Applied Materials (AMAT) Cut to “Neutral” at B. Riley

B. Riley downgraded shares of Applied Materials (NASDAQ:AMAT) from a buy rating to a neutral rating in a report released on Monday, Marketbeat reports. The brokerage currently has $36.00 price target on the manufacturing equipment provider’s stock, down from their previous price target of $63.00.

A number of other analysts also recently weighed in on AMAT. Morgan Stanley downgraded shares of Applied Materials from an overweight rating to an equal weight rating and decreased their target price for the company from $58.00 to $54.00 in a research report on Thursday, August 9th. Cowen raised shares of Applied Materials from a market perform rating to an outperform rating and increased their target price for the company from $60.00 to $62.00 in a research report on Monday, August 6th. Stifel Nicolaus decreased their target price on shares of Applied Materials from $75.00 to $70.00 and set a buy rating for the company in a research report on Friday, August 17th. Wells Fargo & Co decreased their target price on shares of Applied Materials from $65.00 to $60.00 and set an outperform rating for the company in a research report on Friday, August 17th. Finally, BidaskClub raised shares of Applied Materials from a sell rating to a hold rating in a research report on Wednesday, July 18th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $59.50.

Applied Materials stock opened at $32.88 on Monday. Applied Materials has a 1 year low of $30.53 and a 1 year high of $62.40. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.52 and a quick ratio of 1.67. The company has a market capitalization of $31.81 billion, a PE ratio of 10.12, a PEG ratio of 0.81 and a beta of 1.49.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, August 16th. The manufacturing equipment provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.03. Applied Materials had a return on equity of 58.23% and a net margin of 19.87%. The company had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The firm’s revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts predict that Applied Materials will post 4.45 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Wednesday, November 21st. Applied Materials’s dividend payout ratio (DPR) is 24.62%.

Hedge funds have recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in shares of Applied Materials by 25.8% in the 2nd quarter. American Century Companies Inc. now owns 13,874,509 shares of the manufacturing equipment provider’s stock worth $640,864,000 after purchasing an additional 2,844,738 shares in the last quarter. Global Thematic Partners LLC bought a new position in shares of Applied Materials in the 3rd quarter worth $105,571,000. Lansdowne Partners UK LLP lifted its holdings in shares of Applied Materials by 84.5% in the 2nd quarter. Lansdowne Partners UK LLP now owns 5,059,866 shares of the manufacturing equipment provider’s stock worth $233,714,000 after purchasing an additional 2,316,763 shares in the last quarter. Fred Alger Management Inc. lifted its holdings in shares of Applied Materials by 34.4% in the 2nd quarter. Fred Alger Management Inc. now owns 6,835,353 shares of the manufacturing equipment provider’s stock worth $315,725,000 after purchasing an additional 1,751,306 shares in the last quarter. Finally, Swedbank lifted its holdings in shares of Applied Materials by 41.6% in the 3rd quarter. Swedbank now owns 5,130,548 shares of the manufacturing equipment provider’s stock worth $198,296,000 after purchasing an additional 1,506,568 shares in the last quarter. 77.35% of the stock is owned by institutional investors.

Applied Materials Company Profile

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.

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