Applied Materials (AMAT) Rating Lowered to Buy at Vetr
Applied Materials (NASDAQ:AMAT) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $62.52 target price on the manufacturing equipment provider’s stock. Vetr‘s target price would suggest a potential upside of 10.34% from the stock’s previous close.
Other analysts have also recently issued reports about the company. Deutsche Bank upped their target price on Applied Materials from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, November 17th. Bank of America upped their target price on Applied Materials from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. B. Riley reissued a “buy” rating and issued a $63.00 target price on shares of Applied Materials in a research report on Monday, November 13th. Royal Bank of Canada reissued a “buy” rating on shares of Applied Materials in a research report on Friday, October 27th. Finally, Nomura reissued a “buy” rating and issued a $65.00 target price (up from $55.00) on shares of Applied Materials in a research report on Tuesday, November 21st. One investment analyst has rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Applied Materials presently has an average rating of “Buy” and a consensus price target of $64.06.
Applied Materials (NASDAQ AMAT) traded up $1.73 during trading hours on Tuesday, hitting $56.66. The stock had a trading volume of 21,923,667 shares, compared to its average volume of 15,370,000. The firm has a market cap of $59,690.00, a PE ratio of 15.78, a P/E/G ratio of 1.00 and a beta of 1.72. Applied Materials has a twelve month low of $34.72 and a twelve month high of $60.89. The company has a current ratio of 2.96, a quick ratio of 2.25 and a debt-to-equity ratio of 0.62.
Applied Materials announced that its board has approved a stock buyback plan on Wednesday, February 14th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other news, VP Omkaram Nalamasu sold 53,466 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $53.00, for a total transaction of $2,833,698.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ali Salehpour sold 125,125 shares of the stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $51.47, for a total value of $6,440,183.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 312,716 shares of company stock valued at $16,218,746. 0.35% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. LeJeune Puetz Investment Counsel LLC purchased a new position in shares of Applied Materials during the 3rd quarter worth approximately $105,000. Financial Gravity Companies Inc. purchased a new position in shares of Applied Materials during the 4th quarter worth approximately $110,000. Risk Paradigm Group LLC purchased a new position in shares of Applied Materials during the 4th quarter worth approximately $110,000. SevenBridge Financial Group LLC raised its stake in shares of Applied Materials by 957.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 2,380 shares of the manufacturing equipment provider’s stock worth $122,000 after buying an additional 2,155 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new position in shares of Applied Materials during the 4th quarter worth approximately $122,000. 79.93% of the stock is owned by institutional investors and hedge funds.
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Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services and software to the global semiconductor, display and related industries. The Company’s segments are Semiconductor Systems, which includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation; Applied Global Services, which provides integrated solutions to optimize equipment and fab performance and productivity; Display and Adjacent Markets, which includes products for manufacturing liquid crystal displays, organic light-emitting diodes, upgrades and roll-to-roll Web coating systems and other display technologies for televisions, personal computers, smart phones and other consumer-oriented devices, and Corporate and Other segment, which includes revenues from products, as well as costs of products sold for fabricating solar photovoltaic cells and modules, and certain operating expenses.
To view Vetr’s full report, visit Vetr’s official website.
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