Covenant Asset Management LLC increased its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 3.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,945 shares of the manufacturing equipment provider’s stock after buying an additional 830 shares during the period. Covenant Asset Management LLC’s holdings in Applied Materials were worth $948,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AMAT. MCF Advisors LLC boosted its stake in Applied Materials by 0.3% in the first quarter. MCF Advisors LLC now owns 3,663 shares of the manufacturing equipment provider’s stock worth $142,000 after buying an additional 10 shares during the period. Guardian Life Insurance Co. of America boosted its stake in Applied Materials by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 4,170 shares of the manufacturing equipment provider’s stock worth $162,000 after buying an additional 29 shares during the period. Regentatlantic Capital LLC boosted its stake in Applied Materials by 0.3% in the first quarter. Regentatlantic Capital LLC now owns 18,738 shares of the manufacturing equipment provider’s stock worth $729,000 after buying an additional 58 shares during the period. RMB Capital Management LLC boosted its stake in Applied Materials by 1.0% in the first quarter. RMB Capital Management LLC now owns 6,280 shares of the manufacturing equipment provider’s stock worth $244,000 after buying an additional 60 shares during the period. Finally, Hanson McClain Inc. boosted its stake in Applied Materials by 4.3% in the first quarter. Hanson McClain Inc. now owns 3,360 shares of the manufacturing equipment provider’s stock worth $131,000 after buying an additional 139 shares during the period. Institutional investors and hedge funds own 80.18% of the company’s stock.

Applied Materials, Inc. (AMAT) opened at 46.04 on Friday. The company has a market cap of $49.48 billion, a price-to-earnings ratio of 19.04 and a beta of 1.81. The company’s 50-day moving average is $44.48 and its 200-day moving average is $40.23. Applied Materials, Inc. has a 12 month low of $25.68 and a 12 month high of $47.86. Applied Materials also was the recipient of unusually large options trading on Wednesday. Traders acquired 2,307 call options on the stock. This represents an increase of approximately 118% compared to the average volume of 1,060 call options.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 18th. The manufacturing equipment provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.03. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Applied Materials had a return on equity of 38.28% and a net margin of 20.41%. The company’s quarterly revenue was up 44.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.34 EPS. On average, equities research analysts anticipate that Applied Materials, Inc. will post $3.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Tuesday, August 22nd. Applied Materials’s payout ratio is 16.46%.

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A number of analysts have issued reports on the stock. Vetr upgraded shares of Applied Materials from a “hold” rating to a “buy” rating and set a $48.70 target price for the company in a research note on Monday. B. Riley reiterated a “buy” rating and issued a $56.00 target price on shares of Applied Materials in a research note on Sunday, July 16th. DA Davidson reiterated a “buy” rating and issued a $55.00 target price on shares of Applied Materials in a research note on Monday, July 10th. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 target price (up from $47.00) on shares of Applied Materials in a research note on Monday, July 10th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 target price on shares of Applied Materials in a research note on Thursday, July 6th. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $46.62.

Applied Materials Company Profile

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Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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