BidaskClub Upgrades Applied Materials (AMAT) to “Buy”
BidaskClub upgraded shares of Applied Materials (NASDAQ:AMAT) from a hold rating to a buy rating in a research report report published on Thursday morning.
AMAT has been the subject of a number of other research reports. Vetr raised shares of Applied Materials from a hold rating to a buy rating and set a $60.07 target price for the company in a research note on Monday, November 20th. Zacks Investment Research lowered shares of Applied Materials from a buy rating to a hold rating in a research report on Tuesday, February 13th. B. Riley restated a buy rating and set a $63.00 price target on shares of Applied Materials in a research report on Monday, November 13th. JPMorgan Chase & Co. boosted their price target on shares of Applied Materials to $70.00 and gave the stock an overweight rating in a research report on Friday, November 17th. Finally, Deutsche Bank boosted their price target on shares of Applied Materials from $65.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, February 15th. Twenty-six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $64.10.
Shares of Applied Materials (NASDAQ:AMAT) opened at $58.03 on Thursday. The company has a market cap of $61,140.00, a PE ratio of 16.16, a PEG ratio of 1.10 and a beta of 1.58. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.25 and a current ratio of 2.96. Applied Materials has a one year low of $36.42 and a one year high of $60.89.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 14th. Shareholders of record on Thursday, May 24th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.38%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Wednesday, May 23rd. Applied Materials’s payout ratio is presently 11.14%.
Applied Materials declared that its board has authorized a stock repurchase plan on Wednesday, February 14th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Applied Materials news, VP Ali Salehpour sold 125,125 shares of the business’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $51.47, for a total value of $6,440,183.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen R. Forrest sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $53.67, for a total transaction of $214,680.00. The disclosure for this sale can be found here. Insiders sold a total of 307,716 shares of company stock worth $15,928,746 over the last quarter. 0.35% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Financial Gravity Companies Inc. acquired a new position in shares of Applied Materials in the 4th quarter worth approximately $110,000. Risk Paradigm Group LLC acquired a new position in shares of Applied Materials in the 4th quarter worth approximately $110,000. Cerebellum GP LLC acquired a new position in shares of Applied Materials in the 4th quarter worth approximately $122,000. SevenBridge Financial Group LLC lifted its holdings in shares of Applied Materials by 957.8% in the 4th quarter. SevenBridge Financial Group LLC now owns 2,380 shares of the manufacturing equipment provider’s stock worth $122,000 after acquiring an additional 2,155 shares during the last quarter. Finally, First Personal Financial Services lifted its holdings in shares of Applied Materials by 281.5% in the 3rd quarter. First Personal Financial Services now owns 2,575 shares of the manufacturing equipment provider’s stock worth $134,000 after acquiring an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 79.93% of the company’s stock.
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Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services and software to the global semiconductor, display and related industries. The Company’s segments are Semiconductor Systems, which includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation; Applied Global Services, which provides integrated solutions to optimize equipment and fab performance and productivity; Display and Adjacent Markets, which includes products for manufacturing liquid crystal displays, organic light-emitting diodes, upgrades and roll-to-roll Web coating systems and other display technologies for televisions, personal computers, smart phones and other consumer-oriented devices, and Corporate and Other segment, which includes revenues from products, as well as costs of products sold for fabricating solar photovoltaic cells and modules, and certain operating expenses.
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