Peapack Gladstone Financial Corp Has $40.19 Million Stake in Applied Materials, Inc. (NASDAQ:AMAT)

Peapack Gladstone Financial Corp lowered its position in Applied Materials, Inc. (NASDAQ:AMAT) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 247,119 shares of the manufacturing equipment provider’s stock after selling 1,435 shares during the period. Peapack Gladstone Financial Corp’s holdings in Applied Materials were worth $40,190,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Applied Materials in the 4th quarter worth approximately $1,588,422,000. EdgePoint Investment Group Inc. raised its position in shares of Applied Materials by 341.0% in the third quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider’s stock valued at $577,288,000 after purchasing an additional 2,209,218 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Applied Materials in the fourth quarter worth $182,962,000. Alecta Tjanstepension Omsesidigt bought a new stake in shares of Applied Materials during the 4th quarter worth $157,426,000. Finally, Flossbach Von Storch SE grew its stake in Applied Materials by 126.6% in the 4th quarter. Flossbach Von Storch SE now owns 1,600,078 shares of the manufacturing equipment provider’s stock valued at $260,221,000 after buying an additional 893,995 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Mizuho decreased their price target on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Susquehanna raised their target price on Applied Materials from $155.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company cut their price target on Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Jefferies Financial Group upgraded shares of Applied Materials from a “hold” rating to a “buy” rating and set a $195.00 price objective on the stock in a research note on Friday, March 28th. Finally, The Goldman Sachs Group dropped their target price on shares of Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $214.67.

Insider Activity at Applied Materials

In other news, CAO Adam Sanders sold 271 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 6,479 shares of the company’s stock, valued at approximately $1,119,052.88. This represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.24% of the company’s stock.

Applied Materials Price Performance

NASDAQ:AMAT opened at $126.95 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The firm has a market cap of $103.14 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.81 and a beta of 1.61. Applied Materials, Inc. has a 12 month low of $123.94 and a 12 month high of $255.89. The company’s 50-day moving average price is $162.19 and its two-hundred day moving average price is $175.27.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 EPS 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%. On average, equities analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, May 22nd. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio is presently 24.05%.

Applied Materials announced that its Board of Directors has approved a share repurchase plan on Monday, March 10th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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.