UBS initiated coverage on shares of Applied Materials (NASDAQ:AMAT) in a research note issued to investors on Wednesday, 247wallst.com reports. The brokerage issued a neutral rating and a $58.00 price target on the manufacturing equipment provider’s stock.
Other equities analysts have also issued research reports about the stock. Vetr lowered shares of Applied Materials from a strong-buy rating to a buy rating and set a $62.50 target price on the stock. in a report on Monday, January 8th. BidaskClub raised shares of Applied Materials from a hold rating to a buy rating in a report on Wednesday, December 20th. B. Riley reaffirmed a buy rating and set a $71.00 target price on shares of Applied Materials in a report on Tuesday, January 16th. ValuEngine raised shares of Applied Materials from a hold rating to a buy rating in a report on Friday, February 2nd. Finally, Stifel Nicolaus increased their target price on shares of Applied Materials from $66.00 to $71.00 and gave the company a buy rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $64.66.
AMAT stock opened at $52.34 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.25 and a current ratio of 2.96. Applied Materials has a 52 week low of $37.41 and a 52 week high of $62.40. The firm has a market cap of $54,992.96, a P/E ratio of 16.10, a price-to-earnings-growth ratio of 0.90 and a beta of 1.63.
Applied Materials announced that its board has approved a stock buyback program on Wednesday, February 14th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 14th. Stockholders of record on Thursday, May 24th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.53%. This is a boost from Applied Materials’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Wednesday, May 23rd. Applied Materials’s dividend payout ratio (DPR) is currently 12.31%.
In other news, Director Thomas J. Iannotti sold 15,000 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $61.47, for a total value of $922,050.00. Following the completion of the sale, the director now directly owns 76,967 shares of the company’s stock, valued at approximately $4,731,161.49. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.35% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Gabelli Funds LLC lifted its position in shares of Applied Materials by 1.2% in the 4th quarter. Gabelli Funds LLC now owns 87,000 shares of the manufacturing equipment provider’s stock worth $4,447,000 after purchasing an additional 1,000 shares during the period. Bbva Compass Bancshares Inc. lifted its position in shares of Applied Materials by 27.7% in the 4th quarter. Bbva Compass Bancshares Inc. now owns 4,799 shares of the manufacturing equipment provider’s stock worth $245,000 after purchasing an additional 1,041 shares during the period. Telemus Capital LLC lifted its position in shares of Applied Materials by 9.4% in the 4th quarter. Telemus Capital LLC now owns 13,300 shares of the manufacturing equipment provider’s stock worth $680,000 after purchasing an additional 1,138 shares during the period. Signaturefd LLC lifted its position in shares of Applied Materials by 23.3% in the 4th quarter. Signaturefd LLC now owns 6,083 shares of the manufacturing equipment provider’s stock worth $311,000 after purchasing an additional 1,148 shares during the period. Finally, Synovus Financial Corp lifted its position in Applied Materials by 2.1% during the 3rd quarter. Synovus Financial Corp now owns 55,958 shares of the manufacturing equipment provider’s stock valued at $2,920,000 after acquiring an additional 1,149 shares during the period. 79.29% of the stock is owned by hedge funds and other institutional investors.
About Applied Materials
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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