Applied Materials (NASDAQ:AMAT) Downgraded to Buy at Goldman Sachs Group

Goldman Sachs Group lowered shares of Applied Materials (NASDAQ:AMAT) from a conviction-buy rating to a buy rating in a research note issued to investors on Tuesday morning, The Fly reports.

Other equities analysts have also recently issued reports about the company. KeyCorp lifted their price target on Applied Materials from $70.00 to $86.00 and gave the company an overweight rating in a research report on Thursday, February 13th. Nomura boosted their target price on Applied Materials from $75.00 to $77.00 and gave the stock a buy rating in a research report on Thursday, February 13th. Cfra boosted their target price on Applied Materials from $60.00 to $68.00 and gave the stock a hold rating in a research report on Thursday, February 13th. Credit Suisse Group boosted their target price on Applied Materials from $70.00 to $85.00 and gave the stock an outperform rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Co reduced their target price on Applied Materials from $78.00 to $50.00 and set an overweight rating for the company in a research report on Friday, March 20th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $67.38.

NASDAQ:AMAT traded down $0.41 during trading hours on Tuesday, reaching $44.73. The stock had a trading volume of 11,528,883 shares, compared to its average volume of 9,818,816. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.60 and a current ratio of 2.36. The stock has a 50 day simple moving average of $56.79 and a 200 day simple moving average of $56.66. Applied Materials has a 12-month low of $36.64 and a 12-month high of $69.44. The stock has a market cap of $36.89 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 0.97 and a beta of 1.48.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Wednesday, February 12th. The manufacturing equipment provider reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.06. Applied Materials had a return on equity of 36.15% and a net margin of 18.83%. The business had revenue of $4.16 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same period last year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities analysts expect that Applied Materials will post 4.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Thursday, May 21st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.88 annualized dividend and a yield of 1.97%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.21. Applied Materials’s payout ratio is 27.63%.

In other Applied Materials news, Director Stephen R. Forrest sold 2,000 shares of Applied Materials stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $67.40, for a total transaction of $134,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Crewe Advisors LLC purchased a new position in Applied Materials during the 4th quarter valued at about $27,000. Wealth Quarterback LLC purchased a new position in Applied Materials during the 4th quarter valued at about $28,000. Altshuler Shaham Ltd increased its holdings in Applied Materials by 7,516.7% during the 4th quarter. Altshuler Shaham Ltd now owns 457 shares of the manufacturing equipment provider’s stock valued at $28,000 after purchasing an additional 451 shares during the period. Raab & Moskowitz Asset Management LLC purchased a new position in Applied Materials during the 4th quarter valued at about $29,000. Finally, Cedar Wealth Management LLC purchased a new position in Applied Materials during the 4th quarter valued at about $34,000. 80.81% of the stock is owned by hedge funds and other institutional investors.

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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