Firsthand Capital Management Inc. Invests $11.90 Million in Applied Materials, Inc. (NASDAQ:AMAT)

Firsthand Capital Management Inc. purchased a new stake in Applied Materials, Inc. (NASDAQ:AMAT) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 300,000 shares of the manufacturing equipment provider’s stock, valued at approximately $11,898,000. Applied Materials accounts for 4.4% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 8th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Squar Milner Financial Services LLC raised its stake in shares of Applied Materials by 190.8% in the 1st quarter. Squar Milner Financial Services LLC now owns 698 shares of the manufacturing equipment provider’s stock valued at $27,000 after purchasing an additional 458 shares during the period. Lenox Wealth Advisors LLC raised its stake in shares of Applied Materials by 73.7% in the 1st quarter. Lenox Wealth Advisors LLC now owns 780 shares of the manufacturing equipment provider’s stock valued at $31,000 after purchasing an additional 331 shares during the period. Horan Capital Advisors LLC. acquired a new stake in shares of Applied Materials in the 1st quarter valued at about $31,000. Cable Hill Partners LLC raised its stake in shares of Applied Materials by 378.4% in the 1st quarter. Cable Hill Partners LLC now owns 799 shares of the manufacturing equipment provider’s stock valued at $32,000 after purchasing an additional 632 shares during the period. Finally, Pinnacle Financial Partners Inc. acquired a new stake in shares of Applied Materials in the 1st quarter valued at about $33,000. 77.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:AMAT opened at $41.50 on Thursday. Applied Materials, Inc. has a 12-month low of $28.79 and a 12-month high of $51.59. The company has a market cap of $40.95 billion, a PE ratio of 9.33, a PEG ratio of 1.63 and a beta of 1.67. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.79 and a quick ratio of 1.77.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, May 16th. The manufacturing equipment provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Applied Materials had a return on equity of 47.88% and a net margin of 22.10%. The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The business’s revenue was down 22.7% on a year-over-year basis. As a group, sell-side analysts predict that Applied Materials, Inc. will post 2.98 earnings per share for the current fiscal year.

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 $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, August 21st. Applied Materials’s dividend payout ratio (DPR) is currently 18.88%.

AMAT has been the topic of several recent research reports. Citigroup lifted their price target on Applied Materials from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price (up previously from $44.00) on shares of Applied Materials in a research report on Friday, May 17th. B. Riley raised Applied Materials from a “neutral” rating to a “buy” rating and lifted their target price for the company from $46.00 to $54.00 in a research report on Friday, May 17th. Argus reaffirmed a “buy” rating on shares of Applied Materials in a research report on Tuesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 target price on shares of Applied Materials in a research report on Sunday, May 19th. Nine equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Applied Materials presently has an average rating of “Buy” and a consensus target price of $51.43.

In related news, insider Omkaram Nalamasu sold 143,255 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $40.73, for a total value of $5,834,776.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen R. Forrest sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $42.45, for a total value of $84,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 170,255 shares of company stock valued at $6,987,176. 0.44% of the stock is currently owned by corporate insiders.

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Applied Materials Profile

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.

Further Reading: Average Daily Trade Volume – ADTV

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Institutional Ownership by Quarter for Applied Materials (NASDAQ:AMAT)

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