NEOS Investment Management LLC Has $17.57 Million Stock Position in Applied Materials, Inc. (NASDAQ:AMAT)

NEOS Investment Management LLC lifted its holdings in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 24.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 108,012 shares of the manufacturing equipment provider’s stock after purchasing an additional 21,312 shares during the quarter. NEOS Investment Management LLC’s holdings in Applied Materials were worth $17,566,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Crews Bank & Trust acquired a new stake in shares of Applied Materials during the fourth quarter worth $28,000. FPC Investment Advisory Inc. acquired a new stake in Applied Materials in the 4th quarter worth about $28,000. YANKCOM Partnership acquired a new stake in shares of Applied Materials in the fourth quarter valued at approximately $32,000. City Holding Co. acquired a new stake in Applied Materials during the fourth quarter worth approximately $39,000. Finally, Dunhill Financial LLC increased its stake in Applied Materials by 61.4% during the 3rd quarter. Dunhill Financial LLC now owns 213 shares of the manufacturing equipment provider’s stock worth $43,000 after acquiring an additional 81 shares during the period. 80.56% of the stock is owned by institutional investors.

Insider Activity at Applied Materials

In other Applied Materials news, CAO Adam Sanders sold 271 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $172.72, for a total value of $46,807.12. Following the completion of the transaction, the chief accounting officer now owns 6,479 shares in the company, valued at $1,119,052.88. This represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is currently owned by company insiders.

Applied Materials Price Performance

Shares of NASDAQ:AMAT opened at $150.68 on Thursday. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29. The stock has a market cap of $122.42 billion, a PE ratio of 19.70, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62. The stock’s fifty day simple moving average is $169.05 and its two-hundred day simple moving average is $177.34. Applied Materials, Inc. has a 1-year low of $145.37 and a 1-year high of $255.89.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. As a group, analysts forecast that Applied Materials, Inc. will post 9.38 EPS for the current fiscal year.

Applied Materials declared that its board has authorized a stock buyback plan on Monday, March 10th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the manufacturing equipment provider to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, May 22nd. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s payout ratio is presently 24.05%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AMAT shares. The Goldman Sachs Group reduced their target price on Applied Materials from $230.00 to $202.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Susquehanna upped their target price on Applied Materials from $155.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Morgan Stanley reissued an “underweight” rating and issued a $164.00 price objective (down from $179.00) on shares of Applied Materials in a research report on Thursday, December 5th. Citigroup boosted their price target on Applied Materials from $194.00 to $202.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company lowered their price objective on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $215.38.

About Applied Materials

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.