Centric Wealth Management Trims Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Centric Wealth Management lessened its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 91.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,648 shares of the manufacturing equipment provider’s stock after selling 17,465 shares during the period. Centric Wealth Management’s holdings in Applied Materials were worth $268,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Applied Materials during the 3rd quarter valued at approximately $591,000. Atom Investors LP increased its stake in Applied Materials by 157.6% during the third quarter. Atom Investors LP now owns 14,967 shares of the manufacturing equipment provider’s stock valued at $3,024,000 after purchasing an additional 9,156 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Applied Materials by 60.2% during the third quarter. Benjamin Edwards Inc. now owns 36,539 shares of the manufacturing equipment provider’s stock worth $7,390,000 after purchasing an additional 13,735 shares during the period. Beacon Investment Advisory Services Inc. lifted its position in shares of Applied Materials by 0.5% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 100,292 shares of the manufacturing equipment provider’s stock worth $20,264,000 after buying an additional 544 shares during the last quarter. Finally, Ascent Group LLC boosted its holdings in shares of Applied Materials by 128.4% in the 3rd quarter. Ascent Group LLC now owns 12,684 shares of the manufacturing equipment provider’s stock valued at $2,563,000 after buying an additional 7,131 shares during the period. 80.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Edward Jones raised shares of Applied Materials from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Morgan Stanley restated an “underweight” rating and set a $164.00 price objective (down previously from $179.00) on shares of Applied Materials in a research report on Thursday, December 5th. Mizuho dropped their target price on Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Citigroup boosted their price target on shares of Applied Materials from $194.00 to $202.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. One research 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $214.67.

Applied Materials Stock Up 0.0 %

AMAT stock opened at $145.12 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 1.96. The firm has a market cap of $117.90 billion, a PE ratio of 18.97, a P/E/G ratio of 1.81 and a beta of 1.62. Applied Materials, Inc. has a 12 month low of $141.16 and a 12 month high of $255.89. The firm has a 50 day simple moving average of $166.39 and a 200 day simple moving average of $176.57.

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

Applied Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be paid 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 yield of 1.27%. Applied Materials’s dividend payout ratio is currently 24.05%.

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

Insiders Place Their Bets

In related news, CAO Adam Sanders sold 271 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the sale, the chief accounting officer now owns 6,479 shares in the company, valued at approximately $1,119,052.88. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.24% of the company’s stock.

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.