Patten Group Inc. Grows Stake in Applied Materials, Inc. (AMAT)

Patten Group Inc. raised its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 706.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,099 shares of the manufacturing equipment provider’s stock after acquiring an additional 138,502 shares during the period. Patten Group Inc.’s holdings in Applied Materials were worth $939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its holdings in shares of Applied Materials by 145.4% in the second quarter. Bessemer Group Inc. now owns 3,067 shares of the manufacturing equipment provider’s stock valued at $126,000 after buying an additional 1,817 shares during the last quarter. Korea Investment CORP raised its holdings in shares of Applied Materials by 0.7% in the second quarter. Korea Investment CORP now owns 2,727,580 shares of the manufacturing equipment provider’s stock valued at $112,676,000 after buying an additional 19,585 shares during the last quarter. Seatown Holdings Pte. Ltd. raised its holdings in shares of Applied Materials by 33.3% in the second quarter. Seatown Holdings Pte. Ltd. now owns 1,168,500 shares of the manufacturing equipment provider’s stock valued at $48,271,000 after buying an additional 292,000 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Applied Materials by 38.6% in the second quarter. IFP Advisors Inc now owns 51,839 shares of the manufacturing equipment provider’s stock valued at $2,141,000 after buying an additional 14,442 shares during the last quarter. Finally, Palisade Capital Management LLC NJ raised its holdings in shares of Applied Materials by 17.4% in the second quarter. Palisade Capital Management LLC NJ now owns 183,396 shares of the manufacturing equipment provider’s stock valued at $7,576,000 after buying an additional 27,176 shares during the last quarter. Institutional investors own 79.76% of the company’s stock.

A number of brokerages have recently commented on AMAT. Vetr cut shares of Applied Materials from a “buy” rating to a “hold” rating and set a $61.08 target price for the company. in a report on Tuesday, November 21st. Nomura reaffirmed a “buy” rating and issued a $65.00 target price (up from $55.00) on shares of Applied Materials in a report on Tuesday, November 21st. Royal Bank of Canada upped their target price on shares of Applied Materials from $55.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 17th. Credit Suisse Group upped their target price on shares of Applied Materials from $62.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, November 17th. Finally, Needham & Company LLC upped their target price on shares of Applied Materials to $66.00 and gave the company a “positive” rating in a report on Friday, November 17th. One research 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 company. The stock currently has an average rating of “Buy” and an average price target of $60.95.

In other news, VP Thomas F. Larkins sold 30,000 shares of the stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $51.24, for a total value of $1,537,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stephen R. Forrest sold 5,000 shares of the stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $58.00, for a total transaction of $290,000.00. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Shares of Applied Materials, Inc. (NASDAQ:AMAT) traded up $53.04 during trading on Tuesday, reaching $53.04. 9,782,600 shares of the company’s stock were exchanged, compared to its average volume of 12,570,000. Applied Materials, Inc. has a 12 month low of $31.66 and a 12 month high of $60.89. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.43 and a current ratio of 3.14. The stock has a market capitalization of $56,030.00, a PE ratio of 16.73, a PEG ratio of 1.00 and a beta of 1.80.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, November 16th. The manufacturing equipment provider reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.02. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.93 billion. Applied Materials had a net margin of 23.62% and a return on equity of 41.51%. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. research analysts predict that Applied Materials, Inc. will post 4.04 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 14th. Stockholders of record on Wednesday, February 21st will be given a $0.10 dividend. The ex-dividend date is Tuesday, February 20th. This represents a $0.40 annualized dividend and a dividend yield of 0.75%. Applied Materials’s dividend payout ratio is presently 12.62%.

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About Applied Materials

Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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