Applied Materials (NASDAQ:AMAT) Price Target Cut to $133.00

Applied Materials (NASDAQ:AMAT – Get Rating) had its price target dropped by investment analysts at The Goldman Sachs Group from $151.00 to $133.00 in a research note issued on Monday, Stock Target Advisor reports. The firm presently has a “buy” rating on the manufacturing equipment provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 24.11% from the company’s previous close.

A number of other equities research analysts also recently weighed in on AMAT. JPMorgan Chase & Co. decreased their target price on Applied Materials from $174.00 to $158.00 in a research report on Friday. Wells Fargo & Company lowered their price objective on Applied Materials from $180.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday, April 18th. Needham & Company LLC cut their target price on Applied Materials from $172.00 to $130.00 and set a “buy” rating for the company in a research note on Friday. Piper Sandler decreased their price target on shares of Applied Materials from $153.00 to $132.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Susquehanna Bancshares dropped their price objective on shares of Applied Materials to $115.00 in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $155.00.

Shares of AMAT stock opened at $107.16 on Monday. Applied Materials has a 12 month low of $101.33 and a 12 month high of $167.06. 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 cap of $94.66 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44. The stock has a 50 day moving average of $119.87 and a 200-day moving average of $136.15.

Applied Materials (NASDAQ:AMAT – Get Rating) last released its earnings results on Thursday, May 19th. The manufacturing equipment provider reported $1.85 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.05). The company had revenue of $6.25 billion for the quarter, compared to analyst estimates of $6.35 billion. Applied Materials had a net margin of 27.20% and a return on equity of 56.59%. Applied Materials’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.63 earnings per share. As a group, equities analysts predict that Applied Materials will post 8.02 EPS for the current fiscal year.

Applied Materials declared that its Board of Directors has initiated a share buyback program on Friday, March 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the manufacturing equipment provider to repurchase up to 5.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMAT. Monolith Advisors acquired a new position in Applied Materials during the 4th quarter worth $25,000. Center for Financial Planning Inc. bought a new stake in shares of Applied Materials during the first quarter worth $25,000. Hanson & Doremus Investment Management lifted its stake in shares of Applied Materials by 1,538.5% during the fourth quarter. Hanson & Doremus Investment Management now owns 213 shares of the manufacturing equipment provider’s stock valued at $34,000 after acquiring an additional 200 shares during the period. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in Applied Materials in the fourth quarter valued at about $35,000. Finally, Lowe Wealth Advisors LLC acquired a new stake in Applied Materials in the fourth quarter worth about $35,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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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