Applied Materials, Inc. (NASDAQ:AMAT) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its position in Applied Materials, Inc. (NASDAQ:AMATGet Rating) by 6.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 418,314 shares of the manufacturing equipment provider’s stock after selling 26,762 shares during the period. Applied Materials accounts for 0.7% of Wedge Capital Management L L P NC’s holdings, making the stock its 20th largest position. Wedge Capital Management L L P NC’s holdings in Applied Materials were worth $55,134,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. First Affirmative Financial Network boosted its stake in shares of Applied Materials by 5.0% in the first quarter. First Affirmative Financial Network now owns 4,141 shares of the manufacturing equipment provider’s stock worth $546,000 after acquiring an additional 197 shares during the last quarter. Marietta Wealth Management LLC boosted its stake in shares of Applied Materials by 4.3% in the first quarter. Marietta Wealth Management LLC now owns 33,730 shares of the manufacturing equipment provider’s stock worth $4,446,000 after acquiring an additional 1,389 shares during the last quarter. Glassy Mountain Advisors Inc. boosted its stake in shares of Applied Materials by 1.9% in the first quarter. Glassy Mountain Advisors Inc. now owns 53,900 shares of the manufacturing equipment provider’s stock worth $7,104,000 after acquiring an additional 1,017 shares during the last quarter. Connective Portfolio Management LLC acquired a new stake in shares of Applied Materials in the first quarter worth approximately $1,086,000. Finally, Pacifica Partners Inc. boosted its stake in shares of Applied Materials by 17.2% in the first quarter. Pacifica Partners Inc. now owns 27,722 shares of the manufacturing equipment provider’s stock worth $3,686,000 after acquiring an additional 4,076 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

AMAT has been the topic of a number of analyst reports. StockNews.com downgraded Applied Materials from a “buy” rating to a “hold” rating in a research report on Monday, May 23rd. Citigroup reduced their price objective on Applied Materials from $175.00 to $160.00 and set a “buy” rating on the stock in a research report on Monday, May 23rd. JPMorgan Chase & Co. reduced their price objective on Applied Materials from $174.00 to $158.00 in a research report on Friday, May 20th. Susquehanna Bancshares reduced their price objective on Applied Materials to $115.00 in a research report on Friday, May 20th. Finally, B. Riley reduced their price objective on Applied Materials from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, May 16th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.81.

Shares of NASDAQ:AMAT traded down $0.27 on Wednesday, hitting $94.90. 63,008 shares of the company’s stock were exchanged, compared to its average volume of 7,134,963. The firm’s 50-day moving average is $109.84 and its 200 day moving average is $129.38. The company has a market capitalization of $82.56 billion, a PE ratio of 12.69, a P/E/G ratio of 1.35 and a beta of 1.43. Applied Materials, Inc. has a 1-year low of $87.62 and a 1-year high of $167.06. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.54 and a current ratio of 2.29.

Applied Materials (NASDAQ:AMATGet Rating) last posted its 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 during the quarter, compared to analysts’ expectations of $6.35 billion. Applied Materials had a net margin of 27.20% and a return on equity of 57.17%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, analysts anticipate that Applied Materials, Inc. will post 7.49 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Wednesday, August 24th. Applied Materials’s dividend payout ratio (DPR) is 13.87%.

Applied Materials announced that its board has authorized a share repurchase 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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

Want to see what other hedge funds are holding AMAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Applied Materials, Inc. (NASDAQ:AMATGet Rating).

Institutional Ownership by Quarter 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.