Applied Materials (NASDAQ:AMAT) Shares Down 0.7%

Applied Materials, Inc. (NASDAQ:AMAT) dropped 0.7% on Wednesday . The company traded as low as $217.13 and last traded at $217.78. Approximately 717,110 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 5,767,757 shares. The stock had previously closed at $219.40.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Susquehanna raised their price target on shares of Applied Materials from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Bank of America upped their price objective on Applied Materials from $222.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Cantor Fitzgerald restated an “overweight” rating and set a $260.00 price target on shares of Applied Materials in a research report on Friday, May 17th. Evercore ISI started coverage on Applied Materials in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $260.00 target price for the company. Finally, Mizuho upped their price target on shares of Applied Materials from $225.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, May 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $215.64.

Applied Materials Stock Performance

The stock’s fifty day moving average is $205.30 and its 200-day moving average is $180.58. The company has a quick ratio of 1.97, a current ratio of 2.80 and a debt-to-equity ratio of 0.30. The stock has a market cap of $180.52 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 2.88 and a beta of 1.58.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, May 16th. The manufacturing equipment provider reported $2.09 EPS for the quarter, topping the consensus estimate of $1.97 by $0.12. Applied Materials had a return on equity of 41.22% and a net margin of 27.57%. The business had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter last year, the business posted $2.00 EPS. The firm’s revenue was up .2% compared to the same quarter last year. On average, analysts forecast that Applied Materials, Inc. will post 8.3 EPS for the current year.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 23rd will be paid a $0.40 dividend. The ex-dividend date is Wednesday, May 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 0.74%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.32. Applied Materials’s payout ratio is presently 14.71%.

Hedge Funds Weigh In On Applied Materials

A number of large investors have recently added to or reduced their stakes in AMAT. Norges Bank acquired a new stake in shares of Applied Materials in the 4th quarter valued at $1,514,814,000. Swedbank AB bought a new stake in shares of Applied Materials in the 1st quarter valued at about $773,611,000. Wellington Management Group LLP increased its stake in shares of Applied Materials by 3,940.1% in the fourth quarter. Wellington Management Group LLP now owns 2,175,766 shares of the manufacturing equipment provider’s stock valued at $352,626,000 after buying an additional 2,121,912 shares during the period. Janus Henderson Group PLC raised its position in shares of Applied Materials by 126.4% during the first quarter. Janus Henderson Group PLC now owns 2,254,952 shares of the manufacturing equipment provider’s stock worth $464,974,000 after acquiring an additional 1,259,111 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Applied Materials by 123.5% in the first quarter. Assenagon Asset Management S.A. now owns 1,976,914 shares of the manufacturing equipment provider’s stock valued at $407,699,000 after acquiring an additional 1,092,429 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

Applied Materials Company Profile

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits.