Applied Materials (NASDAQ:AMAT) issued its earnings results on Thursday. The manufacturing equipment provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. During the same quarter in the prior year, the business posted $0.79 earnings per share. Applied Materials updated its Q3 guidance to $1.13-1.21 EPS.
AMAT stock opened at $53.96 on Friday. Applied Materials has a 52-week low of $54.26 and a 52-week high of $55.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.25 and a current ratio of 2.96. The firm has a market cap of $57.97 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 0.94 and a beta of 1.65.
In other news, Director Thomas J. Iannotti sold 15,000 shares of the firm’s 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 sale, the director now owns 76,967 shares in the company, valued at $4,731,161.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by company insiders.
Applied Materials announced that its board has initiated a stock repurchase program on Wednesday, February 14th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the manufacturing equipment provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
AMAT has been the subject of a number of analyst reports. 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 note on Monday, February 19th. Vetr downgraded Applied Materials from a “strong-buy” rating to a “buy” rating and set a $63.08 target price for the company. in a research note on Tuesday, April 17th. Bank of America started coverage on Applied Materials in a report on Wednesday, March 21st. They issued a “buy” rating and a $80.00 price target on the stock. ValuEngine upgraded Applied Materials from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Credit Suisse Group upped their price target on Applied Materials from $72.00 to $74.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Five research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $65.36.
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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