Westpac Banking Corp Purchases 5,421 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Westpac Banking Corp lifted its position in Applied Materials, Inc. (NASDAQ:AMAT) by 10.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 57,386 shares of the manufacturing equipment provider’s stock after acquiring an additional 5,421 shares during the period. Westpac Banking Corp’s holdings in Applied Materials were worth $9,333,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AMAT. Crews Bank & Trust bought a new stake in Applied Materials in the fourth quarter worth about $28,000. FPC Investment Advisory Inc. bought a new stake in shares of Applied Materials during the 4th quarter worth approximately $28,000. YANKCOM Partnership purchased a new position in Applied Materials during the 4th quarter valued at $32,000. City Holding Co. bought a new position in Applied Materials in the 4th quarter valued at $39,000. Finally, Dunhill Financial LLC increased its stake in Applied Materials by 61.4% in the third quarter. Dunhill Financial LLC now owns 213 shares of the manufacturing equipment provider’s stock worth $43,000 after purchasing an additional 81 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Morgan Stanley reissued an “underweight” rating and set a $164.00 target price (down from $179.00) on shares of Applied Materials in a research note on Thursday, December 5th. Susquehanna raised their target price on shares of Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price target on Applied Materials from $194.00 to $202.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Edward Jones upgraded Applied Materials from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Barclays lowered their target price on 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 analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Materials has a consensus rating of “Moderate Buy” and an average target price of $214.67.

Applied Materials Price Performance

Shares of NASDAQ AMAT opened at $147.75 on Thursday. Applied Materials, Inc. has a fifty-two week low of $141.16 and a fifty-two week high of $255.89. The company has a market cap of $120.04 billion, a PE ratio of 19.31, a P/E/G ratio of 1.81 and a beta of 1.61. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67. The business has a 50-day simple moving average of $164.49 and a two-hundred day simple moving average of $176.07.

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

Applied Materials Increases Dividend

The business also recently disclosed 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 of this dividend is Thursday, May 22nd. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.25%. Applied Materials’s payout ratio is 24.05%.

Applied Materials announced that its Board of Directors has approved a stock repurchase plan on Monday, March 10th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the manufacturing equipment provider to purchase up to 8.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Applied Materials

In related news, CAO Adam Sanders sold 271 shares of Applied Materials stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $172.72, for a total transaction of $46,807.12. Following the completion of the sale, the chief accounting officer now owns 6,479 shares of the company’s stock, valued at $1,119,052.88. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.24% of the stock is owned by insiders.

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.