Congress Wealth Management LLC DE Lowers Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Congress Wealth Management LLC DE trimmed its position in Applied Materials, Inc. (NASDAQ:AMAT) by 31.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,104 shares of the manufacturing equipment provider’s stock after selling 27,250 shares during the period. Congress Wealth Management LLC DE’s holdings in Applied Materials were worth $9,612,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Applied Materials by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 77,039,667 shares of the manufacturing equipment provider’s stock worth $12,528,961,000 after buying an additional 487,358 shares in the last quarter. State Street Corp boosted its position in shares of Applied Materials by 1.8% during the 3rd quarter. State Street Corp now owns 38,808,047 shares of the manufacturing equipment provider’s stock valued at $7,841,178,000 after acquiring an additional 672,548 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Applied Materials by 1.9% during the third quarter. Geode Capital Management LLC now owns 19,826,373 shares of the manufacturing equipment provider’s stock worth $3,994,968,000 after purchasing an additional 371,866 shares in the last quarter. FMR LLC grew its holdings in shares of Applied Materials by 5.5% during the third quarter. FMR LLC now owns 16,413,112 shares of the manufacturing equipment provider’s stock worth $3,316,269,000 after purchasing an additional 858,122 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Applied Materials by 3.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,861,933 shares of the manufacturing equipment provider’s stock worth $1,790,554,000 after purchasing an additional 318,445 shares during the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Applied Materials Price Performance

AMAT stock opened at $154.95 on Tuesday. The stock has a market capitalization of $125.89 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 1.81 and a beta of 1.62. The firm’s 50-day moving average price is $170.00 and its two-hundred day moving average price is $177.68. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a 12-month low of $145.37 and a 12-month high of $255.89.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. As a group, equities analysts predict that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials declared that its board has approved a share buyback plan on Monday, March 10th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 22nd will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 annualized dividend and a yield of 1.19%. This is a boost from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s payout ratio is 24.05%.

Insider Buying and Selling at Applied Materials

In other Applied Materials news, CAO Adam Sanders sold 271 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the sale, the chief accounting officer now directly owns 6,479 shares in the company, valued at $1,119,052.88. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

AMAT has been the subject of a number of research reports. Susquehanna boosted their price target on shares of Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Citigroup lifted their price objective on shares of Applied Materials from $194.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Needham & Company LLC reduced their target price on Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Sanford C. Bernstein dropped their price target on Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, November 29th. Finally, Mizuho cut their price objective on Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $215.38.

Applied Materials 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.