Applied Materials (NASDAQ:AMAT) Given New $217.00 Price Target at Citigroup

Applied Materials (NASDAQ:AMAT) had its price target trimmed by Citigroup from $240.00 to $217.00 in a research report report published on Monday, Benzinga reports. The firm currently has a buy rating on the manufacturing equipment provider’s stock.

A number of other analysts also recently issued reports on the company. Wells Fargo & Company raised their target price on Applied Materials from $255.00 to $280.00 and gave the stock an overweight rating in a research report on Monday, June 17th. Barclays upgraded Applied Materials from an underweight rating to an equal weight rating and boosted their price objective for the company from $165.00 to $225.00 in a research note on Wednesday, June 5th. Needham & Company LLC reiterated a buy rating and set a $260.00 target price on shares of Applied Materials in a research report on Friday, August 16th. Stifel Nicolaus lowered their price target on shares of Applied Materials from $275.00 to $270.00 and set a buy rating on the stock in a research report on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Applied Materials from $260.00 to $230.00 and set a hold rating on the stock in a research note on Friday, August 16th. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $232.00.

Applied Materials Stock Performance

Shares of AMAT opened at $196.71 on Monday. The stock has a 50-day moving average of $199.38 and a 200-day moving average of $210.28. The company has a market cap of $162.87 billion, a PE ratio of 22.61, a P/E/G ratio of 2.21 and a beta of 1.55. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.86 and a quick ratio of 2.09. Applied Materials has a one year low of $129.21 and a one year high of $255.89.

Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings data on Thursday, August 15th. The manufacturing equipment provider reported $2.12 EPS for the quarter, beating the consensus estimate of $2.02 by $0.10. The firm had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.68 billion. Applied Materials had a net margin of 27.74% and a return on equity of 39.99%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $1.90 EPS. On average, equities research analysts predict that Applied Materials will post 8.49 EPS for the current fiscal year.

Applied Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.81%. The ex-dividend date is Thursday, November 21st. Applied Materials’s dividend payout ratio is currently 18.39%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Swedbank AB bought a new position in Applied Materials in the first quarter worth approximately $773,611,000. Wellington Management Group LLP lifted its position in shares of Applied Materials by 3,940.1% in the fourth quarter. Wellington Management Group LLP now owns 2,175,766 shares of the manufacturing equipment provider’s stock valued at $352,626,000 after acquiring an additional 2,121,912 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Applied Materials by 126.4% in the 1st quarter. Janus Henderson Group PLC now owns 2,254,952 shares of the manufacturing equipment provider’s stock worth $464,974,000 after purchasing an additional 1,259,111 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Applied Materials by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 74,117,176 shares of the manufacturing equipment provider’s stock worth $12,012,171,000 after acquiring an additional 973,218 shares during the last quarter. Finally, EdgePoint Investment Group Inc. purchased a new position in shares of Applied Materials during the first quarter valued at about $162,873,000. Institutional investors own 80.56% of the company’s stock.

About Applied Materials

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company 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.