Oppenheimer Asset Management Inc. decreased its stake in shares of Applied Materials (NASDAQ:AMAT) by 7.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,152 shares of the manufacturing equipment provider’s stock after selling 5,403 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Applied Materials were worth $3,790,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Financial Gravity Companies Inc. acquired a new position in shares of Applied Materials during the 4th quarter worth about $110,000. Shine Investment Advisory Services Inc. boosted its position in shares of Applied Materials by 368.3% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,056 shares of the manufacturing equipment provider’s stock worth $114,000 after acquiring an additional 1,617 shares in the last quarter. Risk Paradigm Group LLC acquired a new position in shares of Applied Materials during the 4th quarter worth about $110,000. SevenBridge Financial Group LLC boosted its position in shares of Applied Materials by 957.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 2,380 shares of the manufacturing equipment provider’s stock worth $122,000 after acquiring an additional 2,155 shares in the last quarter. Finally, Cerebellum GP LLC acquired a new position in shares of Applied Materials during the 4th quarter worth about $122,000. Institutional investors own 75.50% of the company’s stock.
In other Applied Materials news, Director Thomas J. Iannotti sold 15,000 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $61.47, for a total transaction of $922,050.00. Following the completion of the sale, the director now directly owns 76,967 shares of the company’s stock, valued at approximately $4,731,161.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.35% of the stock is currently owned by company insiders.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 17th. The manufacturing equipment provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.08. Applied Materials had a return on equity of 51.65% and a net margin of 19.24%. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.45 billion. During the same period last year, the firm earned $0.79 EPS. research analysts forecast that Applied Materials will post 4.56 earnings per share for the current fiscal year.
Applied Materials announced that its board has authorized a share repurchase program on Wednesday, February 14th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several research analysts have recently issued reports on AMAT shares. Zacks Investment Research raised Applied Materials from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, February 19th. Vetr cut Applied Materials from a “strong-buy” rating to a “buy” rating and set a $63.08 price objective for the company. in a research report on Tuesday, April 17th. Bank of America started coverage on Applied Materials in a research report on Wednesday, March 21st. They set a “buy” rating and a $80.00 price objective for the company. Needham & Company LLC lowered their price objective on Applied Materials from $72.00 to $68.00 and set a “strong-buy” rating for the company in a research report on Monday, May 21st. Finally, ValuEngine raised Applied Materials from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $64.56.
Applied Materials 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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