Cresset Asset Management LLC Has $16.15 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

Cresset Asset Management LLC cut its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 0.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,278 shares of the manufacturing equipment provider’s stock after selling 607 shares during the quarter. Cresset Asset Management LLC’s holdings in Applied Materials were worth $16,149,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Runnymede Capital Advisors Inc. lifted its stake in shares of Applied Materials by 972.2% in the 1st quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider’s stock valued at $28,000 after purchasing an additional 175 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in shares of Applied Materials in the 1st quarter valued at about $29,000. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Applied Materials by 435.0% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 214 shares of the manufacturing equipment provider’s stock valued at $31,000 after purchasing an additional 174 shares during the period. Mascagni Wealth Management Inc. acquired a new position in shares of Applied Materials in the 4th quarter valued at about $44,000. Finally, Costello Asset Management INC acquired a new position in shares of Applied Materials in the 1st quarter valued at about $44,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Adam Sanders sold 562 shares of the company’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $178.60, for a total value of $100,373.20. Following the transaction, the chief accounting officer owned 5,300 shares in the company, valued at approximately $946,580. This represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.24% of the company’s stock.

Applied Materials Stock Performance

AMAT stock opened at $161.76 on Friday. The firm has a market cap of $129.81 billion, a PE ratio of 19.28, a P/E/G ratio of 1.80 and a beta of 1.70. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $184.18 and a 200-day moving average of $166.65. Applied Materials, Inc. has a 12-month low of $123.74 and a 12-month high of $215.70.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, August 14th. The manufacturing equipment provider reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.12. The company had revenue of $7.30 billion during the quarter, compared to analyst estimates of $7.21 billion. Applied Materials had a return on equity of 41.31% and a net margin of 23.88%. Applied Materials’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.12 earnings per share. As a group, sell-side analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be paid a $0.46 dividend. The ex-dividend date is Thursday, August 21st. This represents a $1.84 annualized dividend and a yield of 1.1%. Applied Materials’s dividend payout ratio is presently 21.93%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AMAT shares. UBS Group dropped their price objective on Applied Materials from $185.00 to $180.00 and set a “neutral” rating on the stock in a research note on Friday. The Goldman Sachs Group began coverage on Applied Materials in a research report on Thursday, July 10th. They issued a “buy” rating and a $225.00 target price for the company. Barclays boosted their target price on Applied Materials from $160.00 to $170.00 and gave the company an “equal weight” rating in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft decreased their target price on Applied Materials from $200.00 to $170.00 and set a “hold” rating for the company in a research report on Friday. Finally, Mizuho decreased their target price on Applied Materials from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Applied Materials currently has an average rating of “Moderate Buy” and a consensus target price of $194.84.

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.