Applied Materials (NASDAQ:AMAT) Updates Q3 2022 Earnings Guidance

Applied Materials (NASDAQ:AMATGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $1.59-$1.95 for the period, compared to the consensus EPS estimate of $2.04. The company issued revenue guidance of $5.85 billion-$6.65 billion, compared to the consensus revenue estimate of $6.73 billion.

Shares of AMAT stock traded down $0.60 during trading hours on Thursday, reaching $110.74. 9,973,458 shares of the stock traded hands, compared to its average volume of 8,497,835. Applied Materials has a 1-year low of $102.99 and a 1-year high of $167.06. The business has a fifty day moving average price of $120.40 and a 200 day moving average price of $136.73. The company has a quick ratio of 1.78, a current ratio of 2.51 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $97.83 billion, a PE ratio of 15.49, a PEG ratio of 1.36 and a beta of 1.44.

Applied Materials (NASDAQ:AMATGet Rating) last announced its quarterly earnings results on Wednesday, February 16th. The manufacturing equipment provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.16 billion. Applied Materials had a net margin of 27.10% and a return on equity of 55.62%. Applied Materials’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.39 EPS. Research analysts expect that Applied Materials will post 8.02 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Thursday, May 26th will be issued a dividend of $0.26 per share. This is an increase from Applied Materials’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Wednesday, May 25th. Applied Materials’s dividend payout ratio is currently 13.35%.

Applied Materials announced that its board has initiated a stock buyback program on Friday, March 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the manufacturing equipment provider to repurchase up to 5.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Several analysts recently issued reports on AMAT shares. Citigroup upped their price objective on shares of Applied Materials from $178.00 to $180.00 in a report on Thursday, February 17th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Applied Materials from $180.00 to $145.00 and set a buy rating for the company in a report on Wednesday, April 13th. B. Riley reduced their price target on shares of Applied Materials from $175.00 to $145.00 in a report on Monday. UBS Group increased their price target on shares of Applied Materials from $150.00 to $160.00 and gave the company a neutral rating in a report on Thursday, February 17th. Finally, StockNews.com initiated coverage on shares of Applied Materials in a report on Thursday, March 31st. They issued a buy rating for the company. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Applied Materials presently has a consensus rating of Buy and a consensus price target of $168.29.

Institutional investors and hedge funds have recently bought and sold shares of the business. Monolith Advisors acquired a new stake in shares of Applied Materials during the 4th quarter worth approximately $25,000. Cowa LLC acquired a new stake in shares of Applied Materials during the 1st quarter worth approximately $76,000. Salem Investment Counselors Inc. grew its position in shares of Applied Materials by 150.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 722 shares of the manufacturing equipment provider’s stock worth $95,000 after buying an additional 434 shares during the period. Zullo Investment Group Inc. acquired a new stake in shares of Applied Materials during the 4th quarter worth approximately $116,000. Finally, Range Financial Group LLC acquired a new stake in shares of Applied Materials during the 1st quarter worth approximately $210,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

About Applied Materials (Get Rating)

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.

Recommended Stories

Earnings History and Estimates for Applied Materials (NASDAQ:AMAT)

Receive News & Ratings for Applied Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Materials and related companies with MarketBeat.com's FREE daily email newsletter.