Western Wealth Management Increases Stake in Applied Materials by 13.6%

Western Wealth Management LLC has increased its stake in Applied Materials, Inc. (NASDAQ: AMAT) by 13.6% during the second quarter of 2023, as reported in its latest filing with the Securities and Exchange Commission. The institutional investor now owns 4,243 shares of the manufacturing equipment provider, following the acquisition of an additional 508 shares during this period. As of the end of the last quarter, these holdings were valued at approximately $777,000.

Other institutional investors have also adjusted their positions in Applied Materials recently. Notably, Brighton Jones LLC increased its holdings by 28.0% in the fourth quarter, raising its total to 12,674 shares valued at $2,061,000 after purchasing an additional 2,771 shares. OneAscent Financial Services LLC acquired a new stake worth $422,000 in the first quarter, while IFP Advisors Inc. boosted its stake by 32.5%, bringing its total to 25,999 shares valued at $3,774,000. Atlantic Union Bankshares Corp and J.W. Cole Advisors Inc. also increased their holdings significantly in the first quarter, with the latter growing its stake by an impressive 150.2%.

Currently, institutional investors hold approximately 80.56% of Applied Materials’ stock.

Brokerage Insights and Stock Performance

Wall Street analysts have provided varied perspectives on Applied Materials. The Goldman Sachs Group reiterated a “buy” rating with a price target of $250.00. Conversely, Mizuho lowered its target price from $215.00 to $205.00, maintaining a “neutral” rating. Wolfe Research adjusted its targets from $230.00 to $200.00 while rating the stock as “outperform.” Meanwhile, Wells Fargo & Company raised its price target from $250.00 to $255.00 and assigned an “overweight” rating.

Nineteen investment analysts have rated Applied Materials as a “buy,” while fourteen have issued a “hold” rating. According to data from MarketBeat, the company currently enjoys an average rating of “Moderate Buy” with a consensus target price of $226.74.

Applied Materials’ stock opened at $228.71 on Tuesday. The company has a market capitalization of $182.20 billion and a P/E ratio of 27.26. Its fifty-two week range for stock price has fluctuated between $123.74 and $242.50.

Recently, Applied Materials reported its quarterly earnings on November 13, 2023, indicating an earnings per share (EPS) of $2.17, which exceeded analysts’ expectations of $2.11 by $0.06. The company recorded a net margin of 23.88% and a return on equity of 40.96%. Revenue for the quarter reached $6.80 billion, surpassing estimates of $6.68 billion, although it represented a 3.5% decline compared to the previous year.

Dividend Announcement and Company Overview

Applied Materials also announced a quarterly dividend of $0.46 per share, which will be payable on December 11, 2023. Investors on record as of November 20, 2023, will receive this dividend, translating to an annualized total of $1.84 and a yield of 0.8%. The company’s current payout ratio stands at 21.20%.

Founded in 1967, Applied Materials, Inc. specializes in providing manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three primary segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment is particularly notable for developing and manufacturing equipment used in semiconductor fabrication.

As the landscape continues to evolve, Applied Materials remains a critical player in the high-tech manufacturing sector, with significant institutional backing and a strong market presence.