Allstate Corp Makes New $3.95 Million Investment in Applied Materials, Inc. (NASDAQ:AMAT)

Allstate Corp acquired a new stake in Applied Materials, Inc. (NASDAQ:AMAT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 24,294 shares of the manufacturing equipment provider’s stock, valued at approximately $3,951,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Applied Materials during the 4th quarter valued at about $1,588,422,000. EdgePoint Investment Group Inc. grew its holdings in Applied Materials by 341.0% during the third quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider’s stock worth $577,288,000 after acquiring an additional 2,209,218 shares during the period. Janus Henderson Group PLC raised its position in Applied Materials by 67.8% during the third quarter. Janus Henderson Group PLC now owns 4,663,133 shares of the manufacturing equipment provider’s stock valued at $942,187,000 after acquiring an additional 1,884,153 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Applied Materials in the 4th quarter worth approximately $182,962,000. Finally, Alecta Tjanstepension Omsesidigt acquired a new stake in shares of Applied Materials during the 4th quarter worth approximately $157,426,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Wall Street Analyst Weigh In

AMAT has been the subject of several analyst reports. Sanford C. Bernstein decreased their target price on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, November 29th. The Goldman Sachs Group lowered their target price on shares of Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Susquehanna raised their target price on Applied Materials from $155.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Citigroup upped their price target on Applied Materials from $194.00 to $202.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Jefferies Financial Group raised Applied Materials from a “hold” rating to a “buy” rating and set a $195.00 price objective on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $214.67.

Insider Activity

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

Applied Materials Price Performance

AMAT stock opened at $145.06 on Friday. Applied Materials, Inc. has a 1 year low of $144.12 and a 1 year high of $255.89. The firm has a market capitalization of $117.85 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 1.96. The business has a 50 day simple moving average of $167.33 and a 200-day simple moving average of $176.91.

Applied Materials (NASDAQ:AMAT) last posted 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%. Equities research analysts anticipate that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend payout ratio (DPR) is currently 24.05%.

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

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.