Van ECK Associates Corp Cuts Stake in Applied Materials, Inc. (AMAT)
Van ECK Associates Corp reduced its position in Applied Materials, Inc. (NASDAQ:AMAT) by 40.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 555,985 shares of the manufacturing equipment provider’s stock after selling 373,478 shares during the quarter. Van ECK Associates Corp owned 0.05% of Applied Materials worth $22,968,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. boosted its holdings in shares of Applied Materials by 145.4% in the 2nd quarter. Bessemer Group Inc. now owns 3,067 shares of the manufacturing equipment provider’s stock worth $126,000 after purchasing an additional 1,817 shares in the last quarter. Clean Yield Group purchased a new position in shares of Applied Materials in the 1st quarter worth about $124,000. Hanson McClain Inc. boosted its holdings in shares of Applied Materials by 4.3% in the 1st quarter. Hanson McClain Inc. now owns 3,360 shares of the manufacturing equipment provider’s stock worth $131,000 after purchasing an additional 139 shares in the last quarter. First Interstate Bank boosted its holdings in shares of Applied Materials by 7.0% in the 1st quarter. First Interstate Bank now owns 3,528 shares of the manufacturing equipment provider’s stock worth $137,000 after purchasing an additional 232 shares in the last quarter. Finally, D. Scott Neal Inc. purchased a new position in shares of Applied Materials in the 2nd quarter worth about $146,000. Hedge funds and other institutional investors own 79.47% of the company’s stock.
Applied Materials, Inc. (NASDAQ:AMAT) opened at 47.25 on Thursday. The company has a market cap of $50.39 billion, a price-to-earnings ratio of 16.80 and a beta of 1.81. Applied Materials, Inc. has a 12 month low of $27.56 and a 12 month high of $48.53. The stock has a 50 day moving average price of $44.50 and a 200 day moving average price of $42.82. Applied Materials also was the recipient of some unusual options trading on Wednesday. Investors purchased 2,307 call options on the company. This represents an increase of approximately 118% compared to the average daily volume of 1,060 call options.
Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The firm had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.69 billion. Applied Materials had a return on equity of 40.74% and a net margin of 22.08%. Applied Materials’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. Analysts anticipate that Applied Materials, Inc. will post $3.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Friday, November 24th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.85%. Applied Materials’s payout ratio is 14.18%.
In other Applied Materials news, Director Alexander Karsner sold 22,762 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $44.03, for a total transaction of $1,002,210.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by insiders.
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A number of equities analysts have recently issued reports on the company. B. Riley reiterated a “buy” rating and issued a $61.00 price objective on shares of Applied Materials in a report on Wednesday. KeyCorp reiterated an “outperform” rating and issued a $57.00 price objective on shares of Applied Materials in a report on Saturday, September 16th. Royal Bank Of Canada upgraded Applied Materials from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $48.00 to $55.00 in a report on Sunday. Morgan Stanley reiterated an “overweight” rating on shares of Applied Materials in a report on Thursday, September 14th. Finally, Vetr cut Applied Materials from a “buy” rating to a “hold” rating and set a $47.76 price objective for the company. in a report on Friday, September 15th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $51.86.
About Applied Materials
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