Banque Pictet & Cie SA boosted its stake in Applied Materials (NASDAQ:AMAT) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,130 shares of the manufacturing equipment provider’s stock after buying an additional 2,270 shares during the period. Banque Pictet & Cie SA’s holdings in Applied Materials were worth $7,848,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of AMAT. Lansdowne Partners UK LLP acquired a new stake in Applied Materials in the fourth quarter worth $370,984,000. Jackson Square Partners LLC acquired a new stake in Applied Materials in the fourth quarter worth $284,833,000. Macquarie Group Ltd. increased its holdings in shares of Applied Materials by 631.8% during the fourth quarter. Macquarie Group Ltd. now owns 1,962,471 shares of the manufacturing equipment provider’s stock valued at $100,438,000 after purchasing an additional 1,694,283 shares during the period. BlackRock Inc. increased its holdings in shares of Applied Materials by 1.8% during the fourth quarter. BlackRock Inc. now owns 68,889,949 shares of the manufacturing equipment provider’s stock valued at $3,521,655,000 after purchasing an additional 1,248,388 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Applied Materials by 10.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 11,121,032 shares of the manufacturing equipment provider’s stock valued at $568,507,000 after purchasing an additional 1,033,700 shares during the period. 78.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Applied Materials opened at $53.96 on Friday, MarketBeat Ratings reports. Applied Materials has a fifty-two week low of $54.26 and a fifty-two week high of $55.46. The stock has a market cap of $56.83 billion, a P/E ratio of 16.60, a PEG ratio of 0.93 and a beta of 1.65. 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 (NASDAQ:AMAT) last announced its earnings results on Thursday, May 17th. The manufacturing equipment provider reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.08. Applied Materials had a return on equity of 45.17% and a net margin of 18.53%. During the same quarter in the previous year, the company earned $0.79 earnings per share. sell-side analysts predict that Applied Materials will post 4.41 EPS for the current fiscal year.
Applied Materials declared that its board has authorized a share buyback plan on Wednesday, February 14th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Thomas J. Iannotti sold 15,000 shares of the firm’s stock in a transaction dated 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 owns 76,967 shares of the company’s stock, valued at $4,731,161.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.35% of the company’s stock.
A number of research analysts have recently commented on AMAT shares. Vetr lowered Applied Materials from a “strong-buy” rating to a “buy” rating and set a $62.52 price target on the stock. in a report on Tuesday, February 20th. Zacks Investment Research raised Applied Materials from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Monday, February 19th. BidaskClub raised Applied Materials from a “hold” rating to a “buy” rating in a report on Saturday, January 20th. Deutsche Bank raised their price target on Applied Materials from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Finally, Stifel Nicolaus raised their price target on Applied Materials from $66.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. Applied Materials presently has an average rating of “Buy” and an average price target of $65.24.
Applied Materials Company Profile
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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