Applied Materials (NASDAQ:AMAT) had its price target reduced by research analysts at Needham & Company LLC from $72.00 to $68.00 in a report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a “strong-buy” rating on the manufacturing equipment provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 35.32% from the company’s previous close.
Other equities analysts have also issued reports about the stock. KeyCorp raised their price target on shares of Applied Materials from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Thursday, February 15th. Cowen began coverage on shares of Applied Materials in a research report on Monday, May 14th. They set a “market perform” rating and a $60.00 price target for the company. ValuEngine raised shares of Applied Materials from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. BidaskClub lowered shares of Applied Materials from a “buy” rating to a “hold” rating in a research report on Tuesday, January 30th. Finally, Deutsche Bank raised their price target on shares of Applied Materials from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $64.56.
Applied Materials opened at $50.25 on Monday, according to Marketbeat Ratings. Applied Materials has a 12-month low of $40.79 and a 12-month high of $62.40. The company has a quick ratio of 1.83, a current ratio of 2.60 and a debt-to-equity ratio of 0.75. The company has a market cap of $52.02 billion, a price-to-earnings ratio of 15.46, a price-to-earnings-growth ratio of 0.83 and a beta of 1.65.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, May 17th. The manufacturing equipment provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.08. Applied Materials had a net margin of 19.24% and a return on equity of 51.65%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.45 billion. During the same period last year, the firm posted $0.79 EPS. analysts expect that Applied Materials will post 4.53 EPS for the current year.
Applied Materials announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 14th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, Director Thomas J. Iannotti sold 15,000 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $61.47, for a total value of $922,050.00. Following the completion of the sale, the director now owns 76,967 shares of the company’s stock, valued at approximately $4,731,161.49. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.35% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Elite Wealth Management Inc. purchased a new stake in Applied Materials in the 4th quarter worth $635,000. Global Trust Asset Management LLC acquired a new stake in Applied Materials during the 4th quarter worth $450,000. MML Investors Services LLC boosted its stake in Applied Materials by 52.3% during the 4th quarter. MML Investors Services LLC now owns 32,299 shares of the manufacturing equipment provider’s stock worth $1,651,000 after purchasing an additional 11,085 shares during the last quarter. First Dallas Securities Inc. acquired a new stake in Applied Materials during the 4th quarter worth $856,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Applied Materials by 10.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 11,121,032 shares of the manufacturing equipment provider’s stock worth $568,507,000 after purchasing an additional 1,033,700 shares during the last quarter. 75.50% of the stock is owned by institutional investors.
About Applied Materials
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.
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