Applied Materials Inc. (AMAT) Reaches New 1-Year High Following Analyst Upgrade
Applied Materials Inc. (NASDAQ:AMAT) reached a new 52-week high during trading on Thursday after Berenberg Bank raised their price target on the stock to $35.00. The stock traded as high as $31.07 and last traded at $30.27, with a volume of 9,949,437 shares changing hands. The stock had previously closed at $30.57.
Several other equities research analysts have also commented on AMAT. B. Riley upgraded shares of Applied Materials to a “buy” rating and set a $27.00 price target for the company in a report on Wednesday, May 25th. Citigroup Inc. upgraded shares of Applied Materials from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.49 to $25.48 in a report on Wednesday, May 25th. Vetr upgraded shares of Applied Materials from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Wednesday, May 25th. Stifel Nicolaus boosted their price objective on shares of Applied Materials from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, May 27th. Finally, Goldman Sachs Group Inc. boosted their price objective on shares of Applied Materials from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, June 2nd. Six equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $30.72.
In other Applied Materials news, VP Ali Salehpour sold 35,505 shares of the company’s stock in a transaction on Friday, June 24th. The shares were sold at an average price of $24.06, for a total transaction of $854,250.30. Following the completion of the transaction, the vice president now directly owns 495,691 shares in the company, valued at $11,926,325.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Omkaram Nalamasu sold 26,035 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $30.15, for a total transaction of $784,955.25. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
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Institutional investors have recently bought and sold shares of the company. Legal & General Group Plc boosted its position 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 in the last quarter. AXA boosted its stake in shares of 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 period. Pensionfund Sabic acquired a new stake in shares of Applied Materials during the second quarter worth approximately $1,966,000. Hanseatic Management Services Inc. acquired a new stake in shares of Applied Materials during the second quarter worth approximately $534,000. Finally, Seven Eight Capital LLC acquired a new stake in shares of Applied Materials during the first quarter worth approximately $1,439,000. Institutional investors own 82.20% of the company’s stock.
The company’s 50 day moving average price is $28.85 and its 200 day moving average price is $24.11. The firm has a market capitalization of $32.75 billion, a price-to-earnings ratio of 23.892 and a beta of 1.79.
Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, August 18th. The manufacturing equipment provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Applied Materials had a net margin of 14.62% and a return on equity of 22.37%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. On average, equities analysts anticipate that Applied Materials Inc. will post $1.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Friday, November 25th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 1.31%. Applied Materials’s dividend payout ratio (DPR) is 31.25%.
Applied Materials Company Profile
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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