Traders Buy Shares of Applied Materials Inc. (AMAT) on Weakness
Investors bought shares of Applied Materials Inc. (NASDAQ:AMAT) on weakness during trading on Tuesday. $69.58 million flowed into the stock on the tick-up and $43.35 million flowed out of the stock on the tick-down, for a money net flow of $26.23 million into the stock. Of all stocks tracked, Applied Materials had the 19th highest net in-flow for the day. Applied Materials traded down ($0.06) for the day and closed at $29.99
A number of equities research analysts have recently weighed in on AMAT shares. Credit Suisse Group AG boosted their price objective on shares of Applied Materials from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, August 9th. Citigroup Inc. boosted their price objective on shares of Applied Materials from $31.00 to $32.00 and gave the company a “buy” rating in a report on Friday, August 19th. Morgan Stanley restated a “buy” rating and set a $25.00 target price on shares of Applied Materials in a research report on Tuesday, August 16th. Stifel Nicolaus boosted their target price on shares of Applied Materials from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, August 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $34.00 target price (up from $29.00) on shares of Applied Materials in a research report on Sunday, August 21st. Six research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $30.11.
The company has a 50-day moving average of $27.29 and a 200 day moving average of $22.92. The company has a market cap of $32.48 billion and a PE ratio of 23.65.
Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, August 18th. The manufacturing equipment provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.84 billion. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. Equities research analysts anticipate that Applied Materials Inc. will post $1.75 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Tuesday, August 23rd.
In other Applied Materials news, VP Omkaram Nalamasu sold 26,035 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $30.15, for a total value of $784,955.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Ali Salehpour sold 35,504 shares of the company’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $23.95, for a total transaction of $850,320.80. Following the completion of the sale, the vice president now directly owns 531,195 shares in the company, valued at approximately $12,722,120.25. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Applied Materials stock. BlackRock Advisors LLC raised its stake in shares of Applied Materials Inc. (NASDAQ:AMAT) by 27.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,129,528 shares of the manufacturing equipment provider’s stock after buying an additional 240,845 shares during the period. BlackRock Advisors LLC owned approximately 0.10% of Applied Materials worth $21,088,000 as of its most recent SEC filing.
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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