79 and a one year high of $53.23. The stock has a market capitalization of $40.54 billion, a P/E ratio of 9.60, a PEG ratio of 1.75 and a beta of 1.66.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, May 16th. The manufacturing equipment provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.04. Applied Materials had a return on equity of 49.38% and a net margin of 22.10%. The company had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter last year, the business earned $1.22 earnings per share. Applied Materials’s revenue was down 22.7% on a year-over-year basis. Equities research analysts forecast that Applied Materials will post 2.94 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 23rd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.97%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, May 22nd. Applied Materials’s dividend payout ratio (DPR) is presently 17.98%.

In other news, Director Stephen R. Forrest sold 2,000 shares of Applied Materials stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $42.45, for a total transaction of $84,900.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Omkaram Nalamasu sold 143,255 shares of Applied Materials stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $40.73, for a total value of $5,834,776.15. The disclosure for this sale can be found here. Insiders have sold 170,255 shares of company stock worth $6,987,176 over the last three months. Insiders own 0.44% of the company’s stock.

Several hedge funds have recently made changes to their positions in AMAT. Inscription Capital LLC acquired a new position in shares of Applied Materials in the first quarter worth approximately $25,000. Squar Milner Financial Services LLC lifted its stake in shares of Applied Materials by 190.8% in the first quarter. Squar Milner Financial Services LLC now owns 698 shares of the manufacturing equipment provider’s stock worth $27,000 after acquiring an additional 458 shares during the period. Sontag Advisory LLC acquired a new position in shares of Applied Materials in the fourth quarter worth approximately $30,000. Bruderman Asset Management LLC acquired a new position in shares of Applied Materials in the fourth quarter worth approximately $31,000. Finally, Lenox Wealth Advisors LLC lifted its stake in shares of Applied Materials by 73.7% in the first quarter. Lenox Wealth Advisors LLC now owns 780 shares of the manufacturing equipment provider’s stock worth $31,000 after acquiring an additional 331 shares during the period. 78.26% of the stock is currently owned by hedge funds and other institutional investors.

Applied Materials Company Profile

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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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