Penobscot Investment Management Company Inc. Boosts Stake in Applied Materials, Inc. (NASDAQ:AMAT)

Penobscot Investment Management Company Inc. increased its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,651 shares of the manufacturing equipment provider’s stock after buying an additional 100 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Applied Materials were worth $2,871,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AMAT. Field & Main Bank boosted its position in shares of Applied Materials by 1.8% during the 4th quarter. Field & Main Bank now owns 3,170 shares of the manufacturing equipment provider’s stock worth $516,000 after purchasing an additional 55 shares during the period. Bank of New Hampshire boosted its position in shares of Applied Materials by 0.8% during the fourth quarter. Bank of New Hampshire now owns 6,998 shares of the manufacturing equipment provider’s stock worth $1,138,000 after buying an additional 56 shares during the period. Grove Bank & Trust grew its stake in shares of Applied Materials by 0.8% in the fourth quarter. Grove Bank & Trust now owns 7,388 shares of the manufacturing equipment provider’s stock valued at $1,202,000 after buying an additional 60 shares in the last quarter. Cyndeo Wealth Partners LLC raised its holdings in shares of Applied Materials by 0.4% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 14,601 shares of the manufacturing equipment provider’s stock valued at $2,375,000 after buying an additional 60 shares during the period. Finally, Mezzasalma Advisors LLC lifted its stake in Applied Materials by 3.0% during the 4th quarter. Mezzasalma Advisors LLC now owns 2,060 shares of the manufacturing equipment provider’s stock worth $335,000 after acquiring an additional 60 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Materials

In related news, CAO Adam Sanders sold 271 shares of the stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at $1,119,052.88. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company’s stock.

Applied Materials Price Performance

Shares of NASDAQ AMAT opened at $153.64 on Wednesday. The stock has a market cap of $124.82 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.81 and a beta of 1.62. Applied Materials, Inc. has a twelve month low of $145.37 and a twelve month high of $255.89. The stock has a 50 day moving average of $169.60 and a two-hundred day moving average of $177.53. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, topping 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%. On average, research analysts forecast that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials announced that its Board of Directors has authorized a stock buyback plan on Monday, March 10th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Applied Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $0.46 per share. The ex-dividend date is Thursday, May 22nd. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a yield of 1.20%. Applied Materials’s dividend payout ratio is currently 24.05%.

Wall Street Analysts Forecast Growth

AMAT has been the topic of a number of recent research reports. Sanford C. Bernstein cut 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 note on Friday, November 29th. Edward Jones upgraded shares of Applied Materials from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Citigroup boosted their price target on shares of Applied Materials from $194.00 to $202.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Morgan Stanley reiterated an “underweight” rating and issued a $164.00 price objective (down from $179.00) on shares of Applied Materials in a research note on Thursday, December 5th. Finally, Wells Fargo & Company lowered their target price on Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Applied Materials presently has an average rating of “Moderate Buy” and a consensus price target of $215.38.

Applied Materials Company 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.