Summit Financial LLC grew its position in Applied Materials, Inc. (NASDAQ:AMAT – Get Rating) by 43.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,258 shares of the manufacturing equipment provider's stock after acquiring an additional 3,404 shares during the period. Summit Financial LLC's holdings in Applied Materials were worth $922,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Boston Financial Mangement LLC raised its holdings in Applied Materials by 2.0% during the second quarter. Boston Financial Mangement LLC now owns 4,934 shares of the manufacturing equipment provider's stock worth $449,000 after buying an additional 96 shares during the last quarter. King Wealth raised its holdings in Applied Materials by 3.1% during the third quarter. King Wealth now owns 3,398 shares of the manufacturing equipment provider's stock worth $278,000 after buying an additional 101 shares during the last quarter. Capital Financial Services LLC raised its holdings in Applied Materials by 2.7% during the third quarter. Capital Financial Services LLC now owns 4,140 shares of the manufacturing equipment provider's stock worth $339,000 after buying an additional 110 shares during the last quarter. Syverson Strege & Co raised its holdings in Applied Materials by 28.9% during the second quarter. Syverson Strege & Co now owns 499 shares of the manufacturing equipment provider's stock worth $45,000 after buying an additional 112 shares during the last quarter. Finally, Citizens National Bank Trust Department raised its holdings in Applied Materials by 0.3% during the third quarter. Citizens National Bank Trust Department now owns 35,133 shares of the manufacturing equipment provider's stock worth $2,878,000 after buying an additional 115 shares during the last quarter. Institutional investors own 75.22% of the company's stock.
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Insider Activity
In other news, SVP Teri A. Little sold 6,813 shares of the firm's stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $117.44, for a total value of $800,118.72. Following the completion of the transaction, the senior vice president now directly owns 98,332 shares in the company, valued at $11,548,110.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Teri A. Little sold 6,813 shares of the firm's stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $117.44, for a total value of $800,118.72. Following the completion of the transaction, the senior vice president now directly owns 98,332 shares in the company, valued at $11,548,110.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Xun Chen sold 377 shares of the firm's stock in a transaction that occurred on Friday, January 20th. The shares were sold at an average price of $107.80, for a total transaction of $40,640.60. Following the completion of the transaction, the director now owns 39,868 shares of the company's stock, valued at $4,297,770.40. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.
Analyst Ratings Changes
Several analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Applied Materials from $132.00 to $140.00 in a research note on Friday, February 17th. Loop Capital initiated coverage on shares of Applied Materials in a report on Tuesday, December 6th. They issued a "buy" rating and a $125.00 target price for the company. KGI Securities upgraded shares of Applied Materials from a "neutral" rating to an "outperform" rating in a report on Wednesday, March 1st. The Goldman Sachs Group increased their target price on shares of Applied Materials from $105.00 to $120.00 and gave the company a "buy" rating in a report on Friday, February 17th. Finally, Morgan Stanley increased their target price on shares of Applied Materials from $88.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, February 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $129.16.
Applied Materials Price Performance
AMAT opened at $114.39 on Friday. The company has a market capitalization of $96.67 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 2.98 and a beta of 1.61. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $112.74 and a 200-day moving average price of $100.94. Applied Materials, Inc. has a twelve month low of $71.12 and a twelve month high of $142.01.
Applied Materials (NASDAQ:AMAT – Get Rating) last posted its earnings results on Thursday, February 16th. The manufacturing equipment provider reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.10. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.66 billion. Applied Materials had a net margin of 24.57% and a return on equity of 55.08%. The company's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company earned $1.89 earnings per share. Equities analysts expect that Applied Materials, Inc. will post 7.01 EPS for the current year.
Applied Materials Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Thursday, February 23rd will be paid a $0.26 dividend. The ex-dividend date is Wednesday, February 22nd. This represents a $1.04 annualized dividend and a dividend yield of 0.91%. Applied Materials's payout ratio is 13.94%.
About Applied Materials
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Applied Materials, Inc provides manufacturing equipment, services and software to the semiconductor, display and related industries. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display & Adjacent Markets. The Semiconductor Systems segment includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation.
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