Canopy Partners LLC Has $536,000 Position in Applied Materials, Inc. (NASDAQ:AMAT)

Canopy Partners LLC cut its position in Applied Materials, Inc. (NASDAQ:AMAT) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,651 shares of the manufacturing equipment provider’s stock after selling 59 shares during the quarter. Canopy Partners LLC’s holdings in Applied Materials were worth $536,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Swedbank AB bought a new position in Applied Materials during the 1st quarter worth approximately $773,611,000. Van ECK Associates Corp increased its position in shares of Applied Materials by 29.8% during the third quarter. Van ECK Associates Corp now owns 6,571,178 shares of the manufacturing equipment provider’s stock worth $1,327,707,000 after buying an additional 1,509,439 shares during the period. Janus Henderson Group PLC lifted its holdings in Applied Materials by 126.4% in the first quarter. Janus Henderson Group PLC now owns 2,254,952 shares of the manufacturing equipment provider’s stock valued at $464,974,000 after buying an additional 1,259,111 shares during the period. Assenagon Asset Management S.A. boosted its position in Applied Materials by 262.5% during the third quarter. Assenagon Asset Management S.A. now owns 1,390,501 shares of the manufacturing equipment provider’s stock valued at $280,951,000 after acquiring an additional 1,006,937 shares during the last quarter. Finally, EdgePoint Investment Group Inc. acquired a new stake in Applied Materials during the 1st quarter worth about $162,873,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on AMAT. Stifel Nicolaus cut their target price on Applied Materials from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. JPMorgan Chase & Co. raised their target price on Applied Materials from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. B. Riley dropped their price target on Applied Materials from $300.00 to $280.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. UBS Group reduced their price objective on Applied Materials from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $250.00 target price on shares of Applied Materials in a research report on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Applied Materials presently has an average rating of “Moderate Buy” and an average price target of $222.05.

Applied Materials Price Performance

Shares of NASDAQ AMAT opened at $174.88 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.87 and a current ratio of 2.51. The stock has a market cap of $144.17 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 1.65 and a beta of 1.56. Applied Materials, Inc. has a fifty-two week low of $144.57 and a fifty-two week high of $255.89. The stock has a fifty day moving average of $189.83 and a 200-day moving average of $205.74.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, November 14th. The manufacturing equipment provider reported $2.32 EPS for the quarter, beating the consensus estimate of $2.19 by $0.13. Applied Materials had a net margin of 26.41% and a return on equity of 39.26%. The company had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $6.96 billion. During the same quarter in the previous year, the company earned $2.12 earnings per share. Applied Materials’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts anticipate that Applied Materials, Inc. will post 9.5 earnings per share for the current year.

Applied Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Thursday, November 21st. Applied Materials’s dividend payout ratio is 18.58%.

Applied Materials Profile

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.