Applied Materials, Inc. (AMAT) Stake Lessened by Rhumbline Advisers

Rhumbline Advisers cut its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 1.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,681,931 shares of the manufacturing equipment provider’s stock after selling 28,546 shares during the period. Rhumbline Advisers owned about 0.17% of Applied Materials worth $77,688,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AMAT. Shine Investment Advisory Services Inc. grew its holdings in shares of Applied Materials by 368.3% in the first quarter. Shine Investment Advisory Services Inc. now owns 2,056 shares of the manufacturing equipment provider’s stock valued at $114,000 after acquiring an additional 1,617 shares in the last quarter. Kaizen Advisory LLC grew its holdings in shares of Applied Materials by 147.4% in the second quarter. Kaizen Advisory LLC now owns 2,561 shares of the manufacturing equipment provider’s stock valued at $118,000 after acquiring an additional 1,526 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Applied Materials by 127.1% in the second quarter. AdvisorNet Financial Inc now owns 3,054 shares of the manufacturing equipment provider’s stock valued at $141,000 after acquiring an additional 1,709 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Applied Materials by 24.3% in the second quarter. Whittier Trust Co. now owns 6,281 shares of the manufacturing equipment provider’s stock valued at $142,000 after acquiring an additional 1,228 shares in the last quarter. Finally, Optimum Investment Advisors purchased a new position in Applied Materials in the first quarter valued at approximately $147,000. 78.33% of the stock is owned by institutional investors.

Several equities analysts recently commented on the company. Morgan Stanley downgraded Applied Materials from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $58.00 to $54.00 in a research note on Thursday. Cowen assumed coverage on Applied Materials in a research note on Monday, May 14th. They issued a “market perform” rating and a $60.00 price objective on the stock. Needham & Company LLC dropped their price objective on Applied Materials from $72.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Monday, May 21st. Citigroup dropped their price objective on Applied Materials from $78.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, July 13th. Finally, Evercore ISI dropped their price objective on Applied Materials to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $63.72.

NASDAQ:AMAT opened at $48.13 on Friday. The firm has a market cap of $50.58 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 0.84 and a beta of 1.63. Applied Materials, Inc. has a 1 year low of $41.98 and a 1 year high of $62.40. The company has a current ratio of 2.60, a quick ratio of 1.83 and a debt-to-equity ratio of 0.75.

Applied Materials (NASDAQ:AMAT) last posted its earnings results on Thursday, May 17th. The manufacturing equipment provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.08. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.45 billion. Applied Materials had a return on equity of 51.65% and a net margin of 19.24%. During the same quarter in the prior year, the business posted $0.79 earnings per share. analysts predict that Applied Materials, Inc. will post 4.58 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 13th. Shareholders of record on Thursday, August 23rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, August 22nd. This represents a $0.80 annualized dividend and a dividend yield of 1.66%. Applied Materials’s dividend payout ratio is currently 24.62%.

Applied Materials Profile

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.

Further Reading: Earnings Per Share (EPS) Explained

Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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