Applied Materials (NASDAQ:AMAT) Announces Quarterly Earnings Results

Applied Materials (NASDAQ:AMAT) posted its quarterly earnings data 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. The business had revenue of $6.72 billion for the quarter, compared to analysts’ expectations of $6.52 billion. Applied Materials had a return on equity of 49.29% and a net margin of 24.27%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.03 EPS. 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 4.6 %

AMAT traded down $7.05 during trading hours on Friday, reaching $147.76. 5,644,510 shares of the company’s stock traded hands, compared to its average volume of 5,934,119. The company has a quick ratio of 1.59, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $140.11 and a 200 day moving average price of $138.70. The firm has a market capitalization of $124.05 billion, a PE ratio of 19.51, a PEG ratio of 3.80 and a beta of 1.59. Applied Materials has a 52-week low of $93.68 and a 52-week high of $157.76.

Applied Materials Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Friday, November 24th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.87%. The ex-dividend date is Wednesday, November 22nd. Applied Materials’s dividend payout ratio is presently 16.89%.

Insider Transactions at Applied Materials

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AMAT. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Applied Materials by 5.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,020,894 shares of the manufacturing equipment provider’s stock valued at $134,555,000 after buying an additional 54,261 shares in the last quarter. Zions Bancorporation N.A. grew its stake in shares of Applied Materials by 92.3% in the 1st quarter. Zions Bancorporation N.A. now owns 3,180 shares of the manufacturing equipment provider’s stock valued at $419,000 after purchasing an additional 1,526 shares during the period. Brown Brothers Harriman & Co. grew its stake in shares of Applied Materials by 21.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 8,981 shares of the manufacturing equipment provider’s stock valued at $1,184,000 after purchasing an additional 1,604 shares during the period. Merit Financial Group LLC acquired a new position in shares of Applied Materials in the 1st quarter worth approximately $315,000. Finally, West Family Investments Inc. lifted its stake in shares of Applied Materials by 12.6% in the 1st quarter. West Family Investments Inc. now owns 2,215 shares of the manufacturing equipment provider’s stock valued at $292,000 after purchasing an additional 248 shares during the period. 77.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of Applied Materials from $130.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, October 5th. Stifel Nicolaus upped their target price on shares of Applied Materials from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, August 18th. Morgan Stanley raised their target price on shares of Applied Materials from $139.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday. Susquehanna boosted their price target on shares of Applied Materials from $112.00 to $128.00 and gave the company a “neutral” rating in a research note on Monday, August 21st. Finally, StockNews.com upgraded shares of Applied Materials from a “hold” rating to a “buy” rating in a report on Saturday, October 21st. 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $155.89.

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.