Avantax Advisory Services Inc. Decreases Stock Holdings in Applied Materials, Inc. (NASDAQ:AMAT)

Avantax Advisory Services Inc. reduced its stake in shares of Applied Materials, Inc. (NASDAQ:AMAT) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,661 shares of the manufacturing equipment provider’s stock after selling 490 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Applied Materials were worth $6,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Essential Planning LLC. purchased a new position in Applied Materials during the 4th quarter valued at $3,364,000. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD purchased a new position in Applied Materials during the 4th quarter valued at $8,698,000. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD purchased a new position in Applied Materials during the 4th quarter valued at $2,985,000. Farther Finance Advisors LLC increased its position in Applied Materials by 6.3% during the 4th quarter. Farther Finance Advisors LLC now owns 7,833 shares of the manufacturing equipment provider’s stock valued at $1,274,000 after purchasing an additional 465 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Applied Materials by 29.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 38,220 shares of the manufacturing equipment provider’s stock valued at $6,216,000 after purchasing an additional 8,630 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analysts Set New Price Targets

A number of research analysts have issued reports on AMAT shares. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price objective on shares of Applied Materials in a research report on Friday, November 15th. Needham & Company LLC dropped their target price on shares of Applied Materials from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Friday, February 14th. Mizuho dropped their target price on shares of Applied Materials from $220.00 to $210.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Applied Materials from $220.00 to $200.00 and set a “hold” rating on the stock in a report on Friday, November 15th. Finally, Citigroup boosted their target price on shares of Applied Materials from $194.00 to $202.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $215.38.

Applied Materials Price Performance

Shares of NASDAQ:AMAT opened at $149.95 on Friday. Applied Materials, Inc. has a fifty-two week low of $145.37 and a fifty-two week high of $255.89. The business has a 50-day simple moving average of $172.82 and a two-hundred day simple moving average of $179.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.96 and a current ratio of 2.67. The firm has a market cap of $121.83 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 1.81 and a beta of 1.62.

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

Applied Materials announced that its board has approved a stock buyback plan on Monday, March 10th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the manufacturing equipment provider to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Applied Materials Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.23%. This is a positive change from Applied Materials’s previous quarterly dividend of $0.40. Applied Materials’s dividend 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.