PNC Financial Services Group Inc. Has $91.66 Million Stake in Applied Materials, Inc. $AMAT

PNC Financial Services Group Inc. grew its position in Applied Materials, Inc. (NASDAQ:AMAT) by 5.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 500,670 shares of the manufacturing equipment provider’s stock after purchasing an additional 24,700 shares during the period. PNC Financial Services Group Inc.’s holdings in Applied Materials were worth $91,658,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of Applied Materials by 28.0% in the fourth quarter. Brighton Jones LLC now owns 12,674 shares of the manufacturing equipment provider’s stock valued at $2,061,000 after purchasing an additional 2,771 shares during the last quarter. Edgestream Partners L.P. grew its position in Applied Materials by 155.8% in the first quarter. Edgestream Partners L.P. now owns 13,098 shares of the manufacturing equipment provider’s stock valued at $1,901,000 after purchasing an additional 7,978 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Applied Materials by 2.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 794,431 shares of the manufacturing equipment provider’s stock valued at $115,288,000 after buying an additional 16,839 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Applied Materials by 30.7% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 6,108 shares of the manufacturing equipment provider’s stock worth $886,000 after buying an additional 1,436 shares in the last quarter. Finally, Sage Mountain Advisors LLC boosted its stake in shares of Applied Materials by 35.8% during the 1st quarter. Sage Mountain Advisors LLC now owns 5,723 shares of the manufacturing equipment provider’s stock worth $831,000 after buying an additional 1,509 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors.

Applied Materials Trading Up 0.9%

Shares of NASDAQ:AMAT opened at $230.73 on Thursday. Applied Materials, Inc. has a 12-month low of $123.74 and a 12-month high of $242.50. The business has a 50 day moving average of $209.71 and a 200-day moving average of $186.02. The company has a quick ratio of 1.76, a current ratio of 2.50 and a debt-to-equity ratio of 0.28. The stock has a market cap of $183.81 billion, a PE ratio of 27.50, a P/E/G ratio of 2.95 and a beta of 1.84.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, August 14th. The manufacturing equipment provider reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.12. The business had revenue of $7.30 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Applied Materials had a return on equity of 40.96% and a net margin of 23.88%.The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $2.12 EPS. As a group, equities research analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, November 20th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, November 20th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.8%. Applied Materials’s dividend payout ratio (DPR) is currently 21.93%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. KeyCorp raised their price objective on Applied Materials from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Mizuho raised their price target on Applied Materials from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Daiwa America downgraded Applied Materials from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Bank of America upgraded shares of Applied Materials from a “neutral” rating to a “buy” rating and increased their price target for the company from $180.00 to $250.00 in a research note on Monday, October 13th. Finally, Daiwa Capital Markets reiterated a “neutral” rating and issued a $170.00 target price (down from $185.00) on shares of Applied Materials in a research note on Wednesday, August 20th. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.31.

Applied Materials Company Profile

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.