Applied Materials (NASDAQ:AMAT) Price Target Raised to $76.00 at Citigroup

Applied Materials (NASDAQ:AMAT) had its target price upped by Citigroup from $70.00 to $76.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the manufacturing equipment provider’s stock.

AMAT has been the subject of several other reports. Zacks Investment Research cut shares of Applied Materials from a strong-buy rating to a hold rating and set a $66.00 target price for the company. in a research note on Tuesday, January 21st. Morgan Stanley boosted their target price on shares of Applied Materials from $68.00 to $69.00 and gave the company an equal weight rating in a research note on Monday. ValuEngine cut shares of Applied Materials from a hold rating to a sell rating in a research note on Friday, January 3rd. DA Davidson boosted their target price on shares of Applied Materials to $55.00 and gave the company a positive rating in a research note on Friday, November 15th. Finally, Bank of America upgraded shares of Applied Materials from a neutral rating to a buy rating in a research note on Friday, January 10th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $71.04.

Shares of AMAT traded down $0.52 during trading hours on Thursday, hitting $66.85. The stock had a trading volume of 8,094,968 shares, compared to its average volume of 7,525,363. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.30. The firm has a 50-day moving average price of $61.78 and a 200 day moving average price of $55.12. Applied Materials has a fifty-two week low of $36.80 and a fifty-two week high of $69.44. The firm has a market capitalization of $57.80 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.01 and a beta of 1.64.

Applied Materials (NASDAQ:AMAT) last posted its earnings results on Wednesday, February 12th. The manufacturing equipment provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.06. Applied Materials had a net margin of 18.52% and a return on equity of 35.13%. The firm had revenue of $4.16 billion during the quarter, compared to analysts’ expectations of $4.11 billion. During the same period in the previous year, the business posted $0.81 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. As a group, analysts predict that Applied Materials will post 3.82 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Tuesday, February 18th. Applied Materials’s dividend payout ratio is presently 27.63%.

In other news, Director Stephen R. Forrest sold 3,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $62.86, for a total transaction of $188,580.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prabu G. Raja sold 50,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $60.73, for a total transaction of $3,036,500.00. The disclosure for this sale can be found here. Insiders have sold 1,053,000 shares of company stock valued at $64,335,080 over the last 90 days. 0.41% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in AMAT. Prudential Financial Inc. boosted its stake in Applied Materials by 135.0% during the fourth quarter. Prudential Financial Inc. now owns 3,928,533 shares of the manufacturing equipment provider’s stock worth $239,797,000 after buying an additional 2,256,830 shares during the period. Renaissance Technologies LLC purchased a new position in Applied Materials during the fourth quarter worth about $71,598,000. Amundi Pioneer Asset Management Inc. boosted its stake in Applied Materials by 101.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,716,947 shares of the manufacturing equipment provider’s stock worth $104,804,000 after buying an additional 863,181 shares during the period. Pictet Asset Management Ltd. boosted its stake in Applied Materials by 66.0% during the third quarter. Pictet Asset Management Ltd. now owns 2,071,712 shares of the manufacturing equipment provider’s stock worth $103,378,000 after buying an additional 823,448 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Applied Materials during the fourth quarter worth about $45,263,000. 79.81% of the stock is owned by institutional investors and hedge funds.

Applied Materials Company Profile

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.

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Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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