Applied Materials (NASDAQ:AMAT) has been assigned a consensus recommendation of “Buy” from the twenty-seven research firms that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $65.31.
Several equities research analysts recently weighed in on the company. UBS began coverage on Applied Materials in a research report on Wednesday, April 4th. They set a “neutral” rating and a $58.00 price target on the stock. Vetr cut Applied Materials from a “strong-buy” rating to a “buy” rating and set a $57.92 price objective for the company. in a research note on Thursday, February 1st. Zacks Investment Research cut Applied Materials from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Craig Hallum decreased their price target on Applied Materials from $76.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, May 18th. They noted that the move was a valuation call. Finally, Deutsche Bank set a $65.00 price target on Applied Materials and gave the stock a “buy” rating in a research note on Friday, May 18th.
Shares of Applied Materials traded up $0.18, hitting $50.43, during mid-day trading on Friday, according to Marketbeat Ratings. 550,800 shares of the stock traded hands, compared to its average volume of 14,663,110. The company has a quick ratio of 1.83, a current ratio of 2.60 and a debt-to-equity ratio of 0.75. Applied Materials has a 52 week low of $40.79 and a 52 week high of $62.40. The firm has a market capitalization of $52.53 billion, a PE ratio of 15.43, a P/E/G ratio of 0.84 and a beta of 1.65.
Applied Materials announced that its board has approved a share repurchase program on Wednesday, February 14th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, Director Thomas J. Iannotti sold 15,000 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $61.47, for a total value of $922,050.00. Following the sale, the director now directly owns 76,967 shares in the company, valued at $4,731,161.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC grew its stake in Applied Materials by 30,757.9% in the fourth quarter. Acadian Asset Management LLC now owns 11,726 shares of the manufacturing equipment provider’s stock worth $599,000 after purchasing an additional 11,688 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Applied Materials by 604.2% in the fourth quarter. State of Alaska Department of Revenue now owns 118,510 shares of the manufacturing equipment provider’s stock worth $6,056,000 after purchasing an additional 101,680 shares in the last quarter. Ingalls & Snyder LLC bought a new position in Applied Materials in the fourth quarter worth approximately $2,625,000. Bredin Investment LLC bought a new position in Applied Materials in the fourth quarter worth approximately $381,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in Applied Materials in the fourth quarter worth approximately $365,000. Institutional investors and hedge funds own 75.50% of the company’s stock.
Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.
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