Needham & Company LLC Reaffirms “Buy” Rating for Applied Materials (NASDAQ:AMAT)

Needham & Company LLC restated their buy rating on shares of Applied Materials (NASDAQ:AMATFree Report) in a research note released on Friday morning, Benzinga reports. The firm currently has a $240.00 price objective on the manufacturing equipment provider’s stock.

A number of other brokerages have also issued reports on AMAT. Jefferies Financial Group lowered Applied Materials from a buy rating to a hold rating and decreased their price target for the stock from $215.00 to $210.00 in a research note on Monday, May 13th. Mizuho raised their target price on Applied Materials from $225.00 to $245.00 and gave the company a buy rating in a report on Friday. TD Cowen raised their target price on Applied Materials from $185.00 to $245.00 and gave the company an outperform rating in a report on Friday, February 16th. Citigroup lifted their price objective on Applied Materials from $170.00 to $211.00 and gave the stock a buy rating in a report on Friday, February 16th. Finally, Stifel Nicolaus restated a buy rating and set a $230.00 price objective on shares of Applied Materials in a report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Applied Materials has an average rating of Moderate Buy and a consensus target price of $215.64.

View Our Latest Analysis on Applied Materials

Applied Materials Price Performance

Applied Materials stock opened at $219.95 on Friday. The business has a 50 day simple moving average of $205.00 and a 200-day simple moving average of $180.01. The stock has a market capitalization of $182.76 billion, a PE ratio of 25.28, a price-to-earnings-growth ratio of 3.11 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.80 and a quick ratio of 1.97. Applied Materials has a 12 month low of $120.18 and a 12 month high of $221.75.

Applied Materials (NASDAQ:AMATGet Free Report) last announced its quarterly earnings results on Thursday, May 16th. The manufacturing equipment provider reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.12. Applied Materials had a return on equity of 41.22% and a net margin of 27.57%. The business had revenue of $6.65 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same quarter last year, the business posted $2.00 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. Equities analysts predict that Applied Materials will post 8.19 earnings per share for the current year.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 23rd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 0.73%. This is an increase from Applied Materials’s previous quarterly dividend of $0.32. Applied Materials’s dividend payout ratio is currently 14.71%.

Institutional Investors Weigh In On Applied Materials

Large investors have recently added to or reduced their stakes in the stock. Strategic Wealth Partners Ltd. bought a new position in shares of Applied Materials in the 1st quarter valued at $550,000. Wahed Invest LLC lifted its stake in shares of Applied Materials by 15.4% in the 1st quarter. Wahed Invest LLC now owns 16,476 shares of the manufacturing equipment provider’s stock valued at $3,398,000 after acquiring an additional 2,202 shares during the last quarter. EdgePoint Investment Group Inc. bought a new position in shares of Applied Materials in the 1st quarter valued at $162,873,000. National Wealth Management Group LLC bought a new position in shares of Applied Materials in the 1st quarter valued at $1,121,000. Finally, New Covenant Trust Company N.A. bought a new position in shares of Applied Materials in the 1st quarter valued at $186,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Applied Materials Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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