Intact Investment Management Inc. Invests $4.65 Million in Applied Materials, Inc. (NASDAQ:AMAT)

Intact Investment Management Inc. bought a new position in shares of Applied Materials, Inc. (NASDAQ:AMAT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 28,600 shares of the manufacturing equipment provider’s stock, valued at approximately $4,651,000.

Other institutional investors have also made changes to their positions in the company. Biltmore Family Office LLC boosted its position in shares of Applied Materials by 5.3% during the 3rd quarter. Biltmore Family Office LLC now owns 1,093 shares of the manufacturing equipment provider’s stock worth $221,000 after purchasing an additional 55 shares during the period. Field & Main Bank boosted its position in shares of Applied Materials by 1.8% during the fourth quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock worth $516,000 after buying an additional 55 shares during the period. Bank of New Hampshire grew its stake in shares of Applied Materials by 0.8% in the fourth quarter. Bank of New Hampshire now owns 6,998 shares of the manufacturing equipment provider’s stock valued at $1,138,000 after buying an additional 56 shares in the last quarter. Grove Bank & Trust lifted its stake in Applied Materials by 0.8% during the 4th quarter. Grove Bank & Trust now owns 7,388 shares of the manufacturing equipment provider’s stock worth $1,202,000 after acquiring an additional 60 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC boosted its holdings in Applied Materials by 0.4% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after acquiring an additional 60 shares during the period. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Applied Materials Price Performance

Applied Materials stock opened at $155.66 on Friday. The company has a market cap of $126.46 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62. Applied Materials, Inc. has a one year low of $145.37 and a one year high of $255.89. The business has a fifty day moving average of $172.54 and a two-hundred day moving average of $179.36. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, February 13th. The manufacturing equipment provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. As a group, analysts predict that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.18%. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, May 22nd. Applied Materials’s payout ratio is presently 24.05%.

Applied Materials announced that its Board of Directors has initiated a stock buyback plan on Monday, March 10th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the manufacturing equipment provider to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

AMAT has been the topic of several research reports. Sanford C. Bernstein reduced their price target on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, November 29th. Barclays decreased their price target on shares of Applied Materials from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, February 14th. Stifel Nicolaus cut their price objective on Applied Materials from $250.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. The Goldman Sachs Group lowered their target price on Applied Materials from $230.00 to $202.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Morgan Stanley reissued an “underweight” rating and set a $164.00 price objective (down from $179.00) on shares of Applied Materials in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.38.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 271 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $172.72, for a total value of $46,807.12. Following the sale, the chief accounting officer now owns 6,479 shares of the company’s stock, valued at approximately $1,119,052.88. This represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is owned by corporate insiders.

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.