DnB Asset Management AS Has $24.57 Million Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

DnB Asset Management AS lessened its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 26.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 151,074 shares of the manufacturing equipment provider’s stock after selling 55,625 shares during the quarter. DnB Asset Management AS’s holdings in Applied Materials were worth $24,569,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Level Four Advisory Services LLC lifted its holdings in shares of Applied Materials by 4.0% during the 4th quarter. Level Four Advisory Services LLC now owns 37,996 shares of the manufacturing equipment provider’s stock valued at $6,179,000 after purchasing an additional 1,452 shares in the last quarter. denkapparat Operations GmbH bought a new position in Applied Materials in the fourth quarter valued at approximately $717,000. Providence Capital Advisors LLC acquired a new position in shares of Applied Materials in the fourth quarter valued at approximately $5,497,000. Norges Bank bought a new stake in shares of Applied Materials during the fourth quarter worth $1,588,422,000. Finally, Caisse Des Depots ET Consignations bought a new stake in Applied Materials in the 4th quarter valued at $2,696,000. 80.56% of the stock is currently owned by institutional investors.

Insider Activity

In other Applied Materials news, CAO Adam Sanders sold 271 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $172.72, for a total transaction of $46,807.12. Following the transaction, the chief accounting officer now owns 6,479 shares in the company, valued at $1,119,052.88. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is owned by company insiders.

Applied Materials Price Performance

Applied Materials stock opened at $145.06 on Friday. The company has a market capitalization of $117.85 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.81 and a beta of 1.62. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a 12 month low of $144.12 and a 12 month high of $255.89. The stock’s 50 day moving average is $167.33 and its 200-day moving average is $176.91.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. Equities research analysts expect that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials declared that its board has approved a share buyback plan on Monday, March 10th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, May 22nd. This is a boost from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a dividend yield of 1.27%. Applied Materials’s dividend payout ratio (DPR) is currently 24.05%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Edward Jones raised Applied Materials from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Susquehanna boosted their target price on Applied Materials from $155.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Needham & Company LLC decreased their price target on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Friday, February 14th. Sanford C. Bernstein cut their price objective on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, November 29th. Finally, Barclays reduced their target price on shares of Applied Materials from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $214.67.

Applied Materials Company Profile

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits.