Applied Materials, Inc. (NASDAQ:AMAT) Shares Sold by USS Investment Management Ltd

USS Investment Management Ltd trimmed its position in Applied Materials, Inc. (NASDAQ:AMAT) by 0.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 177,684 shares of the manufacturing equipment provider’s stock after selling 1,316 shares during the period. USS Investment Management Ltd’s holdings in Applied Materials were worth $28,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Voloridge Investment Management LLC acquired a new position in shares of Applied Materials in the 4th quarter valued at $109,685,000. Waverly Advisors LLC grew its position in Applied Materials by 52.2% during the 4th quarter. Waverly Advisors LLC now owns 5,871 shares of the manufacturing equipment provider’s stock worth $955,000 after purchasing an additional 2,013 shares during the period. Worldquant Millennium Advisors LLC grew its position in Applied Materials by 417.1% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 825,750 shares of the manufacturing equipment provider’s stock worth $134,292,000 after purchasing an additional 666,059 shares during the period. Whelan Financial acquired a new stake in Applied Materials during the 4th quarter worth about $286,000. Finally, Woodline Partners LP acquired a new stake in Applied Materials during the 4th quarter worth about $91,659,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Morgan Stanley cut their price target on Applied Materials from $164.00 to $162.00 and set an “underweight” rating on the stock in a research report on Friday. Bank of America lowered their target price on shares of Applied Materials from $205.00 to $190.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Mizuho lowered their target price on shares of Applied Materials from $205.00 to $195.00 and set an “outperform” rating on the stock in a research note on Friday. Cantor Fitzgerald lowered their target price on shares of Applied Materials from $220.00 to $200.00 and set an “overweight” rating on the stock in a research note on Monday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $195.00 target price on shares of Applied Materials in a research note on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $199.48.

Insider Transactions at Applied Materials

In related news, CEO Gary E. Dickerson acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average price of $137.30 per share, with a total value of $6,865,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,716,058 shares in the company, valued at approximately $235,614,763.40. This represents a 3.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Adam Sanders sold 271 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $172.72, for a total transaction of $46,807.12. Following the sale, the chief accounting officer now directly owns 6,479 shares in the company, valued at approximately $1,119,052.88. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

Applied Materials Price Performance

Shares of AMAT opened at $165.94 on Tuesday. Applied Materials, Inc. has a 1-year low of $123.74 and a 1-year high of $255.89. The stock has a market cap of $134.82 billion, a PE ratio of 21.69, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 1.96. The firm has a fifty day moving average price of $149.52 and a 200 day moving average price of $165.12.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $7.12 billion. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. Applied Materials’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.09 earnings per share. As a group, sell-side analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.11%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. Applied Materials’s payout ratio is 22.38%.

Applied Materials announced that its board has approved a share repurchase program on Monday, March 10th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the manufacturing equipment provider to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

About Applied Materials

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits.