Vivaldi Capital Management LP Acquires New Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Vivaldi Capital Management LP acquired a new stake in Applied Materials, Inc. (NASDAQ:AMAT) in the fourth quarter, HoldingsChannel reports. The firm acquired 107,640 shares of the manufacturing equipment provider’s stock, valued at approximately $18,779,000. Applied Materials makes up about 2.9% of Vivaldi Capital Management LP’s holdings, making the stock its 4th largest holding.

A number of other large investors have also added to or reduced their stakes in the business. Field & Main Bank raised its holdings in Applied Materials by 1.8% in the 4th quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock valued at $516,000 after buying an additional 55 shares during the last quarter. Grove Bank & Trust increased its position in Applied Materials by 0.8% during the 4th quarter. Grove Bank & Trust now owns 7,388 shares of the manufacturing equipment provider’s stock valued at $1,202,000 after purchasing an additional 60 shares during the period. Cyndeo Wealth Partners LLC increased its position in Applied Materials by 0.4% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after purchasing an additional 60 shares during the period. Mezzasalma Advisors LLC increased its position in Applied Materials by 3.0% during the 4th quarter. Mezzasalma Advisors LLC now owns 2,060 shares of the manufacturing equipment provider’s stock valued at $335,000 after purchasing an additional 60 shares during the period. Finally, Belpointe Asset Management LLC increased its position in Applied Materials by 1.7% during the 4th quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider’s stock valued at $607,000 after purchasing an additional 62 shares during the period. Institutional investors own 80.56% of the company’s stock.

Insider Activity

In related news, CEO Gary E. Dickerson bought 50,000 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average cost of $137.30 per share, for a total transaction of $6,865,000.00. Following the completion of the transaction, the chief executive officer now owns 1,716,058 shares of the company’s stock, valued at approximately $235,614,763.40. The trade was a 3.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Adam Sanders sold 450 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $144.83, for a total transaction of $65,173.50. Following the completion of the transaction, the chief accounting officer now owns 6,077 shares of the company’s stock, valued at $880,131.91. This trade represents a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on AMAT shares. Citigroup increased their target price on shares of Applied Materials from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $195.00 price target on shares of Applied Materials in a research report on Friday. TD Cowen dropped their price objective on Applied Materials from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday. Wells Fargo & Company restated a “mixed” rating on shares of Applied Materials in a research note on Friday. Finally, Cantor Fitzgerald dropped their price objective on Applied Materials from $220.00 to $200.00 and set an “overweight” rating on the stock in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Applied Materials presently has a consensus rating of “Moderate Buy” and an average target price of $199.48.

Applied Materials Stock Down 5.3%

AMAT opened at $165.57 on Monday. The company has a fifty day moving average price of $149.19 and a 200-day moving average price of $165.24. The firm has a market capitalization of $134.52 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 1.81 and a beta of 1.71. 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, Inc. has a one year low of $123.74 and a one year high of $255.89.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, May 15th. The manufacturing equipment provider reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The firm had revenue of $7.10 billion during the quarter, compared to analyst estimates of $7.12 billion. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.09 EPS. Equities research analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials declared that its Board of Directors has initiated a stock repurchase program on Monday, March 10th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to purchase up to 8.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Applied Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Thursday, May 22nd. Applied Materials’s payout ratio is 22.38%.

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.