Applied Materials, Inc. (NASDAQ:AMAT)‘s stock had its “buy” rating restated by equities research analysts at Citigroup Inc. in a note issued to investors on Thursday. They presently have a $58.00 price objective on the manufacturing equipment provider’s stock. Citigroup Inc.’s target price would suggest a potential upside of 7.53% from the stock’s current price.

Several other research firms also recently weighed in on AMAT. Evercore ISI reaffirmed an “outperform” rating and issued a $65.00 price target (up from $56.00) on shares of Applied Materials in a research note on Saturday, September 30th. Instinet reaffirmed a “buy” rating and issued a $55.00 price target (up from $50.00) on shares of Applied Materials in a research note on Saturday, September 30th. B. Riley reaffirmed a “buy” rating and issued a $63.00 price target on shares of Applied Materials in a research note on Saturday, September 30th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Applied Materials in a research note on Sunday, October 1st. Finally, KeyCorp reaffirmed a “buy” rating and issued a $59.00 price target on shares of Applied Materials in a research note on Friday, September 29th. Three equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Applied Materials has a consensus rating of “Buy” and a consensus price target of $56.64.

Shares of Applied Materials (AMAT) traded up 1.18% during trading on Thursday, reaching $53.94. 10,208,344 shares of the company were exchanged. Applied Materials has a 52-week low of $27.74 and a 52-week high of $54.13. The firm has a market cap of $57.53 billion, a price-to-earnings ratio of 19.18 and a beta of 1.86. The stock’s 50-day moving average is $48.13 and its 200-day moving average is $44.33.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.02. Applied Materials had a net margin of 22.08% and a return on equity of 40.74%. The firm had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The business’s revenue was up 32.7% compared to the same quarter last year. Equities research analysts predict that Applied Materials will post $3.21 earnings per share for the current fiscal year.

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In other Applied Materials news, VP Thomas F. Larkins sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $51.24, for a total value of $1,537,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Alexander Karsner sold 22,762 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $44.03, for a total transaction of $1,002,210.86. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Bank of Australia boosted its stake in Applied Materials by 2.7% in the second quarter. Commonwealth Bank of Australia now owns 87,942 shares of the manufacturing equipment provider’s stock valued at $3,632,000 after acquiring an additional 2,279 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Applied Materials in the second quarter valued at about $2,082,000. Bridgewater Associates LP purchased a new position in Applied Materials in the second quarter valued at about $8,834,000. MARSHALL WACE ASIA Ltd purchased a new position in Applied Materials in the first quarter valued at about $113,715,000. Finally, BlackRock Inc. boosted its stake in Applied Materials by 2,063.7% in the first quarter. BlackRock Inc. now owns 67,009,706 shares of the manufacturing equipment provider’s stock valued at $2,606,676,000 after acquiring an additional 63,912,660 shares during the last quarter. Hedge funds and other institutional investors own 79.48% of the company’s stock.

About Applied Materials

Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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