MainStreet Investment Advisors LLC Lowers Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

MainStreet Investment Advisors LLC trimmed its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 9.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,223 shares of the manufacturing equipment provider’s stock after selling 2,502 shares during the period. MainStreet Investment Advisors LLC’s holdings in Applied Materials were worth $5,716,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AMAT. Precision Wealth Strategies LLC grew its stake in shares of Applied Materials by 8.5% during the 4th quarter. Precision Wealth Strategies LLC now owns 3,097 shares of the manufacturing equipment provider’s stock worth $502,000 after purchasing an additional 242 shares during the period. Gilbert & Cook Inc. grew its position in Applied Materials by 11.1% during the fourth quarter. Gilbert & Cook Inc. now owns 4,182 shares of the manufacturing equipment provider’s stock worth $678,000 after buying an additional 418 shares during the period. Gryphon Financial Partners LLC increased its holdings in Applied Materials by 5.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,609 shares of the manufacturing equipment provider’s stock valued at $249,000 after buying an additional 84 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its position in shares of Applied Materials by 0.5% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 38,846 shares of the manufacturing equipment provider’s stock valued at $6,296,000 after acquiring an additional 181 shares during the period. Finally, First City Capital Management Inc. purchased a new stake in shares of Applied Materials during the 4th quarter worth approximately $208,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Applied Materials Stock Performance

Shares of AMAT stock opened at $174.75 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.09 and a current ratio of 2.86. The firm has a market capitalization of $144.69 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 2.35 and a beta of 1.55. Applied Materials, Inc. has a one year low of $129.21 and a one year high of $255.89. The company has a 50 day moving average price of $209.96 and a 200 day moving average price of $211.27.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, August 15th. The manufacturing equipment provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.10. Applied Materials had a return on equity of 39.99% and a net margin of 27.74%. The business had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.68 billion. During the same period in the prior year, the firm posted $1.90 EPS. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts anticipate that Applied Materials, Inc. will post 8.47 EPS for the current year.

Applied Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 22nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Thursday, August 22nd. Applied Materials’s dividend payout ratio (DPR) is presently 18.39%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AMAT shares. UBS Group reduced their price objective on Applied Materials from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Monday, August 5th. Mizuho lifted their price target on Applied Materials from $225.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Stifel Nicolaus lowered their price objective on shares of Applied Materials from $275.00 to $270.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Wells Fargo & Company raised their target price on shares of Applied Materials from $255.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Applied Materials from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $233.14.

Insider Activity at Applied Materials

In related news, Director Thomas J. Iannotti sold 9,827 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $236.65, for a total transaction of $2,325,559.55. Following the completion of the sale, the director now directly owns 49,185 shares of the company’s stock, valued at approximately $11,639,630.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Prabu G. Raja sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $249.17, for a total transaction of $12,458,500.00. Following the transaction, the insider now directly owns 458,417 shares of the company’s stock, valued at $114,223,763.89. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas J. Iannotti sold 9,827 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $236.65, for a total transaction of $2,325,559.55. Following the sale, the director now directly owns 49,185 shares of the company’s stock, valued at $11,639,630.25. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

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.