Applied Materials, Inc. (NASDAQ:AMAT) Shares Purchased by Sky Investment Group LLC

Sky Investment Group LLC increased its position in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 49.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,205 shares of the manufacturing equipment provider’s stock after purchasing an additional 1,390 shares during the quarter. Sky Investment Group LLC’s holdings in Applied Materials were worth $610,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jacobi Capital Management LLC lifted its holdings in shares of Applied Materials by 51.2% during the fourth quarter. Jacobi Capital Management LLC now owns 18,785 shares of the manufacturing equipment provider’s stock worth $3,055,000 after purchasing an additional 6,364 shares during the period. Skye Global Management LP acquired a new stake in shares of Applied Materials during the fourth quarter worth about $45,862,000. Cable Hill Partners LLC lifted its holdings in shares of Applied Materials by 10.2% during the fourth quarter. Cable Hill Partners LLC now owns 3,485 shares of the manufacturing equipment provider’s stock worth $567,000 after purchasing an additional 322 shares during the period. Leonard Rickey Investment Advisors P.L.L.C. acquired a new position in Applied Materials in the first quarter valued at approximately $230,000. Finally, Value Partners Investments Inc. lifted its holdings in Applied Materials by 8.7% in the fourth quarter. Value Partners Investments Inc. now owns 9,896 shares of the manufacturing equipment provider’s stock valued at $1,608,000 after acquiring an additional 793 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

Applied Materials Stock Up 1.3%

Shares of AMAT opened at $175.00 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67. Applied Materials, Inc. has a one year low of $123.74 and a one year high of $255.89. The stock has a market capitalization of $140.44 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 1.81 and a beta of 1.67. The stock has a 50 day moving average price of $155.19 and a 200 day moving average price of $163.22.

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

Applied Materials announced that its Board of Directors has initiated a share buyback plan on Monday, March 10th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Applied Materials Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 21st will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.05%. The ex-dividend date is Thursday, August 21st. Applied Materials’s payout ratio is currently 22.38%.

Insider Buying and Selling at Applied Materials

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

Analyst Ratings Changes

A number of research analysts have issued reports on AMAT shares. Cantor Fitzgerald decreased their price target on Applied Materials from $220.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, May 12th. Raymond James reissued an “outperform” rating and issued a $200.00 price target (down from $225.00) on shares of Applied Materials in a report on Friday, May 16th. Barclays decreased their price target on Applied Materials from $190.00 to $160.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reissued a “buy” rating and issued a $195.00 price target on shares of Applied Materials in a report on Friday, May 16th. Finally, Edward Jones raised Applied Materials from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $199.29.

Applied Materials Company 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.