Applied Materials (NASDAQ:AMAT) Price Target Cut to $160.00 by Analysts at Cowen

Applied Materials (NASDAQ:AMATGet Rating) had its price objective dropped by investment analysts at Cowen from $190.00 to $160.00 in a report issued on Friday, Stock Target Advisor reports. The firm presently has an “outperform” rating on the manufacturing equipment provider’s stock. Cowen’s target price suggests a potential upside of 50.11% from the company’s previous close.

Several other equities research analysts have also recently weighed in on AMAT. DA Davidson dropped their price target on shares of Applied Materials from $185.00 to $170.00 and set a “buy” rating for the company in a research report on Friday. Mizuho dropped their target price on shares of Applied Materials from $180.00 to $160.00 and set a “buy” rating for the company in a research report on Friday. Needham & Company LLC dropped their target price on shares of Applied Materials from $172.00 to $130.00 and set a “buy” rating for the company in a research report on Friday. Susquehanna Bancshares reaffirmed a “hold” rating and issued a $160.00 target price on shares of Applied Materials in a research report on Monday, February 14th. Finally, Cowen dropped their target price on shares of Applied Materials from $190.00 to $160.00 in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, Applied Materials presently has a consensus rating of “Buy” and an average target price of $158.54.

Shares of Applied Materials stock traded down $4.15 during trading on Friday, reaching $106.59. The company’s stock had a trading volume of 278,637 shares, compared to its average volume of 7,976,277. Applied Materials has a 52-week low of $102.99 and a 52-week high of $167.06. The company has a market cap of $94.16 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 1.38 and a beta of 1.44. The firm’s 50-day moving average is $120.15 and its two-hundred day moving average is $136.53. The company has a quick ratio of 1.78, a current ratio of 2.51 and a debt-to-equity ratio of 0.46.

Applied Materials (NASDAQ:AMATGet Rating) last announced its quarterly earnings results on Thursday, May 19th. The manufacturing equipment provider reported $1.85 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.05). The firm had revenue of $6.25 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Applied Materials had a net margin of 27.10% and a return on equity of 55.62%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.63 EPS. On average, equities research analysts anticipate that Applied Materials will post 8.02 EPS for the current year.

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

Several institutional investors and hedge funds have recently bought and sold shares of AMAT. Norges Bank purchased a new position in Applied Materials during the fourth quarter valued at approximately $1,146,885,000. Capital World Investors raised its position in shares of Applied Materials by 21.5% during the first quarter. Capital World Investors now owns 33,850,576 shares of the manufacturing equipment provider’s stock valued at $4,461,584,000 after buying an additional 5,980,777 shares during the last quarter. Cowa LLC bought a new stake in shares of Applied Materials during the first quarter valued at approximately $76,000. Vulcan Value Partners LLC raised its position in shares of Applied Materials by 97.5% during the third quarter. Vulcan Value Partners LLC now owns 6,067,153 shares of the manufacturing equipment provider’s stock valued at $781,025,000 after buying an additional 2,995,539 shares during the last quarter. Finally, Capital International Investors raised its position in shares of Applied Materials by 10.5% during the fourth quarter. Capital International Investors now owns 23,268,369 shares of the manufacturing equipment provider’s stock valued at $3,661,525,000 after buying an additional 2,209,223 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Applied Materials Company Profile (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.

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