KeyCorp Reiterates Outperform Rating for Applied Materials, Inc. (AMAT)
Applied Materials, Inc. (NASDAQ:AMAT)‘s stock had its “outperform” rating reaffirmed by investment analysts at KeyCorp in a report released on Saturday. They currently have a $57.00 price objective on the manufacturing equipment provider’s stock. KeyCorp’s price objective would indicate a potential upside of 20.92% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. UBS AG restated a “buy” rating and issued a $52.00 target price on shares of Applied Materials in a report on Tuesday, June 13th. B. Riley restated a “buy” rating and issued a $56.00 target price on shares of Applied Materials in a report on Saturday, May 20th. Vetr upgraded Applied Materials from a “buy” rating to a “strong-buy” rating and set a $48.16 target price on the stock in a report on Thursday, August 10th. Zacks Investment Research cut Applied Materials from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Finally, Credit Suisse Group lifted their target price on Applied Materials from $5.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, August 18th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.55.
Shares of Applied Materials (NASDAQ AMAT) opened at 47.14 on Friday. The stock has a market capitalization of $50.27 billion, a P/E ratio of 16.76 and a beta of 1.81. The stock has a 50 day moving average price of $44.31 and a 200 day moving average price of $42.57. Applied Materials has a 12 month low of $27.56 and a 12 month high of $47.86.
Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.02. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Applied Materials had a return on equity of 40.74% and a net margin of 22.08%. The company’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 EPS. On average, analysts anticipate that Applied Materials will post $3.20 EPS for the current fiscal year.
In other Applied Materials news, Director Alexander Karsner sold 22,762 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $44.03, for a total value of $1,002,210.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Applied Materials by 2.3% in the second quarter. Vanguard Group Inc. now owns 75,084,373 shares of the manufacturing equipment provider’s stock worth $3,101,736,000 after buying an additional 1,721,964 shares during the last quarter. BlackRock Inc. lifted its position in shares of Applied Materials by 2,063.7% in the first quarter. BlackRock Inc. now owns 67,009,706 shares of the manufacturing equipment provider’s stock worth $2,606,676,000 after buying an additional 63,912,660 shares during the last quarter. State Street Corp lifted its position in shares of Applied Materials by 2.1% in the second quarter. State Street Corp now owns 48,897,158 shares of the manufacturing equipment provider’s stock worth $2,019,939,000 after buying an additional 985,296 shares during the last quarter. FMR LLC lifted its position in shares of Applied Materials by 16.8% in the first quarter. FMR LLC now owns 32,013,147 shares of the manufacturing equipment provider’s stock worth $1,245,311,000 after buying an additional 4,604,275 shares during the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Applied Materials by 14.8% in the second quarter. Capital Research Global Investors now owns 17,724,836 shares of the manufacturing equipment provider’s stock worth $732,213,000 after buying an additional 2,284,836 shares during the last quarter. 79.67% of the stock is owned by institutional investors.
About Applied Materials
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