Craig Hallum Downgrades Applied Materials (NASDAQ:AMAT) to Hold

Craig Hallum downgraded shares of Applied Materials (NASDAQ:AMAT) from a buy rating to a hold rating in a research note published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has $46.00 target price on the manufacturing equipment provider’s stock, down from their previous target price of $47.00.

A number of other equities research analysts have also commented on AMAT. Royal Bank of Canada reissued a buy rating and set a $54.00 price objective on shares of Applied Materials in a report on Wednesday. Bank of America reissued a neutral rating and set a $52.00 price objective (up previously from $45.00) on shares of Applied Materials in a report on Friday, May 17th. BidaskClub lowered shares of Applied Materials from a buy rating to a hold rating in a report on Wednesday, August 7th. Wells Fargo & Co reissued an outperform rating on shares of Applied Materials in a report on Thursday, June 20th. Finally, Zacks Investment Research raised shares of Applied Materials from a hold rating to a buy rating and set a $41.00 price objective on the stock in a report on Tuesday, June 4th. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Applied Materials has an average rating of Buy and an average price target of $50.90.

NASDAQ:AMAT traded down $0.53 during mid-day trading on Friday, reaching $46.63. 17,658,200 shares of the company were exchanged, compared to its average volume of 8,981,748. Applied Materials has a 12 month low of $28.79 and a 12 month high of $52.42. The company has a fifty day moving average of $47.10 and a 200 day moving average of $42.51. The company has a quick ratio of 1.77, a current ratio of 2.79 and a debt-to-equity ratio of 0.65. The stock has a market cap of $43.65 billion, a PE ratio of 10.48, a PEG ratio of 2.37 and a beta of 1.68.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, August 15th. The manufacturing equipment provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. Applied Materials had a net margin of 22.10% and a return on equity of 47.88%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue was down 14.4% on a year-over-year basis. On average, equities research analysts anticipate that Applied Materials will post 2.96 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 22nd will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Wednesday, August 21st. Applied Materials’s dividend payout ratio (DPR) is presently 18.88%.

Several hedge funds and other institutional investors have recently modified their holdings of AMAT. Nuveen Asset Management LLC boosted its stake in shares of Applied Materials by 2,914.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 11,359,951 shares of the manufacturing equipment provider’s stock valued at $510,176,000 after purchasing an additional 10,983,055 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Applied Materials by 72.2% in the 2nd quarter. Invesco Ltd. now owns 25,611,081 shares of the manufacturing equipment provider’s stock valued at $1,150,193,000 after purchasing an additional 10,735,173 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Applied Materials by 34.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 28,351,337 shares of the manufacturing equipment provider’s stock valued at $1,273,259,000 after purchasing an additional 7,230,052 shares during the last quarter. Generation Investment Management LLP bought a new position in shares of Applied Materials in the 2nd quarter valued at about $204,994,000. Finally, FMR LLC boosted its stake in shares of Applied Materials by 16.3% in the 1st quarter. FMR LLC now owns 26,027,352 shares of the manufacturing equipment provider’s stock valued at $1,032,245,000 after purchasing an additional 3,656,960 shares during the last quarter. 77.61% of the stock is currently owned by institutional investors.

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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