State Treasurer State of Michigan decreased its position in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 18.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 224,109 shares of the manufacturing equipment provider’s stock after selling 49,500 shares during the period. State Treasurer State of Michigan’s holdings in Applied Materials were worth $10,065,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Applied Materials by 6.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,539,478 shares of the manufacturing equipment provider’s stock worth $115,882,000 after purchasing an additional 211,654 shares during the last quarter. Geode Capital Management LLC raised its holdings in Applied Materials by 6.0% during the fourth quarter. Geode Capital Management LLC now owns 14,055,719 shares of the manufacturing equipment provider’s stock worth $459,453,000 after purchasing an additional 794,347 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in Applied Materials by 23.9% during the first quarter. Hennessy Advisors Inc. now owns 70,622 shares of the manufacturing equipment provider’s stock worth $2,801,000 after purchasing an additional 13,620 shares during the last quarter. Washington Trust Bank raised its holdings in Applied Materials by 18.6% during the first quarter. Washington Trust Bank now owns 203,276 shares of the manufacturing equipment provider’s stock worth $8,062,000 after purchasing an additional 31,815 shares during the last quarter. Finally, Bank of Edwardsville acquired a new position in Applied Materials during the first quarter worth $748,000. 77.63% of the stock is owned by institutional investors.
AMAT has been the subject of several research reports. UBS Group lifted their price objective on Applied Materials from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Friday, May 17th. Bank of America reissued a “neutral” rating and set a $52.00 price target (up previously from $45.00) on shares of Applied Materials in a research report on Friday, May 17th. DA Davidson downgraded Applied Materials from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $55.00 to $45.00 in a research report on Monday, July 8th. Cowen raised their price target on Applied Materials from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Friday, May 17th. Finally, Goldman Sachs Group downgraded Applied Materials from a “buy” rating to a “neutral” rating in a research report on Monday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $50.52.
Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings data on Thursday, May 16th. The manufacturing equipment provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.04. The business had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.48 billion. Applied Materials had a return on equity of 47.88% and a net margin of 22.10%. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Analysts forecast that Applied Materials, Inc. will post 2.96 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 22nd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Wednesday, August 21st. Applied Materials’s dividend payout ratio is currently 18.88%.
Applied Materials 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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