Tocqueville Asset Management L.P. Has $55.96 Million Stake in Applied Materials, Inc. (NASDAQ:AMAT)

Tocqueville Asset Management L.P. grew its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 344,063 shares of the manufacturing equipment provider’s stock after acquiring an additional 6,241 shares during the period. Applied Materials comprises 0.9% of Tocqueville Asset Management L.P.’s holdings, making the stock its 21st biggest position. Tocqueville Asset Management L.P.’s holdings in Applied Materials were worth $55,955,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of Applied Materials in the fourth quarter valued at approximately $28,000. FPC Investment Advisory Inc. acquired a new stake in Applied Materials during the 4th quarter worth approximately $28,000. YANKCOM Partnership acquired a new stake in Applied Materials during the 4th quarter worth approximately $32,000. MidAtlantic Capital Management Inc. acquired a new stake in Applied Materials during the 3rd quarter worth approximately $37,000. Finally, City Holding Co. acquired a new stake in Applied Materials during the 4th quarter worth approximately $39,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Applied Materials Stock Performance

Shares of AMAT opened at $155.66 on Monday. 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 stock has a 50 day moving average price of $172.54 and a two-hundred day moving average price of $179.15. The firm has a market capitalization of $126.46 billion, a P/E ratio of 20.35, a P/E/G ratio of 1.81 and a beta of 1.62. Applied Materials, Inc. has a 52 week low of $145.37 and a 52 week high of $255.89.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share (EPS) for the quarter, beating 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 analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials announced that its Board of Directors has initiated a share buyback program on Monday, March 10th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.18%. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio is currently 24.05%.

Insiders Place Their Bets

In related news, CAO Adam Sanders sold 271 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $172.72, for a total value of $46,807.12. Following the sale, the chief accounting officer now owns 6,479 shares in the company, valued at approximately $1,119,052.88. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup lifted their price target on Applied Materials from $194.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. The Goldman Sachs Group lowered their price objective on Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Needham & Company LLC lowered their price objective on Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Susquehanna raised their price objective on Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Barclays lowered their price objective on Applied Materials from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, February 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $215.38.

Applied Materials 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.