Applied Materials, Inc. (NASDAQ:AMAT – Get Rating) – Equities researchers at Zacks Research increased their Q3 2023 EPS estimates for Applied Materials in a research report issued to clients and investors on Thursday, June 1st. Zacks Research analyst S. Mete now anticipates that the manufacturing equipment provider will post earnings per share of $1.68 for the quarter, up from their prior estimate of $1.41. The consensus estimate for Applied Materials’ current full-year earnings is $7.34 per share. Zacks Research also issued estimates for Applied Materials’ FY2023 earnings at $7.09 EPS, Q3 2024 earnings at $1.59 EPS and FY2025 earnings at $7.11 EPS.
Applied Materials (NASDAQ:AMAT – Get Rating) last announced its earnings results on Thursday, May 18th. The manufacturing equipment provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.16. The business had revenue of $6.63 billion during the quarter, compared to analyst estimates of $6.37 billion. Applied Materials had a net margin of 24.36% and a return on equity of 52.81%. Applied Materials’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.85 earnings per share.
Applied Materials Stock Down 0.1 %
Shares of NASDAQ AMAT opened at $134.63 on Monday. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.39. Applied Materials has a 52 week low of $71.12 and a 52 week high of $138.80. The firm’s fifty day moving average is $119.29 and its 200 day moving average is $113.68. The company has a market cap of $113.06 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 3.44 and a beta of 1.59.
Institutional Trading of Applied Materials
Several large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Applied Materials during the 4th quarter worth $930,505,000. Cowa LLC bought a new stake in shares of Applied Materials during the 1st quarter worth $76,000. Moneta Group Investment Advisors LLC boosted its stake in shares of Applied Materials by 79,147.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,726,422 shares of the manufacturing equipment provider’s stock worth $557,639,000 after acquiring an additional 5,719,196 shares in the last quarter. Providence Capital Advisors LLC bought a new stake in shares of Applied Materials during the 1st quarter worth $38,700,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Applied Materials by 53.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,263,246 shares of the manufacturing equipment provider’s stock worth $1,194,195,000 after acquiring an additional 4,277,485 shares in the last quarter. 75.22% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Applied Materials news, SVP Omkaram Nalamasu sold 29,444 shares of the stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $124.70, for a total transaction of $3,671,666.80. Following the transaction, the senior vice president now owns 194,298 shares of the company’s stock, valued at approximately $24,228,960.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.25% of the stock is currently owned by insiders.
Applied Materials Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, May 25th will be paid a dividend of $0.32 per share. The ex-dividend date is Wednesday, May 24th. This is a positive change from Applied Materials’s previous quarterly dividend of $0.26. This represents a $1.28 annualized dividend and a yield of 0.95%. Applied Materials’s dividend payout ratio is currently 16.89%.
Applied Materials announced that its Board of Directors has approved a stock buyback program on Monday, March 13th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the manufacturing equipment provider to buy up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
About Applied Materials
Applied Materials, Inc provides manufacturing equipment, services and software to the semiconductor, display and related industries. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display & Adjacent Markets. The Semiconductor Systems segment includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation.
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