Envestnet Portfolio Solutions Inc. Cuts Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Envestnet Portfolio Solutions Inc. decreased its position in Applied Materials, Inc. (NASDAQ:AMAT) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 83,568 shares of the manufacturing equipment provider’s stock after selling 5,006 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Applied Materials were worth $13,591,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. one8zero8 LLC purchased a new stake in shares of Applied Materials during the fourth quarter valued at approximately $212,000. Choate Investment Advisors increased its position in shares of Applied Materials by 3.5% during the 4th quarter. Choate Investment Advisors now owns 27,337 shares of the manufacturing equipment provider’s stock valued at $4,446,000 after purchasing an additional 930 shares during the last quarter. Diversified Enterprises LLC raised its stake in shares of Applied Materials by 3.6% during the 4th quarter. Diversified Enterprises LLC now owns 2,132 shares of the manufacturing equipment provider’s stock worth $347,000 after purchasing an additional 74 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Applied Materials by 2.7% in the 4th quarter. Natixis Advisors LLC now owns 706,729 shares of the manufacturing equipment provider’s stock worth $114,935,000 after buying an additional 18,760 shares during the last quarter. Finally, M & L Capital Management Ltd bought a new position in Applied Materials during the fourth quarter valued at about $1,106,000. Institutional investors own 80.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Needham & Company LLC dropped their target price on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Susquehanna raised their target price on Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein dropped their price target on Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, November 29th. Stifel Nicolaus decreased their price objective on Applied Materials from $250.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Finally, The Goldman Sachs Group dropped their price objective on shares of Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Applied Materials currently has an average rating of “Moderate Buy” and an average price target of $215.38.

Applied Materials Stock Performance

Shares of AMAT opened at $155.66 on Monday. Applied Materials, Inc. has a 12-month low of $145.37 and a 12-month high of $255.89. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. The company has a market cap of $126.46 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62. The stock has a 50-day moving average price of $172.54 and a 200-day moving average price of $179.15.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. As a group, equities analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 1.18%. Applied Materials’s dividend payout ratio (DPR) is presently 24.05%.

Applied Materials declared that its board has approved a stock repurchase program on Monday, March 10th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the manufacturing equipment provider to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, CAO Adam Sanders sold 271 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $172.72, for a total transaction of $46,807.12. Following the transaction, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at approximately $1,119,052.88. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.24% of the company’s stock.

Applied Materials 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.