KLP Kapitalforvaltning AS Takes Position in Applied Materials, Inc. (NASDAQ:AMAT)

KLP Kapitalforvaltning AS bought a new position in shares of Applied Materials, Inc. (NASDAQ:AMAT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 382,141 shares of the manufacturing equipment provider’s stock, valued at approximately $62,148,000.

Several other hedge funds have also recently bought and sold shares of the stock. Swedbank AB boosted its position in shares of Applied Materials by 2.6% in the third quarter. Swedbank AB now owns 4,244,566 shares of the manufacturing equipment provider’s stock valued at $857,615,000 after acquiring an additional 108,827 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Applied Materials during the third quarter worth about $319,000. King Luther Capital Management Corp grew its holdings in shares of Applied Materials by 2.7% during the third quarter. King Luther Capital Management Corp now owns 4,037 shares of the manufacturing equipment provider’s stock worth $816,000 after purchasing an additional 106 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Applied Materials by 5.7% in the third quarter. Intech Investment Management LLC now owns 34,379 shares of the manufacturing equipment provider’s stock valued at $6,946,000 after acquiring an additional 1,860 shares during the last quarter. Finally, LPL Financial LLC boosted its holdings in Applied Materials by 9.6% in the third quarter. LPL Financial LLC now owns 557,566 shares of the manufacturing equipment provider’s stock valued at $112,656,000 after acquiring an additional 48,861 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 271 shares of Applied Materials stock in a transaction on Monday, February 24th. The shares were sold at an average price of $172.72, for a total transaction of $46,807.12. Following the transaction, the chief accounting officer now owns 6,479 shares in the company, valued at approximately $1,119,052.88. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMAT. Stifel Nicolaus cut their price target on Applied Materials from $250.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Susquehanna upped their target price on Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein lowered their target price on Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, November 29th. Needham & Company LLC lowered their target price on Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. Finally, Edward Jones raised Applied Materials from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $215.38.

Applied Materials Stock Down 1.5 %

AMAT stock opened at $152.12 on Friday. Applied Materials, Inc. has a fifty-two week low of $145.37 and a fifty-two week high of $255.89. The business’s 50-day moving average is $170.32 and its two-hundred day moving average is $177.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67. The company has a market cap of $123.59 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 1.81 and a beta of 1.62.

Applied Materials (NASDAQ:AMAT) last posted its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. As a group, analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials announced that its Board of Directors has initiated a share repurchase plan on Monday, March 10th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the manufacturing equipment provider to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Applied Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $0.46 per share. This is a boost from Applied Materials’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, May 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 1.21%. Applied Materials’s dividend payout ratio (DPR) is presently 24.05%.

Applied Materials Profile

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.