Meeder Asset Management Inc. Boosts Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)
Meeder Asset Management Inc. grew its position in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 1,325.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,476 shares of the manufacturing equipment provider’s stock after buying an additional 83,199 shares during the period. Meeder Asset Management Inc.’s holdings in Applied Materials were worth $11,955,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Applied Materials during the fourth quarter valued at approximately $1,096,543,000. FMR LLC lifted its stake in Applied Materials by 65.6% during the fourth quarter. FMR LLC now owns 15,966,445 shares of the manufacturing equipment provider’s stock worth $1,377,905,000 after purchasing an additional 6,325,128 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Applied Materials by 12,486.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,892,762 shares of the manufacturing equipment provider’s stock worth $163,345,000 after purchasing an additional 1,877,724 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Applied Materials by 44.6% during the 4th quarter. UBS Asset Management Americas Inc. now owns 6,003,934 shares of the manufacturing equipment provider’s stock valued at $518,140,000 after buying an additional 1,853,260 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Applied Materials in the 4th quarter worth approximately $146,573,000. 78.80% of the stock is currently owned by institutional investors and hedge funds.
In other Applied Materials news, Director Thomas J. Iannotti sold 15,000 shares of the stock in a transaction on Wednesday, March 31st. The stock was sold at an average price of $131.95, for a total value of $1,979,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Prabu G. Raja sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $140.95, for a total value of $7,047,500.00. The disclosure for this sale can be found here. Insiders sold a total of 170,184 shares of company stock valued at $23,752,510 over the last three months. 0.41% of the stock is currently owned by insiders.
Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Wednesday, February 17th. The manufacturing equipment provider reported $1.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.11. Applied Materials had a net margin of 21.04% and a return on equity of 40.65%. The firm had revenue of $5.16 billion for the quarter, compared to analysts’ expectations of $4.98 billion. During the same quarter in the prior year, the business earned $0.98 EPS. Equities analysts anticipate that Applied Materials, Inc. will post 4.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 17th. Shareholders of record on Thursday, May 27th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.76%. The ex-dividend date is Wednesday, May 26th. This is a positive change from Applied Materials’s previous quarterly dividend of $0.22. Applied Materials’s payout ratio is currently 21.10%.
A number of research analysts have recently issued reports on the company. Evercore ISI raised their price objective on Applied Materials from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 19th. Wells Fargo & Company raised their target price on shares of Applied Materials from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Tuesday, April 13th. Argus upped their price target on shares of Applied Materials from $90.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, January 7th. Cowen boosted their price objective on shares of Applied Materials from $140.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, April 7th. Finally, Royal Bank of Canada increased their target price on shares of Applied Materials from $95.00 to $140.00 in a report on Friday, February 19th. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Applied Materials has a consensus rating of “Buy” and an average price target of $144.08.
Applied Materials Company Profile
Applied Materials, Inc engages in the provision of materials engineering solutions used to produce new chip and advanced display. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment includes semiconductor capital equipment for deposition, etch, ion implantation, rapid thermal processing, chemical mechanical planarization, metrology and inspection, and wafer level packaging.
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