First Republic Investment Management Inc. lowered its stake in Applied Materials, Inc. (NASDAQ:AMAT – Get Rating) by 12.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 276,720 shares of the manufacturing equipment provider’s stock after selling 38,850 shares during the period. First Republic Investment Management Inc.’s holdings in Applied Materials were worth $22,672,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in AMAT. Cowa LLC acquired a new stake in shares of Applied Materials in the first quarter worth about $76,000. Egerton Capital UK LLP lifted its position in shares of Applied Materials by 145.2% during the 2nd quarter. Egerton Capital UK LLP now owns 4,907,042 shares of the manufacturing equipment provider’s stock worth $446,443,000 after purchasing an additional 2,906,043 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Applied Materials during the 2nd quarter worth about $167,770,000. Great West Life Assurance Co. Can acquired a new position in shares of Applied Materials during the 3rd quarter worth about $95,175,000. Finally, Van ECK Associates Corp lifted its position in shares of Applied Materials by 31.4% during the 3rd quarter. Van ECK Associates Corp now owns 4,598,930 shares of the manufacturing equipment provider’s stock worth $376,790,000 after purchasing an additional 1,099,462 shares during the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
Insiders Place Their Bets
In other Applied Materials news, Director Xun Chen sold 377 shares of the company’s stock in a transaction on Friday, January 20th. The stock was sold at an average price of $107.80, for a total transaction of $40,640.60. Following the transaction, the director now owns 39,868 shares of the company’s stock, valued at approximately $4,297,770.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.
Applied Materials Stock Down 1.0 %
Applied Materials (NASDAQ:AMAT – Get Rating) last released its quarterly earnings results on Thursday, November 17th. The manufacturing equipment provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.31. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.44 billion. Applied Materials had a return on equity of 56.62% and a net margin of 25.31%. Applied Materials’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.94 EPS. As a group, sell-side analysts forecast that Applied Materials, Inc. will post 6.74 earnings per share for the current fiscal year.
Applied Materials Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Shareholders of record on Thursday, February 23rd will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.92%. The ex-dividend date is Wednesday, February 22nd. Applied Materials’s dividend payout ratio is 13.98%.
Analyst Upgrades and Downgrades
AMAT has been the subject of several research analyst reports. Summit Insights raised Applied Materials from a “hold” rating to a “buy” rating in a research report on Friday, November 18th. Sanford C. Bernstein boosted their price objective on Applied Materials to $130.00 in a research report on Monday, November 21st. Barclays cut Applied Materials from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $80.00 to $90.00 in a research report on Monday. TheStreet upgraded Applied Materials from a “c+” rating to a “b-” rating in a research note on Wednesday, November 23rd. Finally, Loop Capital initiated coverage on Applied Materials in a research note on Tuesday, December 6th. They set a “buy” rating and a $125.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $117.64.
About Applied Materials
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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