Applied Materials, Inc. (NASDAQ:AMAT) Shares Sold by DnB Asset Management AS

DnB Asset Management AS trimmed its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 26.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,074 shares of the manufacturing equipment provider’s stock after selling 55,625 shares during the period. DnB Asset Management AS’s holdings in Applied Materials were worth $24,569,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of AMAT. Norges Bank purchased a new position in shares of Applied Materials during the fourth quarter valued at $1,588,422,000. EdgePoint Investment Group Inc. increased its stake in Applied Materials by 341.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider’s stock valued at $577,288,000 after buying an additional 2,209,218 shares during the period. Janus Henderson Group PLC lifted its position in Applied Materials by 67.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,663,133 shares of the manufacturing equipment provider’s stock worth $942,187,000 after buying an additional 1,884,153 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Applied Materials during the 4th quarter valued at $182,962,000. Finally, Alecta Tjanstepension Omsesidigt purchased a new position in shares of Applied Materials during the 4th quarter valued at $157,426,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Applied Materials Price Performance

Applied Materials stock opened at $145.06 on Friday. Applied Materials, Inc. has a 52 week low of $144.12 and a 52 week high of $255.89. The firm has a market cap of $117.85 billion, a P/E ratio of 18.96, a P/E/G ratio of 1.81 and a beta of 1.62. 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 business’s fifty day moving average is $167.33 and its two-hundred day moving average is $176.91.

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

Applied Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Thursday, May 22nd. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio is 24.05%.

Applied Materials declared that its board has initiated a stock buyback program on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on AMAT. Stifel Nicolaus lowered their price target on Applied Materials from $250.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Susquehanna upped their price target on Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. KeyCorp upgraded Applied Materials from a “sector weight” rating to an “overweight” rating and set a $225.00 target price for the company in a report on Friday, January 17th. Wells Fargo & Company dropped their price target on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Finally, Needham & Company LLC decreased their price objective on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating for the company in a report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Applied Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.67.

Insider Buying and Selling

In other news, CAO Adam Sanders sold 271 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $172.72, for a total value of $46,807.12. Following the transaction, the chief accounting officer now owns 6,479 shares of the company’s stock, valued at $1,119,052.88. This represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

Applied Materials Company 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.