Pettee Investors Inc. decreased its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 4.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 28,015 shares of the manufacturing equipment provider’s stock after selling 1,175 shares during the period. Pettee Investors Inc.’s holdings in Applied Materials were worth $1,111,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in AMAT. Bank of New York Mellon Corp raised its position in shares of Applied Materials by 13.6% during the fourth quarter. Bank of New York Mellon Corp now owns 23,108,959 shares of the manufacturing equipment provider’s stock worth $756,588,000 after purchasing an additional 2,772,739 shares during the period. FMR LLC raised its position in Applied Materials by 52.1% in the 4th quarter. FMR LLC now owns 22,370,392 shares of the manufacturing equipment provider’s stock valued at $732,406,000 after buying an additional 7,664,767 shares during the last quarter. Geode Capital Management LLC raised its position in Applied Materials by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 14,055,719 shares of the manufacturing equipment provider’s stock valued at $459,453,000 after buying an additional 794,347 shares during the last quarter. Norges Bank acquired a new stake in Applied Materials in the 4th quarter valued at approximately $407,503,000. Finally, Northern Trust Corp raised its position in Applied Materials by 3.5% in the 4th quarter. Northern Trust Corp now owns 12,008,825 shares of the manufacturing equipment provider’s stock valued at $393,169,000 after buying an additional 405,659 shares during the last quarter. 78.86% of the stock is currently owned by hedge funds and other institutional investors.
AMAT stock opened at $44.66 on Friday. The company has a quick ratio of 1.74, a current ratio of 2.72 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $42.40 billion, a price-to-earnings ratio of 10.04, a P/E/G ratio of 1.87 and a beta of 1.64. Applied Materials, Inc. has a twelve month low of $28.79 and a twelve month high of $56.94.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 23rd will be paid a dividend of $0.21 per share. This is an increase from Applied Materials’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Wednesday, May 22nd. Applied Materials’s payout ratio is currently 17.98%.
In other news, insider Omkaram Nalamasu sold 143,255 shares of Applied Materials stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $40.73, for a total transaction of $5,834,776.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Steve G. Ghanayem sold 25,000 shares of Applied Materials stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $42.70, for a total value of $1,067,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 170,255 shares of company stock valued at $6,987,176 over the last quarter. 0.44% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently issued reports on AMAT shares. Royal Bank of Canada raised Applied Materials from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $38.00 to $45.00 in a research report on Tuesday, January 29th. ValuEngine raised Applied Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. DZ Bank lowered Applied Materials from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Stifel Nicolaus set a $63.00 target price on Applied Materials and gave the company a “buy” rating in a research report on Tuesday, January 8th. Finally, Zacks Investment Research lowered Applied Materials from a “hold” rating to a “sell” rating in a research report on Monday, February 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company. Applied Materials has a consensus rating of “Buy” and an average price target of $49.90.
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About Applied Materials
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.
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