SevenBridge Financial Group LLC grew its position in Applied Materials (NASDAQ:AMAT) by 957.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,380 shares of the manufacturing equipment provider’s stock after purchasing an additional 2,155 shares during the period. SevenBridge Financial Group LLC’s holdings in Applied Materials were worth $122,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of AMAT. Lansdowne Partners UK LLP acquired a new position in Applied Materials in the 4th quarter worth about $370,984,000. Jackson Square Partners LLC acquired a new position in Applied Materials in the 4th quarter worth about $284,833,000. Macquarie Group Ltd. increased its position in Applied Materials by 631.8% in the 4th quarter. Macquarie Group Ltd. now owns 1,962,471 shares of the manufacturing equipment provider’s stock worth $100,438,000 after purchasing an additional 1,694,283 shares during the last quarter. BlackRock Inc. increased its position in Applied Materials by 1.8% in the 4th quarter. BlackRock Inc. now owns 68,889,949 shares of the manufacturing equipment provider’s stock worth $3,521,655,000 after purchasing an additional 1,248,388 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in Applied Materials by 192.6% in the 3rd quarter. Nordea Investment Management AB now owns 1,652,089 shares of the manufacturing equipment provider’s stock worth $86,057,000 after purchasing an additional 1,087,432 shares during the last quarter. 79.28% of the stock is currently owned by institutional investors.
Shares of AMAT stock opened at $59.65 on Wednesday. The stock has a market capitalization of $61,465.19, a P/E ratio of 22.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.58. The company has a quick ratio of 2.25, a current ratio of 2.96 and a debt-to-equity ratio of 0.62. Applied Materials has a fifty-two week low of $37.41 and a fifty-two week high of $62.40.
Applied Materials (NASDAQ:AMAT) last released its earnings results on Wednesday, February 14th. The manufacturing equipment provider reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.08. The firm had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.10 billion. Applied Materials had a return on equity of 45.17% and a net margin of 18.53%. During the same quarter last year, the firm posted $0.67 EPS. equities research analysts forecast that Applied Materials will post 4.39 earnings per share for the current fiscal year.
Applied Materials announced that its Board of Directors has approved a share buyback program on Wednesday, February 14th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 14th. Shareholders of record on Thursday, May 24th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, May 23rd. This represents a $0.80 dividend on an annualized basis and a yield of 1.34%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.10. Applied Materials’s dividend payout ratio (DPR) is 15.09%.
In other Applied Materials news, Director Thomas J. Iannotti sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $61.47, for a total value of $922,050.00. Following the sale, the director now owns 76,967 shares of the company’s stock, valued at approximately $4,731,161.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen R. Forrest sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $53.67, for a total value of $214,680.00. The disclosure for this sale can be found here. Insiders sold a total of 322,716 shares of company stock worth $16,850,796 in the last ninety days. Insiders own 0.35% of the company’s stock.
Several brokerages have weighed in on AMAT. Vetr lowered Applied Materials from a “strong-buy” rating to a “buy” rating and set a $57.92 target price on the stock. in a research report on Thursday, February 1st. Zacks Investment Research lowered Applied Materials from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. BidaskClub raised Applied Materials from a “hold” rating to a “buy” rating in a research report on Saturday, January 20th. Deutsche Bank upped their target price on Applied Materials from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Finally, Stifel Nicolaus upped their target price on Applied Materials from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Twenty-five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Applied Materials presently has a consensus rating of “Buy” and a consensus target price of $63.58.
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About Applied Materials
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.
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