Applied Materials (NASDAQ:AMAT) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Applied Materials (NASDAQ:AMAT) released its quarterly earnings results on Thursday. The manufacturing equipment provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.98 by $0.14, Briefing.com reports. Applied Materials had a return on equity of 49.29% and a net margin of 24.27%. The business had revenue of $6.72 billion during the quarter, compared to analysts’ expectations of $6.52 billion. During the same quarter in the prior year, the business earned $2.03 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Applied Materials updated its Q1 guidance to $1.72-2.08 EPS and its Q1 2024 guidance to $1.72-$2.08 EPS.

Applied Materials Stock Performance

Applied Materials stock opened at $147.87 on Friday. The stock’s 50 day moving average price is $140.11 and its 200 day moving average price is $138.70. The firm has a market capitalization of $124.14 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 3.80 and a beta of 1.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.59 and a current ratio of 2.30. Applied Materials has a one year low of $93.68 and a one year high of $157.76.

Applied Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Friday, November 24th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Wednesday, November 22nd. Applied Materials’s dividend payout ratio (DPR) is presently 16.89%.

Insider Buying and Selling

In other Applied Materials news, CFO Brice Hill sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $150.04, for a total value of $150,040.00. Following the transaction, the chief financial officer now directly owns 106,023 shares of the company’s stock, valued at approximately $15,907,690.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Materials

A number of institutional investors have recently made changes to their positions in AMAT. Financial Freedom LLC bought a new stake in shares of Applied Materials in the 4th quarter valued at approximately $25,000. Quarry LP bought a new position in Applied Materials during the 1st quarter worth $40,000. Chilton Capital Management LLC bought a new position in Applied Materials during the 1st quarter worth $43,000. KB Financial Partners LLC bought a new position in Applied Materials during the 1st quarter worth $54,000. Finally, Coppell Advisory Solutions Corp. acquired a new position in Applied Materials during the 4th quarter worth $56,000. 77.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AMAT has been the subject of a number of recent analyst reports. Berenberg Bank raised their target price on Applied Materials from $150.00 to $175.00 and gave the company a “buy” rating in a report on Friday, August 18th. Mizuho restated a “buy” rating and issued a $158.00 price target on shares of Applied Materials in a research report on Friday, September 15th. Susquehanna raised their price target on Applied Materials from $112.00 to $128.00 and gave the company a “neutral” rating in a research report on Monday, August 21st. Wolfe Research started coverage on Applied Materials in a research report on Thursday, September 14th. They issued an “outperform” rating and a $185.00 price target for the company. Finally, Morgan Stanley raised their price target on Applied Materials from $139.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $155.89.

Applied Materials Company Profile

Applied Materials, Inc engages in the provision of 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.