Thomas J. Iannotti Sells 15,000 Shares of Applied Materials (AMAT) Stock

Applied Materials (NASDAQ:AMAT) Director Thomas J. Iannotti sold 15,000 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $61.47, for a total transaction of $922,050.00. Following the completion of the sale, the director now owns 76,967 shares of the company’s stock, valued at $4,731,161.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Applied Materials stock traded down $1.95 during mid-day trading on Friday, reaching $52.34. 15,087,880 shares of the company traded hands, compared to its average volume of 15,052,410. The company has a market cap of $58,376.17, a P/E ratio of 16.10, a PEG ratio of 0.95 and a beta of 1.63. The company has a current ratio of 2.96, a quick ratio of 2.25 and a debt-to-equity ratio of 0.62. Applied Materials has a 52-week low of $37.41 and a 52-week high of $62.40.

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Applied Materials (NASDAQ:AMAT) last released its earnings results on Wednesday, February 14th. The manufacturing equipment provider reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.08. The firm had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.10 billion. Applied Materials had a net margin of 18.53% and a return on equity of 45.17%. During the same period in the prior year, the firm earned $0.67 EPS. analysts predict that Applied Materials will post 4.41 EPS for the current fiscal year.

Applied Materials announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 14th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the manufacturing equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 14th. Investors of record on Thursday, May 24th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.53%. This is an increase from Applied Materials’s previous quarterly dividend of $0.10. The ex-dividend date is Wednesday, May 23rd. Applied Materials’s dividend payout ratio is 12.31%.

A number of hedge funds have recently made changes to their positions in AMAT. Financial Gravity Companies Inc. bought a new position in Applied Materials during the 4th quarter valued at about $110,000. Risk Paradigm Group LLC bought a new position in Applied Materials during the 4th quarter valued at about $110,000. Cerebellum GP LLC bought a new position in Applied Materials during the 4th quarter valued at about $122,000. SevenBridge Financial Group LLC lifted its stake in Applied Materials by 957.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 2,380 shares of the manufacturing equipment provider’s stock valued at $122,000 after acquiring an additional 2,155 shares during the period. Finally, Zions Bancorporation lifted its stake in Applied Materials by 349.1% during the 3rd quarter. Zions Bancorporation now owns 2,636 shares of the manufacturing equipment provider’s stock valued at $137,000 after acquiring an additional 2,049 shares during the period. 79.29% of the stock is currently owned by institutional investors.

A number of research analysts have weighed in on the stock. Bank of America initiated coverage on shares of Applied Materials in a research note on Wednesday, March 21st. They issued a “buy” rating and a $80.00 price objective on the stock. Vetr raised shares of Applied Materials from a “buy” rating to a “strong-buy” rating and set a $66.16 price target on the stock in a research report on Monday, March 19th. BidaskClub raised shares of Applied Materials from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Credit Suisse Group reaffirmed an “outperform” rating and issued a $75.00 price objective (up previously from $74.00) on shares of Applied Materials in a research report on Monday, February 26th. Finally, UBS initiated coverage on shares of Applied Materials in a research report on Wednesday. They issued a “neutral” rating and a $58.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Applied Materials currently has a consensus rating of “Buy” and an average price target of $64.66.

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About Applied Materials

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.

Insider Buying and Selling by Quarter for Applied Materials (NASDAQ:AMAT)

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