Wedge Capital Management L L P NC Buys 33,243 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Wedge Capital Management L L P NC boosted its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 7.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 488,379 shares of the manufacturing equipment provider’s stock after purchasing an additional 33,243 shares during the period. Applied Materials makes up 0.8% of Wedge Capital Management L L P NC’s portfolio, making the stock its 26th largest position. Wedge Capital Management L L P NC’s holdings in Applied Materials were worth $62,869,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Elmwood Wealth Management Inc. purchased a new position in shares of Applied Materials in the second quarter worth about $28,000. Gleason Group Inc. grew its stake in Applied Materials by 124.5% during the second quarter. Gleason Group Inc. now owns 229 shares of the manufacturing equipment provider’s stock valued at $33,000 after acquiring an additional 127 shares in the last quarter. FinTrust Capital Advisors LLC grew its stake in Applied Materials by 70.9% during the second quarter. FinTrust Capital Advisors LLC now owns 229 shares of the manufacturing equipment provider’s stock valued at $33,000 after acquiring an additional 95 shares in the last quarter. Cypress Point Wealth Management LLC purchased a new position in Applied Materials during the second quarter valued at approximately $36,000. Finally, Rosenberg Matthew Hamilton grew its stake in Applied Materials by 42.4% during the third quarter. Rosenberg Matthew Hamilton now owns 282 shares of the manufacturing equipment provider’s stock valued at $36,000 after acquiring an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 76.72% of the company’s stock.

Shares of NASDAQ:AMAT traded up $0.33 during midday trading on Thursday, reaching $149.01. The company’s stock had a trading volume of 6,185,926 shares, compared to its average volume of 8,250,205. The firm has a 50 day moving average of $139.68 and a 200-day moving average of $136.50. The firm has a market capitalization of $134.55 billion, a P/E ratio of 23.25, a PEG ratio of 0.97 and a beta of 1.41. The company has a quick ratio of 1.86, a current ratio of 2.54 and a debt-to-equity ratio of 0.45. Applied Materials, Inc. has a 12-month low of $80.71 and a 12-month high of $159.00.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, November 18th. The manufacturing equipment provider reported $1.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.95 by ($0.01). The business had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.34 billion. Applied Materials had a return on equity of 52.64% and a net margin of 25.53%. The firm’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. On average, research analysts predict that Applied Materials, Inc. will post 7.95 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 16th. Stockholders of record on Friday, November 26th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Wednesday, November 24th. Applied Materials’s dividend payout ratio is presently 14.98%.

Several equities analysts recently commented on AMAT shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Applied Materials from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, November 19th. Stifel Nicolaus boosted their price objective on shares of Applied Materials from $180.00 to $189.00 and gave the company a “buy” rating in a research note on Friday, November 19th. Susquehanna cut shares of Applied Materials from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $170.00 to $160.00 in a research note on Tuesday, September 14th. Cowen lifted their target price on shares of Applied Materials from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Friday, November 19th. Finally, Wells Fargo & Company lifted their target price on shares of Applied Materials from $175.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, November 19th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $159.14.

In related news, SVP Ginetto Addiego sold 40,000 shares of the stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $134.83, for a total transaction of $5,393,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $134.59, for a total transaction of $672,950.00. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.

About Applied Materials

Applied Materials, Inc engages in the provision of materials engineering solutions used to produce new chip and advanced display. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment includes semiconductor capital equipment for deposition, etch, ion implantation, rapid thermal processing, chemical mechanical planarization, metrology and inspection, and wafer level packaging.

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Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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