Tandem Capital Management Corp ADV lessened its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 37.6% in the first quarter, Holdings Channel.com reports. The fund owned 21,083 shares of the manufacturing equipment provider’s stock after selling 12,722 shares during the quarter. Applied Materials comprises about 1.9% of Tandem Capital Management Corp ADV’s holdings, making the stock its 19th biggest position. Tandem Capital Management Corp ADV’s holdings in Applied Materials were worth $2,817,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in AMAT. Dynamic Advisor Solutions LLC purchased a new stake in shares of Applied Materials in the fourth quarter valued at $283,000. CIBC Asset Management Inc raised its holdings in shares of Applied Materials by 8.4% during the fourth quarter. CIBC Asset Management Inc now owns 158,361 shares of the manufacturing equipment provider’s stock worth $13,667,000 after acquiring an additional 12,256 shares in the last quarter. Baker Tilly Financial LLC purchased a new stake in shares of Applied Materials during the fourth quarter worth $520,000. Altium Wealth Management LLC raised its holdings in shares of Applied Materials by 5.6% during the fourth quarter. Altium Wealth Management LLC now owns 8,056 shares of the manufacturing equipment provider’s stock worth $695,000 after acquiring an additional 429 shares in the last quarter. Finally, Steel Peak Wealth Management LLC raised its holdings in shares of Applied Materials by 5.3% during the fourth quarter. Steel Peak Wealth Management LLC now owns 13,095 shares of the manufacturing equipment provider’s stock worth $1,130,000 after acquiring an additional 662 shares in the last quarter. Institutional investors own 78.39% of the company’s stock.
In other Applied Materials news, SVP Prabu G. Raja sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $140.95, for a total transaction of $7,047,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas J. Iannotti sold 15,000 shares of Applied Materials stock in a transaction that occurred on Wednesday, March 31st. The shares were sold at an average price of $131.95, for a total transaction of $1,979,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 321,443 shares of company stock valued at $44,694,744. Corporate insiders own 0.37% of the company’s stock.
Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings results on Wednesday, May 19th. The manufacturing equipment provider reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.12. The firm had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Applied Materials had a net margin of 22.35% and a return on equity of 45.08%. The company’s revenue for the quarter was up 41.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. Equities research analysts expect that Applied Materials, Inc. will post 6.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Thursday, May 27th will be paid a dividend of $0.24 per share. This is a boost from Applied Materials’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, May 26th. This represents a $0.96 dividend on an annualized basis and a yield of 0.71%. Applied Materials’s dividend payout ratio (DPR) is currently 23.02%.
Several analysts recently issued reports on the company. Sanford C. Bernstein assumed coverage on Applied Materials in a report on Tuesday, March 30th. They set an “outperform” rating and a $160.00 price objective for the company. Barclays increased their price objective on Applied Materials from $125.00 to $150.00 in a report on Wednesday, April 7th. Zacks Investment Research raised shares of Applied Materials from a “hold” rating to a “buy” rating and set a $144.00 target price on the stock in a research report on Tuesday, May 25th. Stifel Nicolaus increased their target price on shares of Applied Materials from $140.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, April 5th. Finally, Morgan Stanley increased their target price on shares of Applied Materials from $137.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Monday, May 24th. Two research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $153.58.
Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.
Further Reading: Cost of Equity
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