Renaissance Technologies LLC Makes New $79.31 Million Investment in Applied Materials, Inc. (NASDAQ:AMAT)

Renaissance Technologies LLC acquired a new stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 487,648 shares of the manufacturing equipment provider’s stock, valued at approximately $79,306,000. Renaissance Technologies LLC owned 0.06% of Applied Materials at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Field & Main Bank boosted its position in shares of Applied Materials by 1.8% during the 4th quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock valued at $516,000 after acquiring an additional 55 shares during the last quarter. Bank of New Hampshire raised its holdings in Applied Materials by 0.8% in the fourth quarter. Bank of New Hampshire now owns 6,998 shares of the manufacturing equipment provider’s stock worth $1,138,000 after purchasing an additional 56 shares in the last quarter. Grove Bank & Trust lifted its holdings in shares of Applied Materials by 0.8% during the 4th quarter. Grove Bank & Trust now owns 7,388 shares of the manufacturing equipment provider’s stock valued at $1,202,000 after purchasing an additional 60 shares during the last quarter. Cyndeo Wealth Partners LLC raised its position in shares of Applied Materials by 0.4% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after purchasing an additional 60 shares during the last quarter. Finally, Mezzasalma Advisors LLC grew its stake in Applied Materials by 3.0% during the 4th quarter. Mezzasalma Advisors LLC now owns 2,060 shares of the manufacturing equipment provider’s stock valued at $335,000 after purchasing an additional 60 shares during the last quarter. 80.56% of the stock is owned by institutional investors.

Applied Materials Stock Performance

Shares of AMAT opened at $149.73 on Thursday. The company has a 50-day moving average of $158.30 and a two-hundred day moving average of $173.51. Applied Materials, Inc. has a 12-month low of $123.74 and a 12-month high of $255.89. The stock has a market cap of $121.65 billion, a P/E ratio of 19.57, a PEG ratio of 1.81 and a beta of 1.61. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a return on equity of 39.50% and a net margin of 22.95%. As a group, research analysts predict that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 22nd will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, May 22nd. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s payout ratio is 24.05%.

Applied Materials declared that its board has authorized a stock repurchase program on Monday, March 10th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to purchase up to 8.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AMAT shares. Susquehanna upped their price objective on Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company cut their price target on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Stifel Nicolaus lowered their target price on Applied Materials from $250.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Citigroup raised their target price on shares of Applied Materials from $194.00 to $202.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Mizuho lowered their target price on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $214.67.

Insiders Place Their Bets

In other news, CEO Gary E. Dickerson bought 50,000 shares of the business’s stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $137.30 per share, for a total transaction of $6,865,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,716,058 shares of the company’s stock, valued at approximately $235,614,763.40. This trade represents a 3.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Adam Sanders sold 271 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $172.72, for a total transaction of $46,807.12. Following the transaction, the chief accounting officer now owns 6,479 shares of the company’s stock, valued at approximately $1,119,052.88. This trade represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

About Applied Materials

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company 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.