Parnassus Investments LLC Sells 1,213,156 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Parnassus Investments LLC lessened its stake in Applied Materials, Inc. (NASDAQ:AMATFree Report) by 21.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,460,729 shares of the manufacturing equipment provider’s stock after selling 1,213,156 shares during the quarter. Applied Materials accounts for approximately 1.5% of Parnassus Investments LLC’s holdings, making the stock its 29th biggest position. Parnassus Investments LLC owned approximately 0.53% of Applied Materials worth $617,588,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. BlackRock Inc. raised its position in Applied Materials by 2.9% in the 2nd quarter. BlackRock Inc. now owns 71,782,658 shares of the manufacturing equipment provider’s stock worth $10,375,465,000 after buying an additional 2,033,896 shares during the last quarter. State Street Corp raised its position in Applied Materials by 0.8% in the 1st quarter. State Street Corp now owns 38,434,684 shares of the manufacturing equipment provider’s stock worth $4,720,928,000 after buying an additional 301,010 shares during the last quarter. Capital World Investors raised its position in Applied Materials by 11.8% in the 2nd quarter. Capital World Investors now owns 36,698,147 shares of the manufacturing equipment provider’s stock worth $5,304,331,000 after buying an additional 3,865,159 shares during the last quarter. Capital International Investors raised its position in Applied Materials by 0.8% in the 2nd quarter. Capital International Investors now owns 20,882,645 shares of the manufacturing equipment provider’s stock worth $3,018,370,000 after buying an additional 160,472 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Applied Materials by 7.1% in the 2nd quarter. Geode Capital Management LLC now owns 16,991,062 shares of the manufacturing equipment provider’s stock worth $2,449,796,000 after buying an additional 1,119,675 shares during the last quarter. Hedge funds and other institutional investors own 77.24% of the company’s stock.

Insider Buying and Selling at Applied Materials

In other news, SVP Omkaram Nalamasu sold 23,228 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $162.45, for a total value of $3,773,388.60. Following the completion of the sale, the senior vice president now owns 190,972 shares in the company, valued at approximately $31,023,401.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Applied Materials Trading Up 0.3 %

Applied Materials stock traded up $0.56 during trading hours on Monday, hitting $168.74. The company had a trading volume of 1,039,643 shares, compared to its average volume of 6,086,000. The firm has a market cap of $140.40 billion, a P/E ratio of 20.71, a P/E/G ratio of 3.35 and a beta of 1.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.82 and a current ratio of 2.60. Applied Materials, Inc. has a 1 year low of $109.00 and a 1 year high of $178.40. The company has a 50-day moving average price of $157.77 and a two-hundred day moving average price of $148.21.

Applied Materials (NASDAQ:AMATGet Free Report) last released its quarterly earnings data on Thursday, November 16th. The manufacturing equipment provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.14. The company had revenue of $6.72 billion during the quarter, compared to analysts’ expectations of $6.52 billion. Applied Materials had a net margin of 25.85% and a return on equity of 46.12%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.03 EPS. On average, sell-side analysts anticipate that Applied Materials, Inc. will post 7.56 earnings per share for the current year.

Applied Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 14th. Shareholders of record on Thursday, February 22nd will be given a $0.32 dividend. The ex-dividend date is Wednesday, February 21st. This represents a $1.28 annualized dividend and a yield of 0.76%. Applied Materials’s dividend payout ratio (DPR) is 15.78%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price objective on shares of Applied Materials in a research note on Friday, November 17th. Cantor Fitzgerald started coverage on shares of Applied Materials in a research note on Tuesday, January 23rd. They set a “neutral” rating and a $180.00 price target on the stock. Raymond James lifted their price target on shares of Applied Materials from $160.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Bank Of America (Bofa) lifted their price target on shares of Applied Materials from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, January 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Applied Materials from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, November 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $167.92.

View Our Latest Analysis on Applied Materials

Applied Materials Company Profile

(Free Report)

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.

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

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