KLP Kapitalforvaltning AS Takes $62.15 Million Position in Applied Materials, Inc. (NASDAQ:AMAT)

KLP Kapitalforvaltning AS purchased a new stake in Applied Materials, Inc. (NASDAQ:AMAT) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 382,141 shares of the manufacturing equipment provider’s stock, valued at approximately $62,148,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMAT. EdgePoint Investment Group Inc. lifted its stake in Applied Materials by 341.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 2,857,155 shares of the manufacturing equipment provider’s stock valued at $577,288,000 after buying an additional 2,209,218 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Applied Materials by 67.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,663,133 shares of the manufacturing equipment provider’s stock valued at $942,187,000 after buying an additional 1,884,153 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Applied Materials in the 4th quarter valued at about $182,962,000. Alecta Tjanstepension Omsesidigt purchased a new position in Applied Materials in the 4th quarter valued at about $157,426,000. Finally, Flossbach Von Storch SE increased its holdings in shares of Applied Materials by 126.6% during the 4th quarter. Flossbach Von Storch SE now owns 1,600,078 shares of the manufacturing equipment provider’s stock worth $260,221,000 after buying an additional 893,995 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Adam Sanders sold 271 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $172.72, for a total transaction of $46,807.12. Following the transaction, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at approximately $1,119,052.88. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.24% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AMAT shares. Edward Jones upgraded shares of Applied Materials from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Morgan Stanley restated an “underweight” rating and set a $164.00 price target (down previously from $179.00) on shares of Applied Materials in a report on Thursday, December 5th. KeyCorp upgraded shares of Applied Materials from a “sector weight” rating to an “overweight” rating and set a $225.00 price target for the company in a report on Friday, January 17th. Wells Fargo & Company dropped their target price on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Stifel Nicolaus dropped their target price on shares of Applied Materials from $250.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $215.38.

Applied Materials Price Performance

Applied Materials stock opened at $152.12 on Friday. Applied Materials, Inc. has a 52-week low of $145.37 and a 52-week high of $255.89. The firm has a fifty day moving average of $170.32 and a 200-day moving average of $177.93. The firm has a market capitalization of $123.59 billion, a P/E ratio of 19.88, a PEG ratio of 1.81 and a beta of 1.62. The company has a quick ratio of 1.96, a current ratio of 2.67 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT) last announced its quarterly earnings data on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, topping the consensus estimate 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 predict that Applied Materials, Inc. will post 9.38 EPS for the current year.

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

Applied Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 22nd will be issued a $0.46 dividend. This is an increase from Applied Materials’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, May 22nd. Applied Materials’s payout ratio is presently 24.05%.

Applied Materials Company 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.