Applied Materials Inc. (NASDAQ:AMAT) has been given a $37.00 price objective by Citigroup Inc. in a note issued to investors on Monday. The brokerage currently has a a “buy” rating on the manufacturing equipment provider’s stock. Citigroup Inc.’s price objective indicates a potential upside of 23.13% from the company’s previous close.

A number of other research analysts have also commented on AMAT. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $27.00 price objective (up from $24.00) on shares of Applied Materials in a research report on Sunday, May 22nd. Deutsche Bank AG restated a “buy” rating and issued a $26.00 price target on shares of Applied Materials in a research report on Sunday, May 22nd. Pacific Crest restated a “buy” rating on shares of Applied Materials in a research report on Sunday, May 22nd. Bank of America Corp. restated a “buy” rating on shares of Applied Materials in a research report on Sunday, May 22nd. Finally, Cowen and Company restated a “buy” rating on shares of Applied Materials in a research report on Sunday, May 22nd. Six research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $30.39.

Shares of Applied Materials (NASDAQ:AMAT) traded up 1.03% on Monday, reaching $30.36. The company’s stock had a trading volume of 10,112,389 shares. The company has a market cap of $32.82 billion, a P/E ratio of 23.94 and a beta of 1.79. Applied Materials has a 52-week low of $14.29 and a 52-week high of $30.78. The company has a 50 day moving average price of $28.22 and a 200 day moving average price of $23.67.

Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings data on Thursday, August 18th. The manufacturing equipment provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.02. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.84 billion. Applied Materials had a return on equity of 22.37% and a net margin of 14.62%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, analysts anticipate that Applied Materials will post $1.75 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Tuesday, November 22nd. Applied Materials’s dividend payout ratio is presently 31.25%.

In other news, Director Stephen R. Forrest sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Omkaram Nalamasu sold 26,035 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $30.15, for a total value of $784,955.25. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Several large investors have recently added to or reduced their stakes in AMAT. Legal & General Group Plc increased its stake in Applied Materials by 2.4% in the first quarter. Legal & General Group Plc now owns 5,063,202 shares of the manufacturing equipment provider’s stock worth $107,236,000 after buying an additional 119,577 shares during the last quarter. AXA increased its stake in Applied Materials by 460.6% in the first quarter. AXA now owns 39,800 shares of the manufacturing equipment provider’s stock worth $843,000 after buying an additional 32,700 shares during the last quarter. Pensionfund Sabic acquired a new stake in Applied Materials during the second quarter worth $1,966,000. Hanseatic Management Services Inc. acquired a new stake in Applied Materials during the second quarter worth $534,000. Finally, Seven Eight Capital LLC acquired a new stake in Applied Materials during the first quarter worth $1,439,000. Institutional investors own 82.64% of the company’s stock.

About Applied Materials

Applied Materials, Inc (Applied) provides manufacturing equipment, services and software to the semiconductor, display, solar photovoltaic (PV) and related industries across the world. The Company operates in four segments: Silicon Systems, Applied Global Services, Display, and Energy and Environmental Solutions.

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