Applied Materials (NASDAQ:AMAT) Issues Quarterly Earnings Results

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. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.52 billion. Applied Materials had a net margin of 24.27% and a return on equity of 49.29%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.03 EPS. 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 AMAT opened at $148.59 on Friday. The company has a current ratio of 2.30, a quick ratio of 1.59 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average is $140.13 and its two-hundred day moving average is $138.95. Applied Materials has a twelve month low of $93.68 and a twelve month high of $157.76. The firm has a market capitalization of $124.75 billion, a P/E ratio of 19.60, a PEG ratio of 3.80 and a beta of 1.59.

Applied Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $1.28 annualized dividend and a yield of 0.86%. Applied Materials’s payout ratio is currently 16.89%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AMAT. Berenberg Bank lifted their price objective on shares of Applied Materials from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, August 18th. Morgan Stanley lifted their price objective on shares of Applied Materials from $139.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Friday. Stifel Nicolaus lifted their price objective on shares of Applied Materials from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, August 18th. Bank of America boosted their price target on shares of Applied Materials from $165.00 to $175.00 in a research report on Friday, August 18th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Applied Materials from $165.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $156.41.

Insiders Place Their Bets

In other Applied Materials 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 transaction of $150,040.00. Following the transaction, the chief financial officer now directly owns 106,023 shares in the company, valued at $15,907,690.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of Applied Materials

Large investors have recently modified their holdings of the business. Financial Freedom LLC acquired a new stake in shares of Applied Materials in the fourth quarter valued at approximately $25,000. Quarry LP purchased a new position in shares of Applied Materials during the first quarter valued at approximately $40,000. Chilton Capital Management LLC acquired a new stake in Applied Materials during the first quarter worth approximately $43,000. KB Financial Partners LLC purchased a new stake in Applied Materials in the 1st quarter worth approximately $54,000. Finally, Coppell Advisory Solutions Corp. purchased a new position in shares of Applied Materials during the 4th quarter worth $56,000. 77.24% of the stock is currently owned by institutional investors and hedge funds.

Applied Materials Company Profile

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.