Teacher Retirement System of Texas increased its position in shares of Applied Materials (NASDAQ:AMAT) by 41.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 943,719 shares of the manufacturing equipment provider’s stock after purchasing an additional 276,566 shares during the quarter. Teacher Retirement System of Texas’ holdings in Applied Materials were worth $52,480,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in AMAT. Financial Gravity Companies Inc. bought a new stake in Applied Materials in the fourth quarter valued at approximately $110,000. Risk Paradigm Group LLC purchased a new position in Applied Materials during the 4th quarter worth $110,000. Shine Investment Advisory Services Inc. increased its holdings in Applied Materials by 368.3% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,056 shares of the manufacturing equipment provider’s stock worth $114,000 after purchasing an additional 1,617 shares during the period. Cerebellum GP LLC purchased a new position in Applied Materials during the 4th quarter worth $122,000. Finally, SevenBridge Financial Group LLC increased its holdings in Applied Materials by 957.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 2,380 shares of the manufacturing equipment provider’s stock worth $122,000 after purchasing an additional 2,155 shares during the period. Institutional investors and hedge funds own 78.49% of the company’s stock.
In related news, Director Thomas J. Iannotti sold 15,000 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $61.47, for a total transaction of $922,050.00. Following the completion of the transaction, the director now directly owns 76,967 shares of the company’s stock, valued at $4,731,161.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.35% of the company’s stock.
NASDAQ AMAT traded up $0.87 during trading hours on Wednesday, hitting $54.96. 1,338,993 shares of the stock were exchanged, compared to its average volume of 14,206,790. The stock has a market capitalization of $58.06 billion, a P/E ratio of 16.91, a P/E/G ratio of 0.95 and a beta of 1.65. Applied Materials has a 12-month low of $54.26 and a 12-month high of $55.00. The company has a quick ratio of 2.25, a current ratio of 2.96 and a debt-to-equity ratio of 0.62.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Wednesday, February 14th. The manufacturing equipment provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.08. The firm had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Applied Materials had a net margin of 18.53% and a return on equity of 45.17%. During the same period in the prior year, the company posted $0.67 earnings per share. equities research analysts expect that Applied Materials will post 4.41 earnings per share for the current fiscal year.
Applied Materials declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 14th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the manufacturing equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Several research firms have commented on AMAT. Bank of America began coverage on Applied Materials in a report on Wednesday, March 21st. They set a “buy” rating and a $80.00 price objective on the stock. Vetr upgraded shares of Applied Materials from a “buy” rating to a “strong-buy” rating and set a $66.16 price objective for the company in a research note on Monday, March 19th. Zacks Investment Research downgraded shares of Applied Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 17th. BidaskClub upgraded shares of Applied Materials from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $75.00 target price (up previously from $74.00) on shares of Applied Materials in a research note on Monday, February 26th. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $65.24.
Applied Materials Company 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.
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