Applied Materials Inc. (AMAT) Given a $37.00 Price Target by Citigroup Inc. Analysts
Applied Materials Inc. (NASDAQ:AMAT) has been given a $37.00 target price by research analysts at Citigroup Inc. in a research report issued on Monday. The firm currently has a a “buy” rating on the manufacturing equipment provider’s stock. Citigroup Inc.’s price objective would suggest a potential upside of 21.75% from the stock’s previous close.
A number of other research analysts have also recently commented on AMAT. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $27.00 target price (up previously from $24.00) on shares of Applied Materials in a report on Sunday, May 22nd. Deutsche Bank AG reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Applied Materials in a research note on Sunday, May 22nd. Pacific Crest reaffirmed a “buy” rating on shares of Applied Materials in a research note on Sunday, May 22nd. Bank of America Corp. reaffirmed a “buy” rating on shares of Applied Materials in a research note on Sunday, May 22nd. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Applied Materials in a research note on Sunday, May 22nd. Six investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.39.
Applied Materials (NASDAQ:AMAT) opened at 30.39 on Monday. The firm has a 50-day moving average of $28.72 and a 200-day moving average of $24.06. Applied Materials has a 52 week low of $14.29 and a 52 week high of $30.78. The company has a market cap of $32.85 billion, a price-to-earnings ratio of 23.97 and a beta of 1.79.
Applied Materials (NASDAQ:AMAT) last posted its earnings results 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 firm earned $2.82 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Applied Materials had a net margin of 14.62% and a return on equity of 22.37%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 earnings per share. Equities analysts forecast that Applied Materials will post $1.75 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Friday, November 25th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Tuesday, November 22nd. Applied Materials’s dividend payout ratio is currently 31.25%.
In related news, Director Stephen R. Forrest sold 5,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $30.00, for a total value of $150,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Ali Salehpour sold 35,505 shares of the stock in a transaction on Friday, June 24th. The stock was sold at an average price of $24.06, for a total value of $854,250.30. Following the completion of the transaction, the vice president now owns 495,691 shares in the company, valued at $11,926,325.46. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Morris Capital Advisors LLC purchased a new position in shares of Applied Materials during the first quarter worth about $283,000. CIBC World Markets Inc. purchased a new position in shares of Applied Materials during the first quarter worth about $3,495,000. IFP Advisors Inc boosted its position in shares of Applied Materials by 52.9% in the first quarter. IFP Advisors Inc now owns 8,741 shares of the manufacturing equipment provider’s stock worth $185,000 after buying an additional 3,026 shares in the last quarter. ICM Asset Management Inc. WA purchased a new position in shares of Applied Materials during the first quarter worth about $1,608,000. Finally, Virginia Retirement System purchased a new position in shares of Applied Materials during the first quarter worth about $412,000. Institutional investors own 82.20% of the company’s stock.
Applied Materials Company Profile
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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