Zacks Investment Management Sells 29,075 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Zacks Investment Management trimmed its position in shares of Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 388,274 shares of the manufacturing equipment provider's stock after selling 29,075 shares during the period. Zacks Investment Management's holdings in Applied Materials were worth $63,145,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Crews Bank & Trust bought a new stake in shares of Applied Materials in the 4th quarter worth approximately $28,000. FPC Investment Advisory Inc. purchased a new stake in shares of Applied Materials in the fourth quarter worth $28,000. YANKCOM Partnership bought a new position in Applied Materials in the 4th quarter worth about $32,000. City Holding Co. purchased a new stake in Applied Materials during the 4th quarter valued at about $39,000. Finally, Atala Financial Inc purchased a new position in Applied Materials in the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Applied Materials Price Performance

NASDAQ:AMAT traded down $0.73 during trading hours on Friday, hitting $137.46. 6,485,904 shares of the stock traded hands, compared to its average volume of 6,643,842. 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 50 day moving average price of $152.67 and a 200 day moving average price of $170.78. The company has a market cap of $111.68 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 1.81 and a beta of 1.61. Applied Materials, Inc. has a 1 year low of $123.74 and a 1 year high of $255.89.

Applied Materials (NASDAQ:AMAT - Get Free Report) last issued its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share (EPS) for the quarter, beating 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 forecast that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials declared that its board has approved a share repurchase plan on Monday, March 10th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the manufacturing equipment provider to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Applied Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be paid a $0.46 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $1.84 annualized dividend and a yield of 1.34%. This is a boost from Applied Materials's previous quarterly dividend of $0.40. Applied Materials's payout ratio is presently 24.05%.

Insider Buying and Selling

In other news, CAO Adam Sanders sold 450 shares of the firm's stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 6,077 shares of the company's stock, valued at $880,131.91. This trade represents a 6.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary E. Dickerson acquired 50,000 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were purchased at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the transaction, the chief executive officer now directly owns 1,716,058 shares of the company's stock, valued at approximately $235,614,763.40. The trade was a 3.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AMAT shares. Barclays reduced their price target 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. Jefferies Financial Group upgraded Applied Materials from a "hold" rating to a "buy" rating and set a $195.00 price target for the company in a research note on Friday, March 28th. Needham & Company LLC dropped their price objective on Applied Materials from $200.00 to $195.00 and set a "buy" rating on the stock in a research report on Friday, February 14th. Edward Jones raised Applied Materials from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Finally, Stifel Nicolaus dropped their price target on shares of Applied Materials from $235.00 to $195.00 and set a "buy" rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $210.29.

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.