Applied Materials (NASDAQ:AMAT) Price Target Lowered to $160.00 at Cowen

Applied Materials (NASDAQ:AMATGet Rating) had its target price lowered by research analysts at Cowen from $190.00 to $160.00 in a report issued on Friday, The Fly reports. Cowen’s target price would indicate a potential upside of 44.48% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Susquehanna Bancshares reaffirmed a “hold” rating and set a $160.00 target price on shares of Applied Materials in a research report on Monday, February 14th. Citigroup boosted their target price on shares of Applied Materials from $178.00 to $180.00 in a research report on Thursday, February 17th. Piper Sandler dropped their target price on shares of Applied Materials from $153.00 to $132.00 and set a “neutral” rating on the stock in a research report on Friday. Mizuho dropped their target price on shares of Applied Materials from $180.00 to $160.00 in a research report on Friday. Finally, StockNews.com started coverage on shares of Applied Materials in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $161.00.

Shares of Applied Materials stock opened at $110.74 on Friday. The firm has a fifty day simple moving average of $120.15 and a 200-day simple moving average of $136.53. The company has a current ratio of 2.51, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Applied Materials has a 1-year low of $102.99 and a 1-year high of $167.06. The stock has a market capitalization of $97.83 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.38 and a beta of 1.44.

Applied Materials (NASDAQ:AMATGet Rating) last issued its quarterly earnings data on Thursday, May 19th. The manufacturing equipment provider reported $1.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.05). Applied Materials had a return on equity of 55.62% and a net margin of 27.10%. The firm had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. Applied Materials’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, research analysts predict that Applied Materials will post 8.02 earnings per share for the current year.

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

A number of hedge funds and other institutional investors have recently modified their holdings of AMAT. Eagle Capital Management LLC acquired a new position in Applied Materials during the 2nd quarter worth about $4,052,000. Morgan Stanley lifted its position in Applied Materials by 36.1% during the 2nd quarter. Morgan Stanley now owns 5,498,783 shares of the manufacturing equipment provider’s stock worth $783,027,000 after buying an additional 1,458,640 shares in the last quarter. Merriman Wealth Management LLC lifted its position in Applied Materials by 24.8% during the 3rd quarter. Merriman Wealth Management LLC now owns 2,040 shares of the manufacturing equipment provider’s stock worth $263,000 after buying an additional 405 shares in the last quarter. B. Riley Wealth Management Inc. lifted its position in Applied Materials by 12.5% during the 3rd quarter. B. Riley Wealth Management Inc. now owns 5,023 shares of the manufacturing equipment provider’s stock worth $647,000 after buying an additional 559 shares in the last quarter. Finally, People s United Financial Inc. lifted its position in Applied Materials by 1.0% during the 3rd quarter. People s United Financial Inc. now owns 51,708 shares of the manufacturing equipment provider’s stock worth $6,656,000 after buying an additional 529 shares in the last quarter. Institutional investors and hedge funds 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.

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