Resona Asset Management Co. Ltd. Takes $44.06 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

Resona Asset Management Co. Ltd. purchased a new position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 269,993 shares of the manufacturing equipment provider's stock, valued at approximately $44,060,000.

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

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Insider Activity

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

Applied Materials Stock Performance

AMAT traded up $5.90 on Monday, hitting $132.85. 18,929,985 shares of the company traded hands, compared to its average volume of 6,425,357. The company has a 50 day moving average of $162.19 and a 200-day moving average of $175.20. Applied Materials, Inc. has a 12-month low of $121.86 and a 12-month high of $255.89. 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 stock has a market capitalization of $107.93 billion, a PE ratio of 17.37, a PEG ratio of 1.81 and a beta of 1.61.

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

Applied Materials declared that its Board of Directors has initiated a share buyback program 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 programs are often a sign that the company's board believes its stock is undervalued.

Applied Materials Increases Dividend

The company 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 dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.39%. This is an increase from Applied Materials's previous quarterly dividend of $0.40. The ex-dividend date is Thursday, May 22nd. Applied Materials's dividend payout ratio is presently 24.05%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AMAT shares. Citigroup raised their price objective on shares of Applied Materials from $194.00 to $202.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. KeyCorp raised 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. The Goldman Sachs Group decreased their target price on Applied Materials from $230.00 to $202.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Jefferies Financial Group raised shares of Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price objective for the company in a report on Friday, March 28th. Finally, Barclays dropped their target price on shares of Applied Materials from $200.00 to $190.00 and set an "equal weight" rating for the company in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $214.67.

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.