Applied Materials, Inc. (NASDAQ:AMAT) Sees Large Increase in Short Interest

Applied Materials, Inc. (NASDAQ:AMAT) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 16,710,000 shares, an increase of 6.6% from the October 15th total of 15,680,000 shares. Based on an average daily trading volume, of 6,350,000 shares, the short-interest ratio is currently 2.6 days. Currently, 2.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. StockNews.com downgraded Applied Materials from a “buy” rating to a “hold” rating in a report on Saturday, September 14th. Wells Fargo & Company decreased their target price on Applied Materials from $235.00 to $220.00 and set an “overweight” rating for the company in a research note on Friday. Morgan Stanley dropped their price target on Applied Materials from $185.00 to $179.00 and set an “equal weight” rating on the stock in a research note on Friday. Citigroup cut their price target on Applied Materials from $240.00 to $217.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Mizuho lowered their price objective on shares of Applied Materials from $245.00 to $225.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Applied Materials has a consensus rating of “Moderate Buy” and an average price target of $219.81.

Hedge Funds Weigh In On Applied Materials

Hedge funds and other institutional investors have recently made changes to their positions in the stock. M&G Plc purchased a new stake in shares of Applied Materials during the 1st quarter worth approximately $2,645,000. Covestor Ltd increased its position in Applied Materials by 7.8% in the first quarter. Covestor Ltd now owns 854 shares of the manufacturing equipment provider’s stock worth $176,000 after buying an additional 62 shares during the last quarter. Davis R M Inc. raised its stake in shares of Applied Materials by 2.3% in the first quarter. Davis R M Inc. now owns 4,814 shares of the manufacturing equipment provider’s stock valued at $993,000 after buying an additional 107 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Applied Materials by 20.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 71,659 shares of the manufacturing equipment provider’s stock valued at $14,778,000 after buying an additional 11,968 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc bought a new position in shares of Applied Materials during the 1st quarter worth $224,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Trading Down 9.2 %

NASDAQ:AMAT opened at $168.88 on Friday. Applied Materials has a 52 week low of $141.94 and a 52 week high of $255.89. The firm has a 50-day moving average price of $190.88 and a two-hundred day moving average price of $206.73. The firm has a market cap of $139.22 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 2.24 and a beta of 1.56. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.09 and a current ratio of 2.86.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, August 15th. The manufacturing equipment provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.10. The company had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.68 billion. Applied Materials had a return on equity of 39.99% and a net margin of 27.74%. Applied Materials’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the business posted $1.90 earnings per share. On average, equities analysts expect that Applied Materials will post 8.51 earnings per share for the current fiscal year.

Applied Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Thursday, November 21st. Applied Materials’s payout ratio is 17.98%.

About Applied Materials

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.