Applied Materials (AMAT) Board of Directors Announces Share Buyback Program

Applied Materials (NASDAQ:AMAT) declared that its Board of Directors has initiated a share buyback plan, which allows the company to repurchase $6.00 billion in outstanding shares on Wednesday, February 14th, EventVestor reports. This repurchase authorization allows the manufacturing equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Applied Materials (NASDAQ:AMAT) opened at $55.03 on Tuesday. The company has a market capitalization of $57,980.00, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.00 and a beta of 1.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.25 and a current ratio of 2.96. Applied Materials has a 52 week low of $34.72 and a 52 week high of $60.89.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Wednesday, February 14th. The manufacturing equipment provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.08. The firm had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.10 billion. Applied Materials had a return on equity of 51.26% and a net margin of 27.14%. During the same period in the prior year, the business earned $0.67 EPS. analysts anticipate that Applied Materials will post 4.33 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 14th. Investors of record on Thursday, May 24th will be paid a dividend of $0.20 per share. This is an increase from Applied Materials’s previous quarterly dividend of $0.10. This represents a $0.80 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Wednesday, May 23rd. Applied Materials’s dividend payout ratio is presently 11.14%.

A number of brokerages have issued reports on AMAT. Vetr lowered Applied Materials from a “buy” rating to a “hold” rating and set a $61.08 target price on the stock. in a research report on Tuesday, November 21st. Nomura reaffirmed a “buy” rating and issued a $65.00 target price (up from $55.00) on shares of Applied Materials in a research report on Tuesday, November 21st. Credit Suisse Group upped their target price on Applied Materials from $62.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, November 17th. Royal Bank of Canada upped their target price on Applied Materials from $55.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 17th. Finally, Deutsche Bank boosted their price target on Applied Materials from $58.00 to $65.00 and gave the company a “buy” rating in a report on Friday, November 17th. One research analyst has rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $63.88.

In related news, VP Omkaram Nalamasu sold 53,466 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $53.00, for a total transaction of $2,833,698.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 312,716 shares of company stock valued at $16,218,746. 0.35% of the stock is owned by company insiders.

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Applied Materials Company Profile

Applied Materials, Inc provides manufacturing equipment, services and software to the global semiconductor, display and related industries. The Company’s segments are Semiconductor Systems, which includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation; Applied Global Services, which provides integrated solutions to optimize equipment and fab performance and productivity; Display and Adjacent Markets, which includes products for manufacturing liquid crystal displays, organic light-emitting diodes, upgrades and roll-to-roll Web coating systems and other display technologies for televisions, personal computers, smart phones and other consumer-oriented devices, and Corporate and Other segment, which includes revenues from products, as well as costs of products sold for fabricating solar photovoltaic cells and modules, and certain operating expenses.

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