Applied Materials (NASDAQ:AMAT) Stock Price Down 2.9%

Applied Materials, Inc. (NASDAQ:AMAT)’s stock price dropped 2.9% during trading on Friday . The company traded as low as $174.55 and last traded at $175.06. Approximately 1,782,119 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 6,025,573 shares. The stock had previously closed at $180.24.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMAT. Wells Fargo & Company raised their price objective on shares of Applied Materials from $255.00 to $280.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $250.00 price objective on shares of Applied Materials in a report on Friday, August 16th. Raymond James raised their price objective on Applied Materials from $225.00 to $235.00 and gave the company an “outperform” rating in a report on Friday, May 17th. Jefferies Financial Group lowered Applied Materials from a “buy” rating to a “hold” rating and cut their target price for the stock from $215.00 to $210.00 in a research note on Monday, May 13th. Finally, TD Cowen lifted their price target on shares of Applied Materials from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $233.14.

Applied Materials Trading Down 3.0 %

The company has a quick ratio of 2.09, a current ratio of 2.86 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average is $209.96 and its two-hundred day moving average is $211.27. The firm has a market cap of $144.69 billion, a P/E ratio of 20.09, a PEG ratio of 2.35 and a beta of 1.56.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, August 15th. The manufacturing equipment provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.10. Applied Materials had a net margin of 27.74% and a return on equity of 39.99%. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.68 billion. During the same quarter in the previous year, the firm posted $1.90 EPS. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Analysts predict that Applied Materials, Inc. will post 8.47 earnings per share for the current fiscal year.

Applied Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 22nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Thursday, August 22nd. Applied Materials’s dividend payout ratio is presently 18.39%.

Insider Activity at Applied Materials

In other Applied Materials news, insider Prabu G. Raja sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $249.17, for a total transaction of $12,458,500.00. Following the completion of the transaction, the insider now owns 458,417 shares of the company’s stock, valued at $114,223,763.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Thomas J. Iannotti sold 9,827 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $236.65, for a total transaction of $2,325,559.55. Following the sale, the director now directly owns 49,185 shares of the company’s stock, valued at approximately $11,639,630.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Prabu G. Raja sold 50,000 shares of Applied Materials stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $249.17, for a total transaction of $12,458,500.00. Following the completion of the transaction, the insider now directly owns 458,417 shares of the company’s stock, valued at $114,223,763.89. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Materials

Several institutional investors and hedge funds have recently made changes to their positions in AMAT. Precision Wealth Strategies LLC lifted its holdings in shares of Applied Materials by 8.5% during the fourth quarter. Precision Wealth Strategies LLC now owns 3,097 shares of the manufacturing equipment provider’s stock valued at $502,000 after purchasing an additional 242 shares in the last quarter. Gilbert & Cook Inc. grew its stake in shares of Applied Materials by 11.1% in the fourth quarter. Gilbert & Cook Inc. now owns 4,182 shares of the manufacturing equipment provider’s stock worth $678,000 after acquiring an additional 418 shares during the period. Gryphon Financial Partners LLC raised its holdings in shares of Applied Materials by 5.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,609 shares of the manufacturing equipment provider’s stock valued at $249,000 after purchasing an additional 84 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its position in Applied Materials by 0.5% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 38,846 shares of the manufacturing equipment provider’s stock valued at $6,296,000 after purchasing an additional 181 shares during the period. Finally, First City Capital Management Inc. purchased a new stake in Applied Materials in the fourth quarter worth approximately $208,000. Institutional investors own 80.56% of the company’s stock.

About Applied Materials

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.