Applied Materials (NASDAQ:AMAT) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Applied Materials (NASDAQ:AMATGet Rating) issued its quarterly earnings data on Thursday. The manufacturing equipment provider reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.30, RTT News reports. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.44 billion. Applied Materials had a net margin of 25.31% and a return on equity of 57.03%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.94 EPS. Applied Materials updated its Q1 guidance to $1.75-2.11 EPS and its Q1 2023 guidance to $1.75-$2.11 EPS.

Applied Materials Price Performance

Shares of NASDAQ AMAT opened at $104.70 on Friday. The stock has a market cap of $90.07 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 3.16 and a beta of 1.49. Applied Materials has a 52 week low of $71.12 and a 52 week high of $167.06. The company’s 50-day moving average price is $88.65 and its 200 day moving average price is $97.56. The company has a current ratio of 2.26, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45.

Applied Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Friday, November 25th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, November 23rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.99%. Applied Materials’s payout ratio is 13.98%.

Institutional Investors Weigh In On Applied Materials

A number of large investors have recently added to or reduced their stakes in the business. Cowa LLC acquired a new stake in Applied Materials in the 1st quarter valued at about $76,000. Charles Schwab Investment Management Inc. lifted its holdings in Applied Materials by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,371,346 shares of the manufacturing equipment provider’s stock valued at $576,144,000 after purchasing an additional 29,435 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Applied Materials by 14.0% in the 1st quarter. Lazard Asset Management LLC now owns 3,779,943 shares of the manufacturing equipment provider’s stock valued at $498,195,000 after purchasing an additional 465,323 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Applied Materials by 5.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,020,894 shares of the manufacturing equipment provider’s stock valued at $134,555,000 after purchasing an additional 54,261 shares in the last quarter. Finally, Eaton Vance Management lifted its holdings in Applied Materials by 42.7% in the 1st quarter. Eaton Vance Management now owns 608,558 shares of the manufacturing equipment provider’s stock valued at $80,208,000 after purchasing an additional 181,954 shares in the last quarter. 74.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on AMAT. Morgan Stanley reduced their price target on shares of Applied Materials from $109.00 to $99.00 and set an “equal weight” rating for the company in a research report on Thursday, October 13th. Citigroup reduced their price target on shares of Applied Materials from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday. UBS Group upped their price target on shares of Applied Materials from $90.00 to $98.00 and gave the company a “neutral” rating in a research report on Friday. Summit Insights upgraded shares of Applied Materials from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Evercore ISI upped their price target on shares of Applied Materials from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $124.04.

Applied Materials Company Profile

(Get Rating)

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It 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.

Featured Articles

Earnings History for Applied Materials (NASDAQ:AMAT)

Receive News & Ratings for Applied Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Materials and related companies with MarketBeat.com's FREE daily email newsletter.