Applied Materials, Inc. (NASDAQ:AMAT) Shares Acquired by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. grew its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 37.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,913,942 shares of the manufacturing equipment provider’s stock after purchasing an additional 1,056,787 shares during the period. Applied Materials makes up about 5.0% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 7th biggest position. EdgePoint Investment Group Inc. owned about 0.48% of Applied Materials worth $636,524,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Field & Main Bank raised its position in shares of Applied Materials by 1.8% in the 4th quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock worth $516,000 after purchasing an additional 55 shares during the last quarter. Grove Bank & Trust boosted its holdings in Applied Materials by 0.8% in the fourth quarter. Grove Bank & Trust now owns 7,388 shares of the manufacturing equipment provider’s stock worth $1,202,000 after purchasing an additional 60 shares during the last quarter. Cyndeo Wealth Partners LLC increased its position in Applied Materials by 0.4% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after acquiring an additional 60 shares during the last quarter. Mezzasalma Advisors LLC increased its position in shares of Applied Materials by 3.0% during the 4th quarter. Mezzasalma Advisors LLC now owns 2,060 shares of the manufacturing equipment provider’s stock valued at $335,000 after purchasing an additional 60 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its position in Applied Materials by 1.7% in the fourth quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider’s stock worth $607,000 after acquiring an additional 62 shares during the period. 80.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMAT. Susquehanna upped their price target on shares of Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group decreased their price objective on Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company decreased their price objective on Applied Materials from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Jefferies Financial Group raised shares of Applied Materials from a “hold” rating to a “buy” rating and set a $195.00 target price on the stock in a research note on Friday, March 28th. Finally, Barclays decreased their price target on Applied Materials from $190.00 to $160.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $208.86.

Insider Buying and Selling

In related news, CEO Gary E. Dickerson acquired 50,000 shares of Applied Materials stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the purchase, the chief executive officer now owns 1,716,058 shares of the company’s stock, valued at approximately $235,614,763.40. This represents a 3.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Adam Sanders sold 450 shares of Applied Materials stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total transaction of $65,173.50. Following the completion of the transaction, the chief accounting officer now directly owns 6,077 shares of the company’s stock, valued at $880,131.91. The trade was a 6.89 % decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

Applied Materials Trading Up 0.1 %

NASDAQ:AMAT opened at $156.00 on Friday. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $147.21 and a 200-day simple moving average of $166.18. Applied Materials, Inc. has a 12 month low of $123.74 and a 12 month high of $255.89. The company has a market capitalization of $126.74 billion, a P/E ratio of 20.39, a PEG ratio of 1.81 and a beta of 1.71.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. On average, equities research analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be issued a $0.46 dividend. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Thursday, May 22nd. Applied Materials’s dividend payout ratio is 24.05%.

Applied Materials announced that its Board of Directors has authorized a share repurchase plan on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to repurchase up to 8.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.