Applied Materials (NASDAQ:AMAT) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Applied Materials (NASDAQ:AMAT) issued its earnings results on Thursday. The manufacturing equipment provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.14, Briefing.com reports. Applied Materials had a net margin of 24.27% and a return on equity of 49.29%. The firm had revenue of $6.72 billion for the quarter, compared to analysts’ expectations of $6.52 billion. During the same quarter last year, the company earned $2.03 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. 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 5.8 %

Shares of NASDAQ:AMAT opened at $145.86 on Friday. Applied Materials has a 52-week low of $93.68 and a 52-week high of $157.76. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.59 and a current ratio of 2.30. The company has a market cap of $122.45 billion, a P/E ratio of 20.42, a P/E/G ratio of 3.80 and a beta of 1.59. The stock’s 50-day moving average is $140.11 and its 200-day moving average is $138.70.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Friday, November 24th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Wednesday, November 22nd. Applied Materials’s payout ratio is 16.89%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AMAT shares. The Goldman Sachs Group increased their price target on shares of Applied Materials from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, August 21st. Sanford C. Bernstein lifted their price target on Applied Materials from $150.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, August 18th. Mizuho reiterated a “buy” rating and set a $158.00 target price on shares of Applied Materials in a report on Friday, September 15th. Evercore ISI lowered their price target on shares of Applied Materials from $175.00 to $160.00 in a report on Thursday, October 5th. Finally, UBS Group raised their target price on shares of Applied Materials from $130.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, October 5th. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.89.

Insider Buying and Selling at Applied Materials

In other Applied Materials news, CFO Brice Hill sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $150.04, for a total value of $150,040.00. Following the completion of the sale, the chief financial officer now owns 106,023 shares in the company, valued at approximately $15,907,690.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Applied Materials

A number of institutional investors have recently added to or reduced their stakes in the stock. Eagle Capital Management LLC grew its holdings in Applied Materials by 2.1% during the 3rd quarter. Eagle Capital Management LLC now owns 15,964 shares of the manufacturing equipment provider’s stock worth $2,210,000 after acquiring an additional 327 shares during the last quarter. Orion Portfolio Solutions LLC increased its stake in shares of Applied Materials by 1,146.3% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 54,014 shares of the manufacturing equipment provider’s stock valued at $7,807,000 after buying an additional 49,680 shares during the period. Coppell Advisory Solutions LLC acquired a new position in shares of Applied Materials during the second quarter valued at $81,000. Equitable Holdings Inc. increased its position in Applied Materials by 31.3% in the second quarter. Equitable Holdings Inc. now owns 5,144 shares of the manufacturing equipment provider’s stock worth $744,000 after purchasing an additional 1,225 shares during the period. Finally, Invesco LLC bought a new position in shares of Applied Materials in the 2nd quarter valued at about $1,598,000. 77.24% of the stock is owned by institutional investors and hedge funds.

About Applied Materials

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.