Bornite Capital Management LP Raises Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Bornite Capital Management LP boosted its holdings in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 100.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the manufacturing equipment provider's stock after purchasing an additional 50,000 shares during the quarter. Applied Materials makes up approximately 2.2% of Bornite Capital Management LP's holdings, making the stock its 25th biggest position. Bornite Capital Management LP's holdings in Applied Materials were worth $16,263,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Applied Materials during the 4th quarter worth approximately $1,588,422,000. EdgePoint Investment Group Inc. lifted its position in Applied Materials by 341.0% during the third quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider's stock valued at $577,288,000 after purchasing an additional 2,209,218 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Applied Materials in the 4th quarter worth $182,962,000. Alecta Tjanstepension Omsesidigt bought a new stake in shares of Applied Materials in the 4th quarter worth about $157,426,000. Finally, Flossbach Von Storch SE raised its position in shares of Applied Materials by 126.6% during the 4th quarter. Flossbach Von Storch SE now owns 1,600,078 shares of the manufacturing equipment provider's stock valued at $260,221,000 after buying an additional 893,995 shares in the last quarter. Institutional investors own 80.56% of the company's stock.

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Applied Materials Stock Down 6.3 %

NASDAQ:AMAT traded down $8.56 during mid-day trading on Friday, reaching $126.95. The company's stock had a trading volume of 15,559,633 shares, compared to its average volume of 6,363,196. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $103.14 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.81 and a beta of 1.61. The stock has a fifty day moving average of $162.19 and a 200-day moving average of $175.37. Applied Materials, Inc. has a 1 year low of $123.94 and a 1 year high of $255.89.

Applied Materials (NASDAQ:AMAT - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. Equities research analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, May 22nd. This is an increase from Applied Materials's previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.45%. Applied Materials's dividend payout ratio (DPR) is currently 24.05%.

Applied Materials announced that its Board of Directors has approved a stock repurchase plan on Monday, March 10th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on AMAT shares. Susquehanna boosted their price objective on Applied Materials from $155.00 to $165.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Edward Jones upgraded Applied Materials from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. KeyCorp raised shares of Applied Materials from a "sector weight" rating to an "overweight" rating and set a $225.00 price objective for the company in a research note on Friday, January 17th. Citigroup increased their target price on shares of Applied Materials from $194.00 to $202.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Finally, Needham & Company LLC dropped their price target on shares of Applied Materials from $200.00 to $195.00 and set a "buy" rating for the company in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.67.

Insider Transactions at Applied Materials

In related news, CAO Adam Sanders sold 450 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total transaction of $65,173.50. Following the completion of the sale, the chief accounting officer now owns 6,077 shares of the company's stock, valued at $880,131.91. This represents a 6.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.24% of the company's stock.

Applied Materials Profile

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.