Applied Materials, Inc. (NASDAQ:AMAT – Get Rating) – Research analysts at KeyCorp lowered their FY2022 earnings per share estimates for shares of Applied Materials in a research note issued to investors on Thursday, May 19th. KeyCorp analyst S. Barger now anticipates that the manufacturing equipment provider will earn $7.44 per share for the year, down from their previous estimate of $8.05. KeyCorp has a “Sector Weight” rating on the stock.
Several other research firms have also recently commented on AMAT. Citigroup lifted their target price on shares of Applied Materials from $178.00 to $180.00 in a research report on Thursday, February 17th. Craig Hallum dropped their target price on shares of Applied Materials from $170.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday. Susquehanna reissued a “hold” rating and set a $160.00 target price on shares of Applied Materials in a research report on Monday, February 14th. Cowen dropped their target price on shares of Applied Materials from $190.00 to $160.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Cowen dropped their target price on shares of Applied Materials from $190.00 to $160.00 in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Applied Materials currently has an average rating of “Buy” and a consensus price target of $156.62.
Applied Materials (NASDAQ:AMAT – Get Rating) last announced its quarterly earnings results on Thursday, May 19th. The manufacturing equipment provider reported $1.85 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.05). Applied Materials had a net margin of 27.20% and a return on equity of 56.59%. The business had revenue of $6.25 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the business posted $1.63 EPS. Applied Materials’s revenue was up 11.9% compared to the same quarter last year.
Applied Materials announced that its board has initiated a share repurchase program on Friday, March 11th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to purchase up to 5.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Thursday, May 26th will be given a dividend of $0.26 per share. This is a positive change from Applied Materials’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Wednesday, May 25th. Applied Materials’s payout ratio is 12.80%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AMAT. Eagle Capital Management LLC purchased a new position in shares of Applied Materials during the 2nd quarter valued at $4,052,000. Morgan Stanley lifted its holdings in shares of Applied Materials by 36.1% during the 2nd quarter. Morgan Stanley now owns 5,498,783 shares of the manufacturing equipment provider’s stock worth $783,027,000 after acquiring an additional 1,458,640 shares during the last quarter. B. Riley Wealth Management Inc. lifted its holdings in shares of Applied Materials by 12.5% during the 3rd quarter. B. Riley Wealth Management Inc. now owns 5,023 shares of the manufacturing equipment provider’s stock worth $647,000 after acquiring an additional 559 shares during the last quarter. First Republic Investment Management Inc. lifted its holdings in shares of Applied Materials by 17.8% during the 3rd quarter. First Republic Investment Management Inc. now owns 330,453 shares of the manufacturing equipment provider’s stock worth $42,539,000 after acquiring an additional 49,880 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its holdings in shares of Applied Materials by 3.8% during the 3rd quarter. Prospera Financial Services Inc now owns 35,621 shares of the manufacturing equipment provider’s stock worth $4,586,000 after acquiring an additional 1,299 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Applied Materials Company Profile (Get Rating)
Applied Materials, Inc provides 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.
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