Auto Owners Insurance Co Buys Shares of 13,000 Applied Materials, Inc. (NASDAQ:AMAT)

Posted by on Jun 14th, 2023

Auto Owners Insurance Co bought a new stake in shares of Applied Materials, Inc. (NASDAQ:AMAT – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,000 shares of the manufacturing equipment provider’s stock, valued at approximately $1,266,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Applied Materials by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 15,911,113 shares of the manufacturing equipment provider’s stock worth $1,547,031,000 after buying an additional 211,646 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position 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 buying an additional 4,277,485 shares in the last quarter. Parnassus Investments LLC raised its position in shares of Applied Materials by 87.2% during the 4th quarter. Parnassus Investments LLC now owns 7,240,747 shares of the manufacturing equipment provider’s stock worth $705,104,000 after buying an additional 3,373,082 shares in the last quarter. Generation Investment Management LLP raised its position in shares of Applied Materials by 3.9% during the 4th quarter. Generation Investment Management LLP now owns 6,963,509 shares of the manufacturing equipment provider’s stock worth $678,107,000 after buying an additional 261,327 shares in the last quarter. Finally, Pictet Asset Management SA raised its position in shares of Applied Materials by 1.2% during the 3rd quarter. Pictet Asset Management SA now owns 6,224,697 shares of the manufacturing equipment provider’s stock worth $509,890,000 after buying an additional 74,236 shares in the last quarter. 75.22% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Applied Materials

In other news, VP Timothy M. Deane sold 7,500 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $137.30, for a total value of $1,029,750.00. Following the completion of the sale, the vice president now directly owns 100,759 shares in the company, valued at $13,834,210.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Timothy M. Deane sold 7,500 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $137.30, for a total transaction of $1,029,750.00. Following the completion of the transaction, the vice president now directly owns 100,759 shares in the company, valued at approximately $13,834,210.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Omkaram Nalamasu sold 29,444 shares of the company’s stock in a transaction on Monday, March 20th. The shares were 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 $24,228,960.60. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on AMAT shares. Redburn Partners initiated coverage on shares of Applied Materials in a research report on Tuesday. They set a “neutral” rating on the stock. Stifel Nicolaus boosted their target price on shares of Applied Materials from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, May 19th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Applied Materials from $118.00 to $125.00 in a report on Friday, February 17th. Morgan Stanley boosted their target price on shares of Applied Materials from $88.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, February 17th. Finally, Susquehanna dropped their target price on shares of Applied Materials from $125.00 to $112.00 and set a “neutral” rating on the stock in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $134.96.

Applied Materials Stock Performance

AMAT stock opened at $141.79 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $119.07 billion, a price-to-earnings ratio of 18.71, a P/E/G ratio of 3.45 and a beta of 1.59. Applied Materials, Inc. has a 12 month low of $71.12 and a 12 month high of $142.53. The firm has a 50 day moving average of $121.57 and a two-hundred day moving average of $115.19.

Applied Materials (NASDAQ:AMAT – Get Rating) last posted its earnings results on Thursday, May 18th. The manufacturing equipment provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.84 by $0.16. Applied Materials had a net margin of 24.36% and a return on equity of 52.81%. The company had revenue of $6.63 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the previous year, the firm posted $1.85 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, equities analysts anticipate that Applied Materials, Inc. will post 7.34 EPS for the current fiscal year.

Applied Materials declared that its board has approved a stock buyback plan on Monday, March 13th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Applied Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 24th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Wednesday, August 23rd. Applied Materials’s payout ratio is 16.89%.

Applied Materials Company Profile

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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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Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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