Cibc World Markets Corp reduced its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 91.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 151,425 shares of the manufacturing equipment provider’s stock after selling 1,545,024 shares during the period. Cibc World Markets Corp’s holdings in Applied Materials were worth $21,563,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its position in shares of Applied Materials by 64.8% during the first quarter. Mercer Global Advisors Inc. ADV now owns 190,142 shares of the manufacturing equipment provider’s stock valued at $25,403,000 after purchasing an additional 74,778 shares during the period. MML Investors Services LLC increased its position in shares of Applied Materials by 13.1% during the first quarter. MML Investors Services LLC now owns 47,214 shares of the manufacturing equipment provider’s stock valued at $6,308,000 after purchasing an additional 5,468 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Applied Materials by 0.8% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 273,338 shares of the manufacturing equipment provider’s stock valued at $36,518,000 after purchasing an additional 2,300 shares during the period. Heartland Bank & Trust Co bought a new stake in Applied Materials in the second quarter valued at $1,020,000. Finally, Harbor Financial Services LLC bought a new stake in Applied Materials in the first quarter valued at $1,020,000. 75.37% of the stock is currently owned by institutional investors.
In other Applied Materials news, SVP Teri A. Little sold 13,500 shares of the firm’s stock in a transaction on Friday, July 2nd. The stock was sold at an average price of $138.03, for a total transaction of $1,863,405.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,000 shares of the firm’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $143.76, for a total value of $862,560.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,500 shares of company stock valued at $16,042,275. 0.37% of the stock is currently owned by insiders.
Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Wednesday, August 18th. The manufacturing equipment provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.77 by $0.13. Applied Materials had a return on equity of 49.27% and a net margin of 24.54%. The firm had revenue of $6.20 billion during the quarter, compared to analysts’ expectations of $5.92 billion. During the same period in the prior year, the firm posted $1.06 earnings per share. As a group, research analysts forecast that Applied Materials, Inc. will post 6.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 16th. Investors of record on Friday, November 26th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, November 24th. This represents a $0.96 annualized dividend and a yield of 0.69%. Applied Materials’s payout ratio is currently 23.02%.
A number of analysts have weighed in on AMAT shares. Mizuho upped their price target on Applied Materials from $158.00 to $161.00 and gave the company a “buy” rating in a research report on Friday, August 20th. Daiwa Capital Markets started coverage on Applied Materials in a research note on Thursday, August 19th. They issued an “outperform” rating and a $140.00 price objective on the stock. Morgan Stanley boosted their price objective on Applied Materials from $139.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Friday, August 20th. JPMorgan Chase & Co. boosted their price objective on Applied Materials from $146.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, May 21st. Finally, Susquehanna lowered Applied Materials from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $160.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $152.85.
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.
Further Reading: Understanding Market Liquidity
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