Intermede Investment Partners Ltd Sells 186,448 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Intermede Investment Partners Ltd reduced its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 21.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 675,688 shares of the manufacturing equipment provider’s stock after selling 186,448 shares during the quarter. Applied Materials comprises about 2.9% of Intermede Investment Partners Ltd’s portfolio, making the stock its 16th biggest position. Intermede Investment Partners Ltd owned 0.08% of Applied Materials worth $109,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of AMAT. Crews Bank & Trust bought a new stake in Applied Materials during the 4th quarter worth about $28,000. FPC Investment Advisory Inc. acquired a new stake in shares of Applied Materials during the 4th quarter worth approximately $28,000. YANKCOM Partnership acquired a new stake in shares of Applied Materials during the 4th quarter worth approximately $32,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Applied Materials during the third quarter worth approximately $37,000. Finally, City Holding Co. acquired a new position in Applied Materials in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Insider Activity at Applied Materials

In other Applied Materials news, CAO Adam Sanders sold 271 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the sale, the chief accounting officer now owns 6,479 shares in the company, valued at $1,119,052.88. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.24% of the stock is owned by company insiders.

Applied Materials Stock Up 1.4 %

Shares of AMAT stock opened at $149.06 on Thursday. The firm’s fifty day moving average price is $173.10 and its two-hundred day moving average price is $179.85. 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, Inc. has a 1 year low of $145.37 and a 1 year high of $255.89. The firm has a market capitalization of $121.10 billion, a P/E ratio of 19.48, a PEG ratio of 1.81 and a beta of 1.62.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share (EPS) 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%. On average, equities analysts predict that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials announced that its Board of Directors has initiated a stock buyback plan on Monday, March 10th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the manufacturing equipment provider to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, May 22nd. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio is presently 20.92%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Susquehanna lifted their target price on shares of Applied Materials from $155.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Needham & Company LLC dropped their price objective on Applied Materials from $200.00 to $195.00 and set a “buy” rating for the company in a report on Friday, February 14th. Mizuho cut their target price on Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. TD Cowen decreased their target price on Applied Materials from $250.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 15th. Finally, Evercore ISI cut their price target on shares of Applied Materials from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Applied Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.38.

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.