Applied Materials (NASDAQ:AMAT – Get Rating) issued its quarterly earnings results on Thursday. The manufacturing equipment provider reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.30, RTT News reports. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.44 billion. Applied Materials had a return on equity of 56.68% and a net margin of 26.42%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.94 earnings per share. Applied Materials updated its Q1 guidance to $1.75-2.11 EPS and its Q1 2023 guidance to $1.75-$2.11 EPS.
Applied Materials Stock Up 0.2 %
NASDAQ AMAT opened at $104.45 on Friday. The stock’s 50-day moving average price is $88.49 and its 200-day moving average price is $97.51. The company has a quick ratio of 1.45, a current ratio of 2.26 and a debt-to-equity ratio of 0.45. Applied Materials has a 52 week low of $71.12 and a 52 week high of $167.06. The company has a market capitalization of $89.86 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 3.34 and a beta of 1.49.
Applied Materials Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, November 25th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Wednesday, November 23rd. Applied Materials’s dividend payout ratio (DPR) is currently 13.90%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Zions Bancorporation N.A. raised its stake in shares of Applied Materials by 92.3% in the first quarter. Zions Bancorporation N.A. now owns 3,180 shares of the manufacturing equipment provider’s stock worth $419,000 after buying an additional 1,526 shares during the period. Echo Street Capital Management LLC grew its position in shares of Applied Materials by 20.8% during the first quarter. Echo Street Capital Management LLC now owns 2,952 shares of the manufacturing equipment provider’s stock worth $389,000 after purchasing an additional 509 shares in the last quarter. Merit Financial Group LLC purchased a new stake in shares of Applied Materials during the first quarter worth about $315,000. Eudaimonia Partners LLC purchased a new stake in shares of Applied Materials during the first quarter worth about $296,000. Finally, Plancorp LLC grew its position in shares of Applied Materials by 5.7% during the first quarter. Plancorp LLC now owns 2,240 shares of the manufacturing equipment provider’s stock worth $295,000 after purchasing an additional 121 shares in the last quarter. Institutional investors own 74.99% of the company’s stock.
Analysts Set New Price Targets
AMAT has been the topic of several recent research reports. StockNews.com cut Applied Materials from a “buy” rating to a “hold” rating in a research note on Saturday, October 15th. Bank of America cut their target price on Applied Materials from $125.00 to $102.00 and set a “buy” rating on the stock in a research note on Friday, October 7th. William Blair began coverage on Applied Materials in a research note on Monday, October 17th. They issued a “market perform” rating on the stock. Needham & Company LLC cut their target price on Applied Materials from $125.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 13th. Finally, Morgan Stanley cut their target price on Applied Materials from $109.00 to $99.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 13th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.00.
Applied Materials Company Profile
Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.
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