Jolley Asset Management LLC Lowers Stake in Applied Materials Inc. (AMAT)
Jolley Asset Management LLC lowered its stake in Applied Materials Inc. (NASDAQ:AMAT) by 6.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,020 shares of the manufacturing equipment provider’s stock after selling 12,450 shares during the period. Applied Materials comprises 4.1% of Jolley Asset Management LLC’s investment portfolio, making the stock its largest position. Jolley Asset Management LLC’s holdings in Applied Materials were worth $5,096,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Renaissance Technologies LLC raised its stake in Applied Materials by 342.2% in the first quarter. Renaissance Technologies LLC now owns 647,548 shares of the manufacturing equipment provider’s stock valued at $13,715,000 after buying an additional 501,100 shares during the period. Panagora Asset Management Inc. raised its stake in Applied Materials by 72.9% in the first quarter. Panagora Asset Management Inc. now owns 375,492 shares of the manufacturing equipment provider’s stock valued at $7,953,000 after buying an additional 158,269 shares during the period. Babson Capital Management LLC purchased a new stake in Applied Materials during the first quarter valued at approximately $913,000. First Republic Investment Management Inc. raised its stake in Applied Materials by 107.9% in the first quarter. First Republic Investment Management Inc. now owns 39,216 shares of the manufacturing equipment provider’s stock valued at $830,000 after buying an additional 20,352 shares during the period. Finally, BlueMountain Capital Management LLC raised its stake in Applied Materials by 115.7% in the first quarter. BlueMountain Capital Management LLC now owns 16,826 shares of the manufacturing equipment provider’s stock valued at $356,000 after buying an additional 9,027 shares during the period. Institutional investors own 80.36% of the company’s stock.
Shares of Applied Materials Inc. (NASDAQ:AMAT) traded up 0.12% during trading on Wednesday, hitting $32.20. The company’s stock had a trading volume of 14,860,441 shares. Applied Materials Inc. has a 52 week low of $15.44 and a 52 week high of $32.54. The firm’s 50 day moving average price is $29.28 and its 200-day moving average price is $27.16. The company has a market cap of $34.81 billion, a PE ratio of 20.91 and a beta of 1.86.
Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings results on Thursday, November 17th. The manufacturing equipment provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. The company had revenue of $3.30 billion for the quarter, compared to analyst estimates of $3.31 billion. Applied Materials had a net margin of 15.90% and a return on equity of 28.09%. Applied Materials’s revenue for the quarter was up 39.2% on a year-over-year basis. During the same quarter last year, the business earned $0.29 EPS. On average, analysts predict that Applied Materials Inc. will post $2.35 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Friday, November 25th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 22nd. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. Applied Materials’s payout ratio is 25.64%.
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AMAT has been the subject of several research reports. Citigroup Inc. boosted their price objective on Applied Materials from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG boosted their target price on Applied Materials from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, August 9th. B. Riley boosted their target price on Applied Materials from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 11th. Stifel Nicolaus boosted their target price on Applied Materials from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, August 15th. Finally, DA Davidson restated a “buy” rating and set a $32.00 target price (up from $28.00) on shares of Applied Materials in a report on Tuesday, August 16th. Five investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $31.95.
In related news, VP Omkaram Nalamasu sold 99,491 shares of Applied Materials stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $30.15, for a total transaction of $2,999,653.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gary E. Dickerson sold 229,935 shares of Applied Materials stock in a transaction on Friday, October 7th. The shares were sold at an average price of $29.71, for a total transaction of $6,831,368.85. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.
About Applied Materials
Applied Materials, Inc (Applied) provides manufacturing equipment, services and software to the semiconductor, display, solar photovoltaic (PV) and related industries across the world. The Company operates in four segments: Silicon Systems, Applied Global Services, Display, and Energy and Environmental Solutions.
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