Applied Materials, Inc. (AMAT) Price Target Raised to $76.00

Applied Materials, Inc. (NASDAQ:AMAT) had its price objective boosted by equities research analysts at Bank of America Corporation from $65.00 to $76.00 in a research note issued to investors on Wednesday. The firm currently has a “buy” rating on the manufacturing equipment provider’s stock. Bank of America Corporation’s price objective would suggest a potential upside of 36.32% from the stock’s current price.

AMAT has been the topic of a number of other research reports. Zacks Investment Research cut shares of Applied Materials from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Morgan Stanley restated an “overweight” rating and set a $52.00 target price on shares of Applied Materials in a report on Monday, August 14th. B. Riley restated a “buy” rating and set a $61.00 target price on shares of Applied Materials in a report on Saturday, August 19th. BidaskClub cut shares of Applied Materials from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Cowen and Company restated a “buy” rating and set a $50.00 target price on shares of Applied Materials in a report on Friday, July 28th. Three investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Applied Materials has a consensus rating of “Buy” and a consensus target price of $57.14.

Shares of Applied Materials (AMAT) opened at $55.75 on Wednesday. The firm has a market cap of $59,800.00, a price-to-earnings ratio of 19.14, a P/E/G ratio of 0.91 and a beta of 1.85. Applied Materials has a fifty-two week low of $29.10 and a fifty-two week high of $57.34. The company has a quick ratio of 2.25, a current ratio of 2.91 and a debt-to-equity ratio of 0.61.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.02. Applied Materials had a net margin of 22.08% and a return on equity of 40.74%. The firm had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.69 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The company’s quarterly revenue was up 32.7% on a year-over-year basis. equities analysts expect that Applied Materials will post 3.22 EPS for the current year.

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In other Applied Materials news, VP Thomas F. Larkins sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $51.24, for a total transaction of $1,537,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander Karsner sold 22,762 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $44.03, for a total value of $1,002,210.86. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Several large investors have recently made changes to their positions in AMAT. Janus Henderson Group PLC grew its stake in shares of Applied Materials by 390.4% during the 2nd quarter. Janus Henderson Group PLC now owns 11,446,282 shares of the manufacturing equipment provider’s stock valued at $472,835,000 after acquiring an additional 9,112,328 shares during the period. Swedbank bought a new position in shares of Applied Materials during the 2nd quarter valued at approximately $135,363,000. Egerton Capital UK LLP grew its stake in shares of Applied Materials by 23.2% during the 3rd quarter. Egerton Capital UK LLP now owns 16,919,928 shares of the manufacturing equipment provider’s stock valued at $881,359,000 after acquiring an additional 3,184,994 shares during the period. Capital Research Global Investors grew its stake in shares of Applied Materials by 14.8% during the 2nd quarter. Capital Research Global Investors now owns 17,724,836 shares of the manufacturing equipment provider’s stock valued at $732,213,000 after acquiring an additional 2,284,836 shares during the period. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Applied Materials by 108.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,690,615 shares of the manufacturing equipment provider’s stock valued at $152,459,000 after acquiring an additional 1,922,233 shares during the period. Institutional investors own 79.35% of the company’s stock.

About Applied Materials

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