TIAA Trust National Association Cuts Stake in Applied Materials, Inc. (NASDAQ:AMAT)

TIAA Trust National Association decreased its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 14.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 45,556 shares of the manufacturing equipment provider’s stock after selling 7,479 shares during the quarter. TIAA Trust National Association’s holdings in Applied Materials were worth $7,409,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AMAT. Crews Bank & Trust purchased a new position in Applied Materials in the 4th quarter worth approximately $28,000. FPC Investment Advisory Inc. acquired a new stake in Applied Materials during the 4th quarter valued at $28,000. YANKCOM Partnership purchased a new stake in Applied Materials during the 4th quarter worth $32,000. City Holding Co. acquired a new position in Applied Materials in the 4th quarter worth $39,000. Finally, Dunhill Financial LLC grew its stake in shares of Applied Materials by 61.4% during the third quarter. Dunhill Financial LLC now owns 213 shares of the manufacturing equipment provider’s stock valued at $43,000 after acquiring an additional 81 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Applied Materials Price Performance

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

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 EPS for the quarter, beating the consensus estimate of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. As a group, analysts expect that Applied Materials, Inc. will post 9.38 earnings per share for the current fiscal year.

Applied Materials declared that its board has authorized a stock repurchase program on Monday, March 10th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the manufacturing equipment provider to repurchase up to 8.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Applied Materials Increases Dividend

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

Insider Transactions at Applied Materials

In other news, CAO Adam Sanders sold 271 shares of Applied Materials stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $172.72, for a total value of $46,807.12. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.24% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMAT has been the subject of several research analyst reports. The Goldman Sachs Group reduced their target price on Applied Materials from $230.00 to $202.00 and set a “buy” rating for the company in a research note on Friday, January 10th. 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 report on Monday, January 13th. KeyCorp upgraded 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. Morgan Stanley reissued an “underweight” rating and set a $164.00 price target (down previously from $179.00) on shares of Applied Materials in a report on Thursday, December 5th. Finally, Needham & Company LLC reduced their target price on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Applied Materials has a consensus rating of “Moderate Buy” and a consensus target price of $215.38.

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.