Carret Asset Management LLC Cuts Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Carret Asset Management LLC lowered its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,829 shares of the manufacturing equipment provider’s stock after selling 700 shares during the quarter. Carret Asset Management LLC’s holdings in Applied Materials were worth $7,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMAT. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Applied Materials in the fourth quarter worth about $27,000. DSM Capital Partners LLC bought a new position in shares of Applied Materials in the fourth quarter worth approximately $37,000. Accent Capital Management LLC bought a new stake in shares of Applied Materials during the 4th quarter valued at $41,000. Richardson Financial Services Inc. purchased a new position in shares of Applied Materials during the 4th quarter valued at $43,000. Finally, First United Bank & Trust bought a new position in Applied Materials in the 4th quarter worth $45,000. 80.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMAT. Mizuho boosted their target price on shares of Applied Materials from $225.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, May 17th. B. Riley increased their price objective on shares of Applied Materials from $255.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Wells Fargo & Company lifted their target price on Applied Materials from $255.00 to $280.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Evercore ISI initiated coverage on Applied Materials in a research note on Tuesday, April 16th. They set an “outperform” rating and a $260.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Applied Materials in a report on Thursday, April 11th. They set a “hold” rating and a $225.00 price objective on the stock. Six analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Applied Materials has an average rating of “Moderate Buy” and a consensus target price of $221.84.

Applied Materials Stock Performance

Shares of NASDAQ AMAT traded up $2.45 during mid-day trading on Wednesday, hitting $243.31. The stock had a trading volume of 2,653,601 shares, compared to its average volume of 5,732,296. The firm has a market cap of $201.45 billion, a PE ratio of 27.80, a PEG ratio of 3.09 and a beta of 1.56. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.97 and a current ratio of 2.80. The company has a 50 day moving average of $220.13 and a two-hundred day moving average of $197.19. Applied Materials, Inc. has a twelve month low of $129.21 and a twelve month high of $249.42.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, May 16th. The manufacturing equipment provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.12. The firm had revenue of $6.65 billion for the quarter, compared to analyst estimates of $6.54 billion. Applied Materials had a return on equity of 41.22% and a net margin of 27.57%. Applied Materials’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.00 earnings per share. Research analysts predict that Applied Materials, Inc. will post 8.31 EPS for the current fiscal year.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 22nd will be issued a $0.40 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. Applied Materials’s payout ratio is 18.39%.

Insiders Place Their Bets

In other Applied Materials news, CFO Brice Hill sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $222.34, for a total transaction of $4,446,800.00. Following the transaction, the chief financial officer now owns 108,356 shares in the company, valued at $24,091,873.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Prabu G. Raja sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $249.17, for a total value of $12,458,500.00. Following the transaction, the insider now directly owns 458,417 shares of the company’s stock, valued at approximately $114,223,763.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brice Hill sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $222.34, for a total value of $4,446,800.00. Following the sale, the chief financial officer now owns 108,356 shares of the company’s stock, valued at $24,091,873.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,827 shares of company stock worth $21,382,560. Company insiders own 0.29% 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.