Applied Materials (NASDAQ:AMAT) Issues Earnings Results, Beats Estimates By $0.14 EPS

Applied Materials (NASDAQ:AMAT) announced its quarterly earnings data on Thursday. The manufacturing equipment provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.14, Briefing.com reports. Applied Materials had a net margin of 24.27% and a return on equity of 49.29%. The firm had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.52 billion. During the same period in the previous year, the firm posted $2.03 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. Applied Materials updated its Q1 guidance to $1.72-2.08 EPS and its Q1 2024 guidance to $1.72-$2.08 EPS.

Applied Materials Trading Down 4.0 %

Shares of Applied Materials stock opened at $148.59 on Friday. The company’s fifty day moving average price is $140.13 and its two-hundred day moving average price is $138.95. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.30 and a quick ratio of 1.59. Applied Materials has a 52-week low of $93.68 and a 52-week high of $157.76. The firm has a market capitalization of $124.75 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 3.80 and a beta of 1.59.

Applied Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Wednesday, November 22nd. Applied Materials’s dividend payout ratio (DPR) is presently 16.89%.

Insider Transactions at Applied Materials

In other news, CFO Brice Hill sold 1,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $150.04, for a total value of $150,040.00. Following the sale, the chief financial officer now owns 106,023 shares of the company’s stock, valued at approximately $15,907,690.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Materials

Large investors have recently made changes to their positions in the company. Carolinas Wealth Consulting LLC lifted its position in Applied Materials by 62.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 872 shares of the manufacturing equipment provider’s stock worth $107,000 after buying an additional 336 shares in the last quarter. Salem Investment Counselors Inc. lifted its position in Applied Materials by 150.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 722 shares of the manufacturing equipment provider’s stock worth $95,000 after buying an additional 434 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new position in Applied Materials during the 2nd quarter worth about $81,000. First Capital Advisors Group LLC. acquired a new position in Applied Materials during the 2nd quarter worth about $77,000. Finally, Cowa LLC acquired a new position in Applied Materials during the 1st quarter worth about $76,000. Institutional investors own 77.24% of the company’s stock.

Analyst Upgrades and Downgrades

AMAT has been the subject of a number of analyst reports. Susquehanna lifted their target price on shares of Applied Materials from $112.00 to $128.00 and gave the company a “neutral” rating in a research note on Monday, August 21st. Stifel Nicolaus lifted their target price on shares of Applied Materials from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, August 18th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Applied Materials in a research note on Friday. Raymond James initiated coverage on shares of Applied Materials in a research note on Tuesday, October 17th. They issued an “outperform” rating and a $160.00 target price for the company. Finally, Mizuho lifted their target price on shares of Applied Materials from $162.00 to $167.00 and gave the company a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.41.

About Applied Materials

Applied Materials, Inc engages in the provision of 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.