Choate Investment Advisors Reduces Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

Choate Investment Advisors reduced its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 47.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,074 shares of the manufacturing equipment provider’s stock after selling 23,422 shares during the period. Choate Investment Advisors’ holdings in Applied Materials were worth $5,377,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Sei Investments Co. boosted its stake in shares of Applied Materials by 4.5% during the 1st quarter. Sei Investments Co. now owns 408,483 shares of the manufacturing equipment provider’s stock worth $84,239,000 after purchasing an additional 17,641 shares during the period. Anchor Capital Advisors LLC purchased a new position in shares of Applied Materials during the 1st quarter worth about $12,032,000. Montag A & Associates Inc. boosted its stake in shares of Applied Materials by 62.1% during the 1st quarter. Montag A & Associates Inc. now owns 66,103 shares of the manufacturing equipment provider’s stock worth $13,632,000 after purchasing an additional 25,323 shares during the period. KCM Investment Advisors LLC boosted its stake in shares of Applied Materials by 2.1% during the 1st quarter. KCM Investment Advisors LLC now owns 49,333 shares of the manufacturing equipment provider’s stock worth $10,174,000 after purchasing an additional 993 shares during the period. Finally, Forsta AP Fonden boosted its position in Applied Materials by 5.1% in the 1st quarter. Forsta AP Fonden now owns 250,100 shares of the manufacturing equipment provider’s stock valued at $51,578,000 after buying an additional 12,200 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Stock Up 0.9 %

Shares of AMAT traded up $2.15 during mid-day trading on Monday, hitting $245.55. 3,673,950 shares of the company traded hands, compared to its average volume of 5,670,377. Applied Materials, Inc. has a 1-year low of $129.21 and a 1-year high of $255.89. The company has a quick ratio of 1.97, a current ratio of 2.80 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $203.31 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 3.18 and a beta of 1.56. The business has a 50 day moving average of $227.53 and a 200 day moving average of $201.93.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 16th. The manufacturing equipment provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.12. Applied Materials had a net margin of 27.57% and a return on equity of 41.22%. The firm had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter in the prior year, the company posted $2.00 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts anticipate that Applied Materials, Inc. will post 8.31 EPS for the current year.

Applied Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 22nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.60 annualized dividend and a yield of 0.65%. Applied Materials’s dividend payout ratio (DPR) is presently 18.39%.

Insider Buying and Selling

In related news, CFO Brice Hill sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $222.34, for a total value of $4,446,800.00. Following the transaction, the chief financial officer now owns 108,356 shares in the company, valued at approximately $24,091,873.04. The sale was disclosed in a filing with the SEC, which is available through this link. In other Applied Materials news, Director Thomas J. Iannotti sold 9,827 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $236.65, for a total value of $2,325,559.55. Following the sale, the director now owns 49,185 shares in the company, valued at approximately $11,639,630.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brice Hill sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $222.34, for a total value of $4,446,800.00. Following the completion of the sale, the chief financial officer now owns 108,356 shares in the company, valued at approximately $24,091,873.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,827 shares of company stock worth $21,382,560. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AMAT has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $240.00 price target on shares of Applied Materials in a research note on Friday, May 17th. JPMorgan Chase & Co. upped their target price on Applied Materials from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, May 17th. Susquehanna raised their price target on Applied Materials from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. Bank of America upped their price objective on shares of Applied Materials from $222.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $260.00 price objective on shares of Applied Materials in a research note on Friday, May 17th. Six investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $223.64.

About Applied Materials

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.