Applied Materials (NASDAQ:AMAT) Price Target Cut to $58.00 by Analysts at Citigroup

Applied Materials (NASDAQ:AMAT) had its price objective cut by Citigroup from $76.00 to $58.00 in a research report report published on Tuesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the manufacturing equipment provider’s stock.

Several other analysts have also recently issued reports on the stock. Deutsche Bank raised shares of Applied Materials from a hold rating to a buy rating and upped their price objective for the company from $60.00 to $72.00 in a research note on Sunday, February 2nd. B. Riley cut shares of Applied Materials from a buy rating to a neutral rating and dropped their price objective for the company from $74.00 to $44.00 in a research note on Thursday, March 19th. ValuEngine raised shares of Applied Materials from a strong sell rating to a sell rating in a research note on Tuesday, March 3rd. Stifel Nicolaus upped their price objective on shares of Applied Materials from $72.00 to $80.00 and gave the company a buy rating in a research note on Thursday, February 13th. Finally, BidaskClub cut shares of Applied Materials from a buy rating to a hold rating in a research note on Saturday, March 14th. Three 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 company currently has a consensus rating of Buy and a consensus price target of $67.38.

Shares of AMAT stock traded down $0.41 on Tuesday, reaching $44.73. 11,528,883 shares of the company were exchanged, compared to its average volume of 9,818,816. The company has a market cap of $36.89 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 0.97 and a beta of 1.48. The business has a 50-day moving average price of $56.79 and a 200 day moving average price of $56.66. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.60 and a current ratio of 2.36. Applied Materials has a 1 year low of $36.64 and a 1 year high of $69.44.

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

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

In other news, Director Stephen R. Forrest sold 2,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $67.40, for a total value of $134,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Hedge funds have recently modified their holdings of the company. ARP Americas LP acquired a new position in shares of Applied Materials in the 4th quarter worth approximately $2,069,000. Allworth Financial LP lifted its holdings in shares of Applied Materials by 8.2% in the 4th quarter. Allworth Financial LP now owns 4,531 shares of the manufacturing equipment provider’s stock worth $277,000 after acquiring an additional 342 shares during the last quarter. Rosenbaum Jay D. lifted its holdings in shares of Applied Materials by 18.9% in the 4th quarter. Rosenbaum Jay D. now owns 8,498 shares of the manufacturing equipment provider’s stock worth $519,000 after acquiring an additional 1,348 shares during the last quarter. Tredje AP fonden lifted its holdings in shares of Applied Materials by 22.7% in the 4th quarter. Tredje AP fonden now owns 82,855 shares of the manufacturing equipment provider’s stock worth $5,057,000 after acquiring an additional 15,312 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Applied Materials by 2.0% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 217,981 shares of the manufacturing equipment provider’s stock worth $13,306,000 after acquiring an additional 4,294 shares during the last quarter. Hedge funds and other institutional investors own 80.81% of the company’s stock.

About Applied Materials

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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