Spinnaker Investment Group LLC Sells 61 Shares of Applied Materials, Inc. (NASDAQ:AMAT)

Spinnaker Investment Group LLC reduced its stake in Applied Materials, Inc. (NASDAQ:AMAT) by 2.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,259 shares of the manufacturing equipment provider’s stock after selling 61 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Applied Materials were worth $367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Key Client Fiduciary Advisors LLC lifted its position in shares of Applied Materials by 6.4% in the fourth quarter. Key Client Fiduciary Advisors LLC now owns 2,757 shares of the manufacturing equipment provider’s stock worth $448,000 after purchasing an additional 165 shares in the last quarter. Verde Capital Management acquired a new stake in Applied Materials in the 4th quarter valued at $493,000. Red Door Wealth Management LLC bought a new stake in Applied Materials during the 4th quarter worth about $262,000. Cardinal Capital Management Inc. boosted its stake in shares of Applied Materials by 2.7% during the 4th quarter. Cardinal Capital Management Inc. now owns 148,794 shares of the manufacturing equipment provider’s stock worth $24,198,000 after buying an additional 3,958 shares during the last quarter. Finally, Trust Co. of Oklahoma grew its holdings in shares of Applied Materials by 1.9% in the 4th quarter. Trust Co. of Oklahoma now owns 11,636 shares of the manufacturing equipment provider’s stock valued at $1,892,000 after acquiring an additional 216 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

Applied Materials Price Performance

NASDAQ:AMAT opened at $190.70 on Friday. Applied Materials, Inc. has a 52 week low of $158.96 and a 52 week high of $255.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.87 and a current ratio of 2.51. The firm’s 50-day simple moving average is $173.55 and its 200 day simple moving average is $189.91. The firm has a market cap of $155.17 billion, a price-to-earnings ratio of 22.15, a P/E/G ratio of 1.97 and a beta of 1.53.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, November 14th. The manufacturing equipment provider reported $2.32 EPS for the quarter, topping the consensus estimate of $2.19 by $0.13. The company had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $6.96 billion. Applied Materials had a net margin of 26.41% and a return on equity of 39.26%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $2.12 earnings per share. As a group, sell-side analysts predict that Applied Materials, Inc. will post 9.38 earnings per share for the current year.

Applied Materials Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, February 20th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.84%. Applied Materials’s payout ratio is 18.58%.

Wall Street Analyst Weigh In

Several brokerages recently commented on AMAT. The Goldman Sachs Group reduced their price target on Applied Materials from $230.00 to $202.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Needham & Company LLC decreased their target price on shares of Applied Materials from $240.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, November 15th. TD Cowen dropped their price target on shares of Applied Materials from $250.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Stifel Nicolaus decreased their price objective on shares of Applied Materials from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company dropped their target price on shares of Applied Materials from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $218.71.

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.