Applied Materials (NASDAQ:AMAT) Given New $78.00 Price Target at Cowen

Applied Materials (NASDAQ:AMAT) had its price target raised by Cowen from $75.00 to $78.00 in a research note issued to investors on Thursday, Briefing.com Automated Import reports. The brokerage currently has an outperform rating on the manufacturing equipment provider’s stock.

AMAT has been the topic of a number of other reports. ICAP raised shares of Applied Materials from a neutral rating to a buy rating in a report on Friday, January 10th. Needham & Company LLC reissued a buy rating and issued a $70.00 price target on shares of Applied Materials in a report on Tuesday, January 21st. Royal Bank of Canada increased their price target on shares of Applied Materials from $63.00 to $67.00 and gave the company an outperform rating in a report on Friday, November 15th. Deutsche Bank raised shares of Applied Materials from a hold rating to a buy rating and increased their price target for the company from $60.00 to $72.00 in a report on Sunday, February 2nd. Finally, Bank of America raised shares of Applied Materials from a neutral rating to a buy rating in a report on Friday, January 10th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $71.04.

Shares of AMAT stock traded down $0.52 on Thursday, reaching $66.85. The stock had a trading volume of 8,094,968 shares, compared to its average volume of 7,525,363. The company has a quick ratio of 1.51, a current ratio of 2.30 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average is $61.78 and its two-hundred day moving average is $55.12. The firm has a market capitalization of $57.80 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 2.01 and a beta of 1.64. Applied Materials has a 12 month low of $36.80 and a 12 month high of $69.44.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Wednesday, February 12th. The manufacturing equipment provider reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.06. The company had revenue of $4.16 billion for the quarter, compared to analysts’ expectations of $4.11 billion. Applied Materials had a net margin of 18.52% and a return on equity of 35.13%. Applied Materials’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. On average, sell-side analysts forecast that Applied Materials will post 3.82 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Wednesday, February 19th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.84 annualized dividend and a yield of 1.26%. Applied Materials’s dividend payout ratio is currently 27.63%.

In other Applied Materials news, Director Stephen R. Forrest sold 3,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $62.86, for a total transaction of $188,580.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Prabu G. Raja sold 50,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $60.73, for a total transaction of $3,036,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,053,000 shares of company stock worth $64,335,080. Company insiders own 0.41% of the company’s stock.

Several large investors have recently made changes to their positions in AMAT. Prudential Financial Inc. grew its position in shares of Applied Materials by 135.0% during the 4th quarter. Prudential Financial Inc. now owns 3,928,533 shares of the manufacturing equipment provider’s stock worth $239,797,000 after purchasing an additional 2,256,830 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Applied Materials by 96.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,431,075 shares of the manufacturing equipment provider’s stock worth $148,393,000 after purchasing an additional 1,195,482 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Applied Materials during the 4th quarter worth approximately $71,598,000. Amundi Pioneer Asset Management Inc. grew its position in shares of Applied Materials by 101.1% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,716,947 shares of the manufacturing equipment provider’s stock worth $104,804,000 after purchasing an additional 863,181 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its position in shares of Applied Materials by 66.0% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,071,712 shares of the manufacturing equipment provider’s stock worth $103,378,000 after purchasing an additional 823,448 shares in the last quarter. Hedge funds and other institutional investors own 79.81% of the company’s stock.

Applied Materials Company Profile

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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Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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