Essex Financial Services Inc. Grows Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Essex Financial Services Inc. raised its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,444 shares of the manufacturing equipment provider’s stock after buying an additional 177 shares during the period. Essex Financial Services Inc.’s holdings in Applied Materials were worth $396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Global Wealth Management Investment Advisory Inc. lifted its position in shares of Applied Materials by 76.9% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 230 shares of the manufacturing equipment provider’s stock worth $32,000 after purchasing an additional 100 shares during the period. BluePath Capital Management LLC purchased a new stake in shares of Applied Materials in the 3rd quarter worth approximately $39,000. L2 Asset Management LLC lifted its position in shares of Applied Materials by 795.0% in the 3rd quarter. L2 Asset Management LLC now owns 29,606 shares of the manufacturing equipment provider’s stock worth $41,000 after purchasing an additional 26,298 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Applied Materials in the 3rd quarter worth approximately $42,000. Finally, Tompkins Financial Corp purchased a new stake in shares of Applied Materials in the 4th quarter worth approximately $49,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Price Performance

Shares of Applied Materials stock opened at $204.09 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.71 and a debt-to-equity ratio of 0.31. Applied Materials, Inc. has a twelve month low of $111.72 and a twelve month high of $214.91. The firm has a market cap of $169.58 billion, a PE ratio of 24.01, a P/E/G ratio of 2.90 and a beta of 1.58. The business has a 50-day moving average price of $203.76 and a 200 day moving average price of $173.13.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, February 15th. The manufacturing equipment provider reported $2.13 EPS for the quarter, topping the consensus estimate of $1.90 by $0.23. The firm had revenue of $6.71 billion during the quarter, compared to analysts’ expectations of $6.48 billion. Applied Materials had a return on equity of 43.56% and a net margin of 27.03%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $2.03 earnings per share. Sell-side analysts predict that Applied Materials, Inc. will post 8.04 earnings per share for the current fiscal year.

Applied Materials Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 23rd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, May 22nd. This is a positive change from Applied Materials’s previous quarterly dividend of $0.32. This represents a $1.60 dividend on an annualized basis and a yield of 0.78%. Applied Materials’s payout ratio is presently 18.82%.

Analysts Set New Price Targets

AMAT has been the subject of several research reports. TD Cowen upped their price target on shares of Applied Materials from $185.00 to $245.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. The Goldman Sachs Group increased their target price on shares of Applied Materials from $156.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Citigroup increased their target price on shares of Applied Materials from $170.00 to $211.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Cantor Fitzgerald raised shares of Applied Materials from a “neutral” rating to an “overweight” rating and increased their target price for the company from $220.00 to $260.00 in a research report on Monday, April 8th. Finally, Susquehanna upped their price target on shares of Applied Materials from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $201.50.

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.