Sit Investment Associates Inc. reduced its position in shares of Applied Materials Inc. (NASDAQ:AMAT) by 56.8% during the second quarter, Holdings Channel reports. The fund owned 1,361,080 shares of the manufacturing equipment provider’s stock after selling 1,789,705 shares during the period. Applied Materials comprises 0.9% of Sit Investment Associates Inc.’s portfolio, making the stock its 24th largest position. Sit Investment Associates Inc.’s holdings in Applied Materials were worth $32,625,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Legal & General Group Plc raised its stake in Applied Materials by 2.4% in the first quarter. Legal & General Group Plc now owns 5,063,202 shares of the manufacturing equipment provider’s stock worth $107,236,000 after buying an additional 119,577 shares during the period. AXA raised its stake in Applied Materials by 460.6% in the first quarter. AXA now owns 39,800 shares of the manufacturing equipment provider’s stock worth $843,000 after buying an additional 32,700 shares during the period. Pensionfund Sabic purchased a new stake in Applied Materials during the second quarter worth $1,966,000. Diversified Trust Co purchased a new stake in Applied Materials during the second quarter worth $954,000. Finally, Acadian Asset Management LLC raised its stake in Applied Materials by 117.3% in the second quarter. Acadian Asset Management LLC now owns 34,382 shares of the manufacturing equipment provider’s stock worth $824,000 after buying an additional 18,559 shares during the period. 82.20% of the stock is owned by hedge funds and other institutional investors.
Applied Materials Inc. (NASDAQ:AMAT) traded up 1.131% during midday trading on Wednesday, hitting $29.945. 5,861,466 shares of the stock traded hands. Applied Materials Inc. has a one year low of $15.07 and a one year high of $31.07. The stock has a market cap of $32.37 billion, a price-to-earnings ratio of 23.616 and a beta of 1.84. The company has a 50-day moving average price of $29.62 and a 200 day moving average price of $24.80.
Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, August 18th. The manufacturing equipment provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. Applied Materials had a net margin of 14.62% and a return on equity of 22.37%. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the business posted $0.33 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Equities research analysts anticipate that Applied Materials Inc. will post $1.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, November 25th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.40 annualized dividend and a dividend yield of 1.35%. Applied Materials’s dividend payout ratio is currently 31.25%.
A number of analysts recently weighed in on AMAT shares. Nomura reissued a “buy” rating and issued a $31.00 price objective on shares of Applied Materials in a research report on Thursday, September 22nd. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and issued a $33.00 price objective on shares of Applied Materials in a research report on Friday, September 23rd. Royal Bank Of Canada increased their price objective on shares of Applied Materials from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, August 19th. Cowen and Company increased their price objective on shares of Applied Materials from $26.00 to $32.50 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Finally, RBC Capital Markets reissued a “sector perform” rating on shares of Applied Materials in a research report on Friday, September 23rd. Six analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Applied Materials currently has a consensus rating of “Buy” and an average price target of $30.72.
In related news, VP Omkaram Nalamasu sold 26,035 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $30.15, for a total transaction of $784,955.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen R. Forrest sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
Applied Materials Company Profile
Applied Materials, Inc (Applied) provides manufacturing equipment, services and software to the semiconductor, display, solar photovoltaic (PV) and related industries across the world. The Company operates in four segments: Silicon Systems, Applied Global Services, Display, and Energy and Environmental Solutions.
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