Applied Materials, Inc. (AMAT) Receives Buy Rating from Instinet
Instinet reaffirmed their buy rating on shares of Applied Materials, Inc. (NASDAQ:AMAT) in a research note released on Saturday. Instinet currently has a $55.00 price objective on the manufacturing equipment provider’s stock, up from their prior price objective of $50.00.
Several other brokerages also recently commented on AMAT. Craig Hallum increased their target price on Applied Materials to $60.00 and gave the company a buy rating in a research note on Friday, August 18th. Credit Suisse Group reiterated a buy rating and set a $62.00 target price on shares of Applied Materials in a research note on Tuesday, September 26th. Royal Bank Of Canada reiterated a sector perform rating and set a $48.00 target price (up from $46.00) on shares of Applied Materials in a research note on Sunday, August 20th. DA Davidson reiterated a buy rating and set a $55.00 target price on shares of Applied Materials in a research note on Monday, July 10th. Finally, UBS AG restated a buy rating and issued a $52.00 price target on shares of Applied Materials in a research note on Tuesday, June 13th. Three investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $55.31.
Shares of Applied Materials (AMAT) traded up 2.90% during mid-day trading on Friday, reaching $52.09. The company had a trading volume of 21,008,733 shares. Applied Materials has a one year low of $27.56 and a one year high of $52.28. The company has a 50 day moving average price of $44.50 and a 200 day moving average price of $42.82. The company has a market capitalization of $55.55 billion, a price-to-earnings ratio of 18.52 and a beta of 1.81.
Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.84 by $0.02. Applied Materials had a return on equity of 40.74% and a net margin of 22.08%. The business had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same period last year, the business posted $0.50 EPS. The company’s revenue was up 32.7% compared to the same quarter last year. On average, analysts anticipate that Applied Materials will post $3.20 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.77%. Applied Materials’s dividend payout ratio is presently 14.18%.
In other Applied Materials news, Director Alexander Karsner sold 22,762 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $44.03, for a total transaction of $1,002,210.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.31% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Commonwealth Bank of Australia grew its position in shares of Applied Materials by 2.7% during the second quarter. Commonwealth Bank of Australia now owns 87,942 shares of the manufacturing equipment provider’s stock valued at $3,632,000 after purchasing an additional 2,279 shares in the last quarter. Oxford Asset Management purchased a new position in shares of Applied Materials during the first quarter valued at about $4,956,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Applied Materials during the second quarter valued at about $2,082,000. Bridgewater Associates LP purchased a new position in shares of Applied Materials during the second quarter valued at about $8,834,000. Finally, Outfitter Advisors LTD. grew its position in shares of Applied Materials by 1.5% during the first quarter. Outfitter Advisors LTD. now owns 40,400 shares of the manufacturing equipment provider’s stock valued at $1,572,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 79.47% of the company’s stock.
Applied Materials Company Profile
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