Itau Unibanco Holding S.A. Takes $12.30 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

Itau Unibanco Holding S.A. acquired a new position in Applied Materials, Inc. (NASDAQ:AMAT) during the 4th quarter, HoldingsChannel reports. The fund acquired 75,645 shares of the manufacturing equipment provider’s stock, valued at approximately $12,302,000.

Several other institutional investors also recently bought and sold shares of AMAT. Norges Bank acquired a new stake in Applied Materials in the 4th quarter worth about $1,588,422,000. Northern Trust Corp lifted its stake in Applied Materials by 18.6% in the 4th quarter. Northern Trust Corp now owns 10,230,464 shares of the manufacturing equipment provider’s stock worth $1,663,780,000 after purchasing an additional 1,602,645 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its holdings in shares of Applied Materials by 301.6% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,959,997 shares of the manufacturing equipment provider’s stock worth $318,754,000 after purchasing an additional 1,471,953 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Applied Materials in the fourth quarter valued at approximately $182,962,000. Finally, Bessemer Group Inc. increased its holdings in shares of Applied Materials by 1,069.9% in the fourth quarter. Bessemer Group Inc. now owns 1,079,977 shares of the manufacturing equipment provider’s stock valued at $175,637,000 after purchasing an additional 987,660 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Applied Materials Stock Performance

Shares of Applied Materials stock opened at $150.71 on Thursday. The business has a 50-day moving average of $148.12 and a 200 day moving average of $167.70. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $255.89. The stock has a market capitalization of $122.44 billion, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 1.81 and a beta of 1.61. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 1.96.

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

Applied Materials announced that its Board of Directors has authorized 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 reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Applied Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Thursday, May 22nd. This is a boost from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio (DPR) is presently 24.05%.

Insider Activity

In other news, CAO Adam Sanders sold 450 shares of Applied Materials stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $144.83, for a total value of $65,173.50. Following the completion of the transaction, the chief accounting officer now owns 6,077 shares in the company, valued at approximately $880,131.91. This trade represents a 6.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gary E. Dickerson acquired 50,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of $137.30 per share, with a total value of $6,865,000.00. Following the purchase, the chief executive officer now directly owns 1,716,058 shares in the company, valued at approximately $235,614,763.40. This trade represents a 3.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMAT. Edward Jones raised Applied Materials from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Needham & Company LLC cut their target price on Applied Materials from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Friday, February 14th. Barclays cut their target price on Applied Materials from $190.00 to $160.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company cut their target price on Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Mizuho cut their target price on Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Applied Materials has a consensus rating of “Moderate Buy” and a consensus price target of $208.86.

About Applied Materials

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.