PNC Financial Services Group Inc. Boosts Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

PNC Financial Services Group Inc. grew its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 0.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 475,878 shares of the manufacturing equipment provider’s stock after purchasing an additional 373 shares during the period. PNC Financial Services Group Inc. owned approximately 0.06% of Applied Materials worth $96,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Applied Materials in the third quarter worth approximately $37,476,000. Banque Cantonale Vaudoise grew its position in Applied Materials by 34.0% in the third quarter. Banque Cantonale Vaudoise now owns 61,434 shares of the manufacturing equipment provider’s stock worth $12,413,000 after acquiring an additional 15,572 shares during the period. Prospera Financial Services Inc grew its position in Applied Materials by 29.6% in the third quarter. Prospera Financial Services Inc now owns 18,472 shares of the manufacturing equipment provider’s stock worth $3,734,000 after acquiring an additional 4,215 shares during the period. Caprock Group LLC grew its position in Applied Materials by 1.0% in the third quarter. Caprock Group LLC now owns 19,290 shares of the manufacturing equipment provider’s stock worth $3,898,000 after acquiring an additional 191 shares during the period. Finally, MidAtlantic Capital Management Inc. purchased a new position in Applied Materials in the third quarter worth approximately $37,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Applied Materials Stock Performance

Shares of AMAT stock opened at $169.31 on Wednesday. Applied Materials, Inc. has a 12 month low of $144.57 and a 12 month high of $255.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.51 and a quick ratio of 1.87. The firm has a market capitalization of $139.58 billion, a P/E ratio of 19.66, a P/E/G ratio of 2.07 and a beta of 1.56. The company’s fifty day moving average price is $190.57 and its two-hundred day moving average price is $206.44.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Thursday, November 14th. The manufacturing equipment provider reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.13. The business had revenue of $7.05 billion for the quarter, compared to analyst estimates of $6.96 billion. Applied Materials had a net margin of 26.41% and a return on equity of 39.26%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.12 EPS. On average, research analysts anticipate that Applied Materials, Inc. will post 9.52 earnings per share for the current fiscal year.

Applied Materials Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, November 21st. Applied Materials’s dividend payout ratio is presently 18.58%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AMAT. Wells Fargo & Company decreased their price target on Applied Materials from $235.00 to $220.00 and set an “overweight” rating on the stock in a research note on Friday, November 15th. Morgan Stanley decreased their price target on Applied Materials from $185.00 to $179.00 and set an “equal weight” rating on the stock in a research note on Friday, November 15th. UBS Group decreased their price target on Applied Materials from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. JPMorgan Chase & Co. upped their price target on Applied Materials from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Finally, Mizuho decreased their price target on Applied Materials from $245.00 to $225.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Eight investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Applied Materials currently has a consensus rating of “Moderate Buy” and a consensus target price of $219.81.

About Applied Materials

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.