Holderness Investments Co. Decreases Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Holderness Investments Co. trimmed its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,951 shares of the manufacturing equipment provider's stock after selling 1,970 shares during the quarter. Applied Materials makes up about 2.4% of Holderness Investments Co.'s investment portfolio, making the stock its 6th largest holding. Holderness Investments Co.'s holdings in Applied Materials were worth $10,726,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AMAT. EdgePoint Investment Group Inc. grew its position in Applied Materials by 341.0% in the third quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider's stock worth $577,288,000 after acquiring an additional 2,209,218 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Applied Materials by 67.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,663,133 shares of the manufacturing equipment provider's stock valued at $942,187,000 after purchasing an additional 1,884,153 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Applied Materials in the fourth quarter worth $182,962,000. Alecta Tjanstepension Omsesidigt acquired a new position in Applied Materials during the fourth quarter worth $157,426,000. Finally, Flossbach Von Storch SE raised its holdings in Applied Materials by 126.6% during the fourth 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 Price Performance

NASDAQ AMAT traded up $2.83 during trading on Monday, reaching $154.95. 5,853,669 shares of the company traded hands, compared to its average volume of 5,887,308. Applied Materials, Inc. has a 1-year low of $145.37 and a 1-year high of $255.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67. The stock's 50 day moving average price is $170.00 and its two-hundred day moving average price is $177.68. The company has a market cap of $125.89 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 1.81 and a beta of 1.62.

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, 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, analysts anticipate that Applied Materials, Inc. will post 9.38 EPS for the current year.

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

Applied Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a $0.46 dividend. The ex-dividend date is Thursday, May 22nd. This is a positive change from Applied Materials's previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a yield of 1.19%. Applied Materials's payout ratio is 24.05%.

Insiders Place Their Bets

In related news, CAO Adam Sanders sold 271 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $172.72, for a total transaction of $46,807.12. Following the sale, the chief accounting officer now directly owns 6,479 shares in the company, valued at $1,119,052.88. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Susquehanna raised their price objective on Applied Materials from $155.00 to $165.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Mizuho dropped their price target on shares of Applied Materials from $220.00 to $210.00 and set an "outperform" rating on the stock in a research report on Friday, January 10th. Barclays decreased their price objective on shares of Applied Materials from $200.00 to $190.00 and set an "equal weight" rating for the company in a report on Friday, February 14th. Stifel Nicolaus cut their target price on shares of Applied Materials from $250.00 to $235.00 and set a "buy" rating for the company in a research report on Tuesday, February 11th. Finally, Citigroup raised their price target on Applied Materials from $194.00 to $202.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $215.38.

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.