Rafferty Asset Management LLC Decreases Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Rafferty Asset Management LLC trimmed its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 7.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,955,163 shares of the manufacturing equipment provider’s stock after selling 162,231 shares during the period. Applied Materials accounts for about 1.1% of Rafferty Asset Management LLC’s holdings, making the stock its 14th largest holding. Rafferty Asset Management LLC owned about 0.24% of Applied Materials worth $317,968,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Field & Main Bank increased its position in Applied Materials by 1.8% in the 4th quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock valued at $516,000 after acquiring an additional 55 shares during the period. Grove Bank & Trust boosted its position in Applied Materials by 0.8% during 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 in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in Applied Materials by 0.4% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after buying an additional 60 shares in the last quarter. Mezzasalma Advisors LLC increased its position in Applied Materials by 3.0% during the 4th quarter. Mezzasalma Advisors LLC now owns 2,060 shares of the manufacturing equipment provider’s stock worth $335,000 after purchasing an additional 60 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its holdings in Applied Materials by 1.7% in the 4th quarter. Belpointe Asset Management LLC now owns 3,734 shares of the manufacturing equipment provider’s stock valued at $607,000 after acquiring an additional 62 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Insider Transactions at Applied Materials

In other news, CEO Gary E. Dickerson acquired 50,000 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the completion of the acquisition, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Adam Sanders sold 450 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $144.83, for a total value of $65,173.50. Following the completion of the transaction, the chief accounting officer now owns 6,077 shares in the company, valued at $880,131.91. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AMAT has been the subject of a number of recent analyst reports. KeyCorp upgraded shares of Applied Materials from a “sector weight” rating to an “overweight” rating and set a $225.00 target price for the company in a report on Friday, January 17th. Citigroup decreased their price objective on shares of Applied Materials from $202.00 to $170.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Needham & Company LLC cut their target price on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Bank of America lowered their target price on shares of Applied Materials from $205.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, Susquehanna boosted their target price on shares of Applied Materials from $155.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $208.86.

Applied Materials Price Performance

AMAT stock opened at $174.14 on Thursday. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a one year low of $123.74 and a one year high of $255.89. The firm has a market capitalization of $141.48 billion, a PE ratio of 22.76, a P/E/G ratio of 1.81 and a beta of 1.71. The firm has a 50-day moving average of $148.32 and a two-hundred day moving average of $165.73.

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

Applied Materials declared that its board has approved a share repurchase program on Monday, March 10th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.06%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. Applied Materials’s dividend payout ratio is 24.05%.

About Applied Materials

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.