Gabelli Funds LLC Grows Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Gabelli Funds LLC increased its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 5,283.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,671 shares of the manufacturing equipment provider’s stock after purchasing an additional 105,671 shares during the period. Gabelli Funds LLC’s holdings in Applied Materials were worth $22,205,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AMAT. Gamco Investors INC. ET AL purchased a new stake in Applied Materials during the first quarter valued at approximately $5,495,000. Canada Pension Plan Investment Board increased its holdings in Applied Materials by 17.3% during the first quarter. Canada Pension Plan Investment Board now owns 547,753 shares of the manufacturing equipment provider’s stock valued at $112,963,000 after buying an additional 80,740 shares during the last quarter. Biltmore Family Office LLC purchased a new stake in shares of Applied Materials in the first quarter worth $214,000. JT Stratford LLC increased its stake in shares of Applied Materials by 0.4% in the first quarter. JT Stratford LLC now owns 10,890 shares of the manufacturing equipment provider’s stock worth $2,246,000 after purchasing an additional 48 shares in the last quarter. Finally, Capital Group Private Client Services Inc. increased its stake in shares of Applied Materials by 499.1% in the first quarter. Capital Group Private Client Services Inc. now owns 92,857 shares of the manufacturing equipment provider’s stock worth $19,150,000 after purchasing an additional 77,357 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Trading Up 2.1 %

Shares of Applied Materials stock traded up $4.15 during trading on Friday, hitting $206.47. The stock had a trading volume of 5,208,974 shares, compared to its average volume of 5,394,189. The firm’s fifty day simple moving average is $229.49 and its 200-day simple moving average is $205.75. The stock has a market cap of $170.95 billion, a PE ratio of 23.73, a PEG ratio of 2.53 and a beta of 1.56. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.80 and a quick ratio of 1.97. Applied Materials, Inc. has a 12 month low of $129.21 and a 12 month high of $255.89.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, May 16th. The manufacturing equipment provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.12. The firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $6.54 billion. Applied Materials had a net margin of 27.57% and a return on equity of 41.22%. The business’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the business earned $2.00 EPS. As a group, sell-side analysts expect that Applied Materials, Inc. will post 8.31 EPS for the current fiscal year.

Applied Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 22nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.60 annualized dividend and a dividend yield of 0.77%. Applied Materials’s dividend payout ratio (DPR) is presently 18.39%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AMAT shares. Barclays raised shares of Applied Materials from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $165.00 to $225.00 in a research note on Wednesday, June 5th. Wells Fargo & Company upped their target price on shares of Applied Materials from $255.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Susquehanna upped their target price on shares of Applied Materials from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Bank of America upped their target price on shares of Applied Materials from $222.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Evercore ISI assumed coverage on shares of Applied Materials in a research report on Tuesday, April 16th. They set an “outperform” rating and a $260.00 target price for the company. Six analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $224.84.

Insider Buying and Selling

In related news, Director Thomas J. Iannotti sold 9,827 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $236.65, for a total value of $2,325,559.55. Following the transaction, the director now owns 49,185 shares of the company’s stock, valued at approximately $11,639,630.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Teri A. Little sold 7,500 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $213.02, for a total value of $1,597,650.00. Following the transaction, the senior vice president now owns 78,712 shares of the company’s stock, valued at approximately $16,767,230.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas J. Iannotti sold 9,827 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $236.65, for a total transaction of $2,325,559.55. Following the completion of the transaction, the director now directly owns 49,185 shares in the company, valued at approximately $11,639,630.25. The disclosure for this sale can be found here. Insiders have sold 89,827 shares of company stock valued at $21,382,560 in the last 90 days. Company insiders own 0.29% of the company’s stock.

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.