Bank of America Lowers Applied Materials (AMAT) Price Target to $65.00

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Applied Materials (NASDAQ:AMAT) had its price target cut by Bank of America from $70.00 to $65.00 in a research report released on Friday. They currently have a buy rating on the manufacturing equipment provider’s stock.

Several other brokerages have also commented on AMAT. Citigroup boosted their price objective on Applied Materials from $70.00 to $78.00 and gave the stock a buy rating in a report on Monday, May 14th. Cowen began coverage on Applied Materials in a report on Monday, May 14th. They set a market perform rating and a $60.00 price objective for the company. Stifel Nicolaus boosted their price objective on Applied Materials from $71.00 to $75.00 and gave the stock a buy rating in a report on Friday, May 18th. B. Riley cut their price objective on Applied Materials from $77.00 to $70.00 and set a buy rating for the company in a report on Friday, May 18th. Finally, Goldman Sachs Group lowered Applied Materials from a buy rating to a neutral rating in a report on Friday, May 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Applied Materials currently has an average rating of Buy and a consensus target price of $61.64.

Shares of NASDAQ AMAT opened at $43.77 on Friday. Applied Materials has a 12 month low of $42.62 and a 12 month high of $62.40. The company has a quick ratio of 1.83, a current ratio of 2.60 and a debt-to-equity ratio of 0.75. The stock has a market cap of $48.52 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, August 16th. The manufacturing equipment provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.03. Applied Materials had a return on equity of 51.65% and a net margin of 19.24%. The company had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the firm earned $0.86 earnings per share. Applied Materials’s revenue was up 19.3% on a year-over-year basis. sell-side analysts anticipate that Applied Materials will post 4.58 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 13th. Investors of record on Thursday, August 23rd will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, August 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.83%. Applied Materials’s payout ratio is 24.62%.

A number of large investors have recently added to or reduced their stakes in AMAT. BlackRock Inc. lifted its position in Applied Materials by 10.5% in the first quarter. BlackRock Inc. now owns 76,112,124 shares of the manufacturing equipment provider’s stock valued at $4,232,597,000 after purchasing an additional 7,222,175 shares during the last quarter. American Century Companies Inc. lifted its position in Applied Materials by 25.8% in the second quarter. American Century Companies Inc. now owns 13,874,509 shares of the manufacturing equipment provider’s stock valued at $640,864,000 after purchasing an additional 2,844,738 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Applied Materials by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 13,804,704 shares of the manufacturing equipment provider’s stock valued at $637,639,000 after purchasing an additional 435,308 shares during the last quarter. Epoch Investment Partners Inc. lifted its position in Applied Materials by 1.4% in the first quarter. Epoch Investment Partners Inc. now owns 10,550,308 shares of the manufacturing equipment provider’s stock valued at $586,702,000 after purchasing an additional 144,093 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its position in Applied Materials by 22.6% in the first quarter. OppenheimerFunds Inc. now owns 8,151,015 shares of the manufacturing equipment provider’s stock valued at $453,279,000 after purchasing an additional 1,501,992 shares during the last quarter. Institutional investors own 78.36% of the company’s stock.

About Applied Materials

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.

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