Patten & Patten Inc. TN Has $260,000 Position in Applied Materials, Inc. (AMAT)

Patten & Patten Inc. TN cut its position in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 62.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,300 shares of the manufacturing equipment provider’s stock after selling 10,500 shares during the period. Patten & Patten Inc. TN’s holdings in Applied Materials were worth $260,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of AMAT. Rehmann Capital Advisory Group raised its position in Applied Materials by 28.9% in the second quarter. Rehmann Capital Advisory Group now owns 7,101 shares of the manufacturing equipment provider’s stock worth $293,000 after buying an additional 1,592 shares in the last quarter. Aperio Group LLC raised its position in Applied Materials by 12.6% in the second quarter. Aperio Group LLC now owns 507,868 shares of the manufacturing equipment provider’s stock worth $20,980,000 after buying an additional 56,742 shares in the last quarter. Visionary Asset Management Inc. bought a new position in Applied Materials during the second quarter worth $343,000. Chemung Canal Trust Co. raised its position in Applied Materials by 2.2% in the second quarter. Chemung Canal Trust Co. now owns 11,838 shares of the manufacturing equipment provider’s stock worth $489,000 after buying an additional 254 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in Applied Materials by 3.3% in the second quarter. North Star Investment Management Corp. now owns 6,856 shares of the manufacturing equipment provider’s stock worth $283,000 after buying an additional 216 shares in the last quarter. Institutional investors own 80.06% of the company’s stock.

Shares of Applied Materials, Inc. (NASDAQ:AMAT) traded up 0.28% during trading on Friday, hitting $42.82. The stock had a trading volume of 7,510,942 shares. The firm has a market capitalization of $46.02 billion, a P/E ratio of 17.71 and a beta of 1.82. Applied Materials, Inc. has a 1-year low of $25.86 and a 1-year high of $47.86. The stock’s 50-day moving average price is $44.39 and its 200 day moving average price is $40.57.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, May 18th. The manufacturing equipment provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.76 by $0.03. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. Applied Materials had a return on equity of 38.28% and a net margin of 20.41%. Applied Materials’s revenue was up 44.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 EPS. On average, analysts anticipate that Applied Materials, Inc. will post $3.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.93%. Applied Materials’s payout ratio is presently 16.46%.

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A number of research firms have recently weighed in on AMAT. BidaskClub lowered Applied Materials from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Vetr raised Applied Materials from a “hold” rating to a “buy” rating and set a $48.70 price target for the company in a research report on Monday, July 31st. Cowen and Company reaffirmed a “buy” rating and set a $50.00 price target on shares of Applied Materials in a research report on Friday, July 28th. B. Riley reaffirmed a “buy” rating and set a $56.00 price target on shares of Applied Materials in a research report on Sunday, July 16th. Finally, DA Davidson reaffirmed a “buy” rating and set a $55.00 price target on shares of Applied Materials in a research report on Monday, July 10th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $46.62.

Applied Materials Company Profile