OLD National Bancorp IN Trims Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

OLD National Bancorp IN lessened its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,910 shares of the manufacturing equipment provider’s stock after selling 204 shares during the period. OLD National Bancorp IN’s holdings in Applied Materials were worth $3,047,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new position in Applied Materials in the first quarter worth about $26,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Applied Materials during the 4th quarter valued at approximately $27,000. Mark Sheptoff Financial Planning LLC bought a new position in Applied Materials during the first quarter worth $35,000. RFP Financial Group LLC boosted its holdings in Applied Materials by 96.6% in the first quarter. RFP Financial Group LLC now owns 173 shares of the manufacturing equipment provider’s stock worth $36,000 after purchasing an additional 85 shares during the period. Finally, DSM Capital Partners LLC bought a new stake in Applied Materials during the fourth quarter valued at $37,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Applied Materials Price Performance

Applied Materials stock traded up $0.63 during midday trading on Friday, hitting $191.18. The company’s stock had a trading volume of 5,050,766 shares, compared to its average volume of 5,933,131. Applied Materials, Inc. has a 12 month low of $129.21 and a 12 month high of $255.89. The company has a quick ratio of 1.97, a current ratio of 2.80 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $158.29 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 2.45 and a beta of 1.56. The stock’s 50-day moving average price is $224.06 and its 200-day moving average price is $208.25.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, May 16th. The manufacturing equipment provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.12. The business had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $6.54 billion. Applied Materials had a net margin of 27.57% and a return on equity of 41.22%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.00 EPS. Analysts anticipate that Applied Materials, Inc. will post 8.31 earnings per share for the current fiscal year.

Applied Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 22nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 0.84%. Applied Materials’s dividend payout ratio is currently 18.39%.

Insiders Place Their Bets

In other news, insider Prabu G. Raja sold 50,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $249.17, for a total value of $12,458,500.00. Following the completion of the sale, the insider now directly owns 458,417 shares of the company’s stock, valued at $114,223,763.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Applied Materials news, CFO Brice Hill sold 20,000 shares of Applied Materials stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $222.34, for a total value of $4,446,800.00. Following the transaction, the chief financial officer now directly owns 108,356 shares of the company’s stock, valued at approximately $24,091,873.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Prabu G. Raja sold 50,000 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $249.17, for a total transaction of $12,458,500.00. Following the completion of the sale, the insider now owns 458,417 shares of the company’s stock, valued at approximately $114,223,763.89. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,827 shares of company stock worth $21,382,560. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AMAT shares. Barclays raised shares of Applied Materials from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $165.00 to $225.00 in a report on Wednesday, June 5th. B. Riley upped their target price on Applied Materials from $255.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, June 20th. TD Cowen raised their price target on Applied Materials from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Needham & Company LLC restated a “buy” rating and set a $240.00 price objective on shares of Applied Materials in a research note on Friday, May 17th. Finally, Susquehanna raised their target price on Applied Materials from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. Six investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $226.00.

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.