Wells Fargo & Company Initiates Coverage on Applied Materials (AMAT)

Investment analysts at Wells Fargo & Company began coverage on shares of Applied Materials (NASDAQ:AMAT) in a research note issued on Tuesday. The brokerage set an “outperform” rating and a $65.00 price target on the manufacturing equipment provider’s stock. Wells Fargo & Company’s price target indicates a potential upside of 27.43% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Applied Materials in a research note on Friday, October 27th. Bank of America boosted their target price on shares of Applied Materials from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Credit Suisse Group boosted their target price on shares of Applied Materials from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, November 17th. B. Riley reissued a “buy” rating and set a $63.00 target price on shares of Applied Materials in a research report on Monday, November 13th. Finally, J P Morgan Chase & Co boosted their target price on shares of Applied Materials to $70.00 and gave the stock an “overweight” rating in a research report on Friday, November 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $61.15.

Shares of Applied Materials (NASDAQ:AMAT) opened at $51.01 on Tuesday. The company has a quick ratio of 2.43, a current ratio of 3.14 and a debt-to-equity ratio of 0.57. Applied Materials has a 52 week low of $31.29 and a 52 week high of $60.89. The stock has a market cap of $53,409.67, a price-to-earnings ratio of 15.41, a P/E/G ratio of 0.95 and a beta of 1.80.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, November 16th. The manufacturing equipment provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. Applied Materials had a net margin of 23.62% and a return on equity of 41.51%. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the business earned $0.66 EPS. Applied Materials’s quarterly revenue was up 20.4% compared to the same quarter last year. research analysts forecast that Applied Materials will post 3.96 earnings per share for the current year.

In other news, Director Stephen R. Forrest sold 5,000 shares of the business’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $58.00, for a total transaction of $290,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Thomas F. Larkins sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $51.24, for a total transaction of $1,537,200.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Shelton Capital Management increased its stake in Applied Materials by 2.5% in the third quarter. Shelton Capital Management now owns 123,001 shares of the manufacturing equipment provider’s stock valued at $6,407,000 after acquiring an additional 3,000 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in Applied Materials in the third quarter valued at about $190,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Applied Materials in the third quarter valued at about $2,204,000. Americafirst Capital Management LLC bought a new stake in Applied Materials in the third quarter valued at about $403,000. Finally, Cypress Capital Group bought a new stake in Applied Materials in the third quarter valued at about $365,000. Institutional investors own 78.58% of the company’s stock.

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