Byrne Asset Management LLC Reduces Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Byrne Asset Management LLC lessened its position in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 9.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,062 shares of the manufacturing equipment provider’s stock after selling 821 shares during the period. Byrne Asset Management LLC’s holdings in Applied Materials were worth $1,170,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AMAT. Belpointe Asset Management LLC grew its stake in shares of Applied Materials by 1.7% during the fourth quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider’s stock valued at $607,000 after buying an additional 62 shares during the last quarter. Valmark Advisers Inc. grew its stake in shares of Applied Materials by 3.5% during the fourth quarter. Valmark Advisers Inc. now owns 1,862 shares of the manufacturing equipment provider’s stock valued at $303,000 after buying an additional 63 shares during the last quarter. Hills Bank & Trust Co grew its stake in shares of Applied Materials by 6.6% during the fourth quarter. Hills Bank & Trust Co now owns 1,061 shares of the manufacturing equipment provider’s stock valued at $173,000 after buying an additional 66 shares during the last quarter. Kovack Advisors Inc. grew its stake in shares of Applied Materials by 2.3% during the fourth quarter. Kovack Advisors Inc. now owns 3,062 shares of the manufacturing equipment provider’s stock valued at $498,000 after buying an additional 68 shares during the last quarter. Finally, TCTC Holdings LLC grew its stake in Applied Materials by 7.7% in the fourth quarter. TCTC Holdings LLC now owns 977 shares of the manufacturing equipment provider’s stock worth $159,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Applied Materials Price Performance

NASDAQ:AMAT opened at $170.59 on Friday. Applied Materials, Inc. has a 52 week low of $123.74 and a 52 week high of $255.89. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $136.90 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 1.81 and a beta of 1.67. The stock’s 50-day moving average price is $156.02 and its 200-day moving average price is $163.20.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 15th. The manufacturing equipment provider reported $2.39 earnings per share (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 company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $7.12 billion. During the same period in the previous year, the firm posted $2.09 EPS. Applied Materials’s revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts expect that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 21st will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.84 annualized dividend and a dividend yield of 1.08%. Applied Materials’s dividend payout ratio is presently 22.38%.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup increased their price objective on Applied Materials from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, May 16th. Barclays decreased their price objective 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. Jefferies Financial Group upgraded Applied Materials from a “hold” rating to a “buy” rating and set a $195.00 price objective for the company in a report on Friday, March 28th. Cantor Fitzgerald decreased their price objective on Applied Materials from $220.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $195.00 target price on shares of Applied Materials in a research report on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $199.29.

Insider Activity at Applied Materials

In related news, CEO Gary E. Dickerson purchased 50,000 shares of the business’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 in the company, valued at $235,614,763.40. This trade represents a 3.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Adam Sanders sold 450 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total value 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 approximately $880,131.91. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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.