Applied Materials (NASDAQ:AMAT) had its price objective raised by Stifel Nicolaus from $71.00 to $75.00 in a research note released on Friday, Marketbeat Ratings reports. Stifel Nicolaus currently has a buy rating on the manufacturing equipment provider’s stock.
Several other brokerages have also issued reports on AMAT. Bank of America assumed coverage on Applied Materials in a research note on Wednesday, March 21st. They issued a buy rating and a $80.00 target price on the stock. Vetr upgraded Applied Materials from a buy rating to a strong-buy rating and set a $66.16 target price on the stock in a research note on Monday, March 19th. Zacks Investment Research lowered Applied Materials from a strong-buy rating to a hold rating in a research note on Tuesday, April 17th. BidaskClub upgraded Applied Materials from a hold rating to a buy rating in a research note on Thursday, March 1st. Finally, Credit Suisse Group restated an outperform rating and issued a $75.00 target price (up from $74.00) on shares of Applied Materials in a research note on Monday, February 26th. Five research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $64.72.
Shares of Applied Materials opened at $49.51 on Friday, Marketbeat Ratings reports. The firm has a market cap of $52.02 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.65. Applied Materials has a 12 month low of $40.79 and a 12 month high of $62.40. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.83 and a current ratio of 2.60.
Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, May 17th. The manufacturing equipment provider reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.08. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.45 billion. Applied Materials had a return on equity of 51.65% and a net margin of 19.24%. During the same period last year, the company posted $0.79 earnings per share. research analysts anticipate that Applied Materials will post 4.53 EPS for the current year.
Applied Materials declared that its Board of Directors has authorized a stock 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, Director Thomas J. Iannotti sold 15,000 shares of Applied Materials stock in a transaction 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 completion of the transaction, the director now directly owns 76,967 shares in the company, valued at $4,731,161.49. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.35% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in Applied Materials by 10.5% during the first quarter. BlackRock Inc. now owns 76,112,124 shares of the manufacturing equipment provider’s stock worth $4,232,597,000 after buying an additional 7,222,175 shares in the last quarter. Geode Capital Management LLC grew its position in Applied Materials by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 12,968,458 shares of the manufacturing equipment provider’s stock worth $661,743,000 after buying an additional 234,528 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in 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 worth $568,507,000 after buying an additional 1,033,700 shares in the last quarter. Epoch Investment Partners Inc. grew its position in Applied Materials by 1.4% during the first quarter. Epoch Investment Partners Inc. now owns 10,550,308 shares of the manufacturing equipment provider’s stock worth $586,702,000 after buying an additional 144,093 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its position in Applied Materials by 22.6% during the first quarter. OppenheimerFunds Inc. now owns 8,151,015 shares of the manufacturing equipment provider’s stock worth $453,279,000 after buying an additional 1,501,992 shares in the last quarter. Institutional investors own 75.50% of the company’s stock.
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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