PNC Financial Services Group Inc. decreased its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 34.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,271,957 shares of the manufacturing equipment provider’s stock after selling 1,172,676 shares during the quarter. PNC Financial Services Group Inc. owned 0.21% of Applied Materials worth $93,856,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. ProShare Advisors LLC lifted its position in Applied Materials by 13.7% in the 2nd quarter. ProShare Advisors LLC now owns 532,705 shares of the manufacturing equipment provider’s stock valued at $22,006,000 after acquiring an additional 64,091 shares in the last quarter. Profund Advisors LLC lifted its position in Applied Materials by 14.5% in the 2nd quarter. Profund Advisors LLC now owns 304,641 shares of the manufacturing equipment provider’s stock valued at $12,585,000 after acquiring an additional 38,566 shares in the last quarter. Stevens Capital Management LP bought a new position in Applied Materials in the 2nd quarter valued at about $13,405,000. BT Investment Management Ltd bought a new position in Applied Materials in the 2nd quarter valued at about $25,536,000. Finally, BlueMountain Capital Management LLC lifted its position in Applied Materials by 95.1% in the 2nd quarter. BlueMountain Capital Management LLC now owns 101,972 shares of the manufacturing equipment provider’s stock valued at $4,212,000 after acquiring an additional 49,712 shares in the last quarter. 79.67% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently weighed in on AMAT. Zacks Investment Research cut shares of Applied Materials from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Bank of America Corporation reissued a “buy” rating and set a $65.00 target price (up previously from $58.00) on shares of Applied Materials in a research report on Sunday, June 11th. Morgan Stanley reissued an “overweight” rating and set a $52.00 target price on shares of Applied Materials in a research report on Monday, August 14th. B. Riley reissued a “buy” rating and set a $61.00 target price on shares of Applied Materials in a research report on Saturday, August 19th. Finally, Vetr raised shares of Applied Materials from a “buy” rating to a “strong-buy” rating and set a $46.48 target price on the stock in a research report on Thursday, June 29th. Four research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $51.55.
In other Applied Materials news, Director Alexander Karsner sold 22,762 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $44.03, for a total transaction of $1,002,210.86. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.31% of the stock is currently owned by insiders.
Applied Materials, Inc. (NASDAQ AMAT) traded up 0.19% on Friday, reaching $47.14. 13,880,440 shares of the company were exchanged. Applied Materials, Inc. has a 12-month low of $27.56 and a 12-month high of $47.86. The firm has a market capitalization of $50.27 billion, a P/E ratio of 16.76 and a beta of 1.81. The firm has a 50-day moving average of $44.31 and a 200 day moving average of $42.57.
Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.02. The company had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.69 billion. Applied Materials had a net margin of 22.08% and a return on equity of 40.74%. Applied Materials’s revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 EPS. On average, equities analysts predict that Applied Materials, Inc. will post $3.20 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Wednesday, November 22nd. Applied Materials’s dividend payout ratio is presently 14.18%.
About Applied Materials
Want to see what other hedge funds are holding AMAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Applied Materials, Inc. (NASDAQ:AMAT).
Receive News & Ratings for Applied Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.