Spire Wealth Management Has $5.73 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

Spire Wealth Management grew its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 59.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,494 shares of the manufacturing equipment provider’s stock after buying an additional 14,740 shares during the period. Spire Wealth Management’s holdings in Applied Materials were worth $5,731,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in AMAT. Runnymede Capital Advisors Inc. raised its holdings in Applied Materials by 972.2% during the 1st quarter. Runnymede Capital Advisors Inc. now owns 193 shares of the manufacturing equipment provider’s stock worth $28,000 after purchasing an additional 175 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in shares of Applied Materials during the fourth quarter worth $44,000. Atala Financial Inc bought a new position in Applied Materials during the fourth quarter worth $45,000. Minot DeBlois Advisors LLC acquired a new position in Applied Materials in the fourth quarter valued at $46,000. Finally, Noble Wealth Management PBC bought a new stake in Applied Materials during the fourth quarter valued at $48,000. 80.56% of the stock is currently owned by institutional investors.

Insider Transactions at Applied Materials

In other Applied Materials news, CEO Gary E. Dickerson purchased 50,000 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired at an average cost of $137.30 per share, for a total transaction 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. The trade was a 3.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Adam Sanders sold 450 shares of the business’s stock in a transaction on 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 directly owns 6,077 shares in the company, valued at approximately $880,131.91. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

Applied Materials Trading Up 4.8%

Shares of Applied Materials stock opened at $180.18 on Wednesday. The company has a market capitalization of $144.59 billion, a P/E ratio of 21.92, a price-to-earnings-growth ratio of 1.91 and a beta of 1.67. The stock has a fifty day simple moving average of $160.35 and a 200 day simple moving average of $163.00. Applied Materials, Inc. has a 12-month low of $123.74 and a 12-month high of $255.89. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29.

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 analysts’ consensus estimates of $2.31 by $0.08. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $7.12 billion. Applied Materials had a net margin of 24.06% and a return on equity of 40.15%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.09 EPS. On average, sell-side analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

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

Applied Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $1.84 annualized dividend and a dividend yield of 1.02%. Applied Materials’s dividend payout ratio is currently 22.38%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley raised Applied Materials from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $162.00 to $158.00 in a research note on Friday, June 6th. Needham & Company LLC reiterated a “buy” rating and issued a $195.00 target price on shares of Applied Materials in a report on Friday, May 16th. Wells Fargo & Company restated a “mixed” rating on shares of Applied Materials in a report on Friday, May 16th. Stifel Nicolaus lowered their price objective on shares of Applied Materials from $235.00 to $195.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, Citigroup increased their target price on shares of Applied Materials from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Applied Materials presently has a consensus rating of “Moderate Buy” and an average price target of $200.24.

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.