Horizon Investment Services LLC Sells 24,105 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Horizon Investment Services LLC cut its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 67.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,844 shares of the manufacturing equipment provider’s stock after selling 24,105 shares during the quarter. Horizon Investment Services LLC’s holdings in Applied Materials were worth $1,719,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Runnymede Capital Advisors Inc. boosted its position in shares of 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 acquiring an additional 175 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Applied Materials during the first quarter valued at $29,000. Mascagni Wealth Management Inc. bought a new position in shares of Applied Materials during the fourth quarter valued at $44,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Applied Materials during the fourth quarter worth $46,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Applied Materials during the fourth quarter worth $55,000. 80.56% of the stock is owned by institutional investors.

Applied Materials Price Performance

Shares of NASDAQ:AMAT opened at $190.44 on Monday. The company’s fifty day moving average is $175.89 and its 200 day moving average is $166.02. Applied Materials, Inc. has a 52 week low of $123.74 and a 52 week high of $224.09. The stock has a market cap of $152.83 billion, a PE ratio of 23.17, a PEG ratio of 2.12 and a beta of 1.69. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT) last issued its earnings results 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. 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 was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.09 earnings per share. Research analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Announces Dividend

The firm 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. This represents a $1.84 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend is Thursday, August 21st. Applied Materials’s dividend payout ratio (DPR) is 22.38%.

Insider Buying and Selling

In related news, CAO Adam Sanders sold 562 shares of Applied Materials stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total value of $100,373.20. Following the completion of the sale, the chief accounting officer directly owned 5,300 shares in the company, valued at $946,580. This trade represents a 9.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AMAT shares. Rothschild & Co Redburn lowered shares of Applied Materials from a “buy” rating to a “neutral” rating and set a $200.00 price objective on the stock. in a research note on Monday, July 7th. Cantor Fitzgerald set a $220.00 price target on shares of Applied Materials and gave the company an “overweight” rating in a research report on Tuesday, June 24th. Bank of America cut their price objective on shares of Applied Materials from $205.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. B. Riley decreased their price objective on shares of Applied Materials from $250.00 to $215.00 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, Morgan Stanley raised their price target on shares of Applied Materials from $158.00 to $169.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Nine research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $204.74.

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.