Applied Materials (AMAT) Price Target Raised to $70.00

Applied Materials (NASDAQ:AMAT) had its price objective raised by J P Morgan Chase & Co to $70.00 in a research note published on Friday, November 17th. The brokerage currently has an overweight rating on the manufacturing equipment provider’s stock.

Several other research firms have also issued reports on AMAT. Craig Hallum lifted their price objective on Applied Materials to $60.00 and gave the company a buy rating in a research note on Friday, August 18th. Credit Suisse Group reissued a buy rating and set a $62.00 price objective on shares of Applied Materials in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a buy rating on shares of Applied Materials in a research note on Sunday, October 1st. Needham & Company LLC lifted their price objective on Applied Materials to $66.00 and gave the stock a positive rating in a report on Friday, November 17th. Finally, Royal Bank Of Canada reiterated a sector perform rating and issued a $48.00 price objective (up previously from $46.00) on shares of Applied Materials in a report on Sunday, August 20th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $61.15.

Shares of Applied Materials (NASDAQ:AMAT) traded up $0.93 during midday trading on Friday, reaching $51.01. The company’s stock had a trading volume of 19,275,756 shares, compared to its average volume of 10,080,000. Applied Materials has a 1-year low of $31.29 and a 1-year high of $60.89. The company has a market capitalization of $53,079.05, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 0.95 and a beta of 1.80. The company has a current ratio of 3.14, a quick ratio of 2.43 and a debt-to-equity ratio of 0.57.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, November 16th. The manufacturing equipment provider reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.02. Applied Materials had a return on equity of 41.51% and a net margin of 23.62%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. equities research analysts anticipate that Applied Materials will post 3.96 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.78%. Applied Materials’s dividend payout ratio is presently 12.62%.

In other news, Director Stephen R. Forrest sold 5,000 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $58.00, for a total value of $290,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas F. Larkins sold 30,000 shares of the company’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $51.24, for a total value of $1,537,200.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Applied Materials by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 75,084,373 shares of the manufacturing equipment provider’s stock valued at $3,101,736,000 after purchasing an additional 1,721,964 shares during the last quarter. State Street Corp lifted its holdings in shares of Applied Materials by 2.1% in the 2nd quarter. State Street Corp now owns 48,897,158 shares of the manufacturing equipment provider’s stock valued at $2,019,939,000 after acquiring an additional 985,296 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Applied Materials by 14.8% in the 2nd quarter. Capital Research Global Investors now owns 17,724,836 shares of the manufacturing equipment provider’s stock valued at $732,213,000 after acquiring an additional 2,284,836 shares during the last quarter. Egerton Capital UK LLP raised its position in Applied Materials by 23.2% in the 3rd quarter. Egerton Capital UK LLP now owns 16,919,928 shares of the manufacturing equipment provider’s stock worth $881,359,000 after purchasing an additional 3,184,994 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in Applied Materials by 7.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 13,751,324 shares of the manufacturing equipment provider’s stock worth $568,067,000 after purchasing an additional 973,818 shares during the period. 78.58% of the stock is owned by institutional investors.

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