Sycomore Asset Management Sells 8,963 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Sycomore Asset Management decreased its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 14.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,505 shares of the manufacturing equipment provider’s stock after selling 8,963 shares during the period. Applied Materials accounts for approximately 2.2% of Sycomore Asset Management’s holdings, making the stock its 13th largest position. Sycomore Asset Management’s holdings in Applied Materials were worth $12,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Gilbert & Cook Inc. raised its position in Applied Materials by 11.1% during the fourth quarter. Gilbert & Cook Inc. now owns 4,182 shares of the manufacturing equipment provider’s stock worth $678,000 after acquiring an additional 418 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in shares of Applied Materials by 5.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,609 shares of the manufacturing equipment provider’s stock valued at $249,000 after purchasing an additional 84 shares during the period. Evoke Wealth LLC acquired a new stake in Applied Materials in the 4th quarter valued at about $233,000. Eagle Asset Management Inc. grew its holdings in Applied Materials by 3.4% during the fourth quarter. Eagle Asset Management Inc. now owns 33,304 shares of the manufacturing equipment provider’s stock worth $5,398,000 after purchasing an additional 1,103 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in Applied Materials by 17.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,067 shares of the manufacturing equipment provider’s stock worth $173,000 after purchasing an additional 155 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

Applied Materials Stock Performance

AMAT opened at $202.05 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.09 and a current ratio of 2.86. Applied Materials, Inc. has a 52-week low of $129.21 and a 52-week high of $255.89. The firm has a market cap of $167.29 billion, a P/E ratio of 23.22, a price-to-earnings-growth ratio of 2.30 and a beta of 1.55. The business’s fifty day moving average is $195.19 and its 200-day moving average is $210.02.

Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings data on Thursday, August 15th. The manufacturing equipment provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.10. Applied Materials had a net margin of 27.74% and a return on equity of 39.99%. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same period in the prior year, the company posted $1.90 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts expect that Applied Materials, Inc. will post 8.49 EPS for the current fiscal year.

Applied Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.79%. The ex-dividend date is Thursday, November 21st. Applied Materials’s payout ratio is presently 18.39%.

Analyst Ratings Changes

AMAT has been the subject of a number of recent analyst reports. Barclays raised Applied Materials from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $165.00 to $225.00 in a research report on Wednesday, June 5th. B. Riley dropped their price target on Applied Materials from $300.00 to $280.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Morgan Stanley reduced their price objective on shares of Applied Materials from $224.00 to $185.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 17th. UBS Group dropped their price objective on shares of Applied Materials from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Applied Materials from $260.00 to $230.00 and set a “hold” rating for the company in a research note on Friday, August 16th. Eight research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Applied Materials has a consensus rating of “Moderate Buy” and a consensus target price of $231.05.

Applied Materials Profile

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company 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.