Progressive Investment Management Corp Decreases Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Progressive Investment Management Corp lessened its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,067 shares of the manufacturing equipment provider’s stock after selling 509 shares during the period. Progressive Investment Management Corp’s holdings in Applied Materials were worth $3,101,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in AMAT. Brown Brothers Harriman & Co. increased its position in shares of Applied Materials by 53.5% during the 4th quarter. Brown Brothers Harriman & Co. now owns 743,774 shares of the manufacturing equipment provider’s stock valued at $120,960,000 after purchasing an additional 259,271 shares during the last quarter. Level Four Advisory Services LLC grew its position in Applied Materials by 4.0% during the fourth quarter. Level Four Advisory Services LLC now owns 37,996 shares of the manufacturing equipment provider’s stock valued at $6,179,000 after buying an additional 1,452 shares during the period. denkapparat Operations GmbH purchased a new stake in Applied Materials during the fourth quarter valued at approximately $717,000. Providence Capital Advisors LLC bought a new position in Applied Materials in the fourth quarter worth approximately $5,497,000. Finally, Norges Bank purchased a new position in shares of Applied Materials during the 4th quarter worth $1,588,422,000. Institutional investors own 80.56% of the company’s stock.

Analyst Ratings Changes

AMAT has been the topic of a number of recent research reports. Mizuho decreased their target price on Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. KeyCorp raised Applied Materials from a “sector weight” rating to an “overweight” rating and set a $225.00 price objective on the stock in a research note on Friday, January 17th. Stifel Nicolaus cut their price objective on Applied Materials from $250.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. The Goldman Sachs Group decreased their target price on shares of Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Finally, Susquehanna upped their price target on shares of Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $214.67.

Applied Materials Trading Down 1.8 %

AMAT stock opened at $145.06 on Friday. The firm has a fifty day moving average price of $167.33 and a 200 day moving average price of $176.91. Applied Materials, Inc. has a fifty-two week low of $144.12 and a fifty-two week high of $255.89. The firm has a market cap of $117.85 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, February 13th. The manufacturing equipment provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. Sell-side analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, May 22nd. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a yield of 1.27%. Applied Materials’s dividend payout ratio is 24.05%.

Applied Materials announced that its Board of Directors has authorized a stock buyback plan on Monday, March 10th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CAO Adam Sanders sold 271 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the sale, the chief accounting officer now directly owns 6,479 shares in the company, valued at $1,119,052.88. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

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.