Platinum Investment Management Ltd. Sells 3,735 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Platinum Investment Management Ltd. lessened its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 33.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,536 shares of the manufacturing equipment provider's stock after selling 3,735 shares during the quarter. Platinum Investment Management Ltd.'s holdings in Applied Materials were worth $1,226,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. raised its stake in shares of Applied Materials by 341.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider's stock worth $577,288,000 after buying an additional 2,209,218 shares in the last quarter. Janus Henderson Group PLC raised its position in Applied Materials by 67.8% in the third quarter. Janus Henderson Group PLC now owns 4,663,133 shares of the manufacturing equipment provider's stock worth $942,187,000 after acquiring an additional 1,884,153 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Applied Materials during the 4th quarter valued at about $182,962,000. Alecta Tjanstepension Omsesidigt acquired a new position in shares of Applied Materials in the 4th quarter worth approximately $157,426,000. Finally, Flossbach Von Storch SE lifted its stake 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 purchasing an additional 893,995 shares during the last quarter. Institutional investors own 80.56% of the company's stock.

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Insider Buying and Selling at Applied Materials

In other news, CAO Adam Sanders sold 271 shares of the stock in a transaction dated Monday, February 24th. The stock was 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 represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.24% of the company's stock.

Applied Materials Stock Down 1.5 %

Shares of AMAT traded down $2.26 during midday trading on Friday, reaching $152.12. 15,887,839 shares of the stock were exchanged, compared to its average volume of 5,887,441. The company has a market cap of $123.59 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 1.81 and a beta of 1.62. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. Applied Materials, Inc. has a 12-month low of $145.37 and a 12-month high of $255.89. The firm has a 50 day simple moving average of $170.32 and a 200-day simple moving average of $177.89.

Applied Materials (NASDAQ:AMAT - Get Free Report) last posted 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 net margin of 22.95% and a return on equity of 39.50%. Research analysts forecast that Applied Materials, Inc. will post 9.38 EPS for the current year.

Applied Materials announced that its Board of Directors has initiated a share repurchase program on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.21%. This is an increase from Applied Materials's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, May 22nd. Applied Materials's dividend payout ratio is presently 24.05%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Sanford C. Bernstein dropped their price target on Applied Materials from $220.00 to $210.00 and set an "outperform" rating on the stock in a report on Friday, November 29th. Needham & Company LLC reduced their target price on Applied Materials from $200.00 to $195.00 and set a "buy" rating for the company in a report on Friday, February 14th. Wells Fargo & Company dropped their price target on Applied Materials from $210.00 to $200.00 and set an "overweight" rating on the stock in a research note on Monday, January 13th. Citigroup upped their price objective 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, 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 research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average 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.