Applied Materials (NASDAQ:AMAT) posted its quarterly earnings data on Thursday. The manufacturing equipment provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.08, Bloomberg Earnings reports. Applied Materials had a return on equity of 45.17% and a net margin of 18.53%. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.45 billion. During the same period in the prior year, the business earned $0.79 earnings per share. Applied Materials updated its Q3 guidance to $1.13-1.21 EPS.
Applied Materials stock opened at $53.96 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.96 and a quick ratio of 2.25. Applied Materials has a 52-week low of $54.26 and a 52-week high of $55.46. The firm has a market cap of $57.97 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 0.94 and a beta of 1.65.
In other Applied Materials news, Director Thomas J. Iannotti sold 15,000 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $61.47, for a total transaction of $922,050.00. Following the completion of the transaction, the director now directly owns 76,967 shares in the company, valued at $4,731,161.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.
Several equities research analysts have recently weighed in on AMAT shares. Vetr raised Applied Materials from a “hold” rating to a “buy” rating and set a $59.06 price objective for the company in a research report on Friday, January 26th. BidaskClub raised Applied Materials from a “hold” rating to a “buy” rating in a research report on Saturday, January 20th. Zacks Investment Research raised Applied Materials from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Monday, February 19th. UBS initiated coverage on Applied Materials in a research report on Wednesday, April 4th. They issued a “neutral” rating and a $58.00 target price for the company. Finally, Credit Suisse Group raised their target price on Applied Materials from $72.00 to $74.00 and gave the stock an “outperform” rating in a research report on Thursday, February 15th. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $65.36.
Applied Materials declared that its board has initiated a stock repurchase program on Wednesday, February 14th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
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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