Applied Materials (NASDAQ:AMAT) Price Target Lowered to $170.00 at Citigroup

Applied Materials (NASDAQ:AMAT - Get Free Report) had its price target reduced by investment analysts at Citigroup from $202.00 to $170.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the manufacturing equipment provider's stock. Citigroup's price objective points to a potential upside of 17.29% from the company's previous close.

• 3 Stocks Returning Billions to Shareholders via Buybacks

A number of other research analysts also recently weighed in on the company. Barclays reduced their target price on Applied Materials from $200.00 to $190.00 and set an "equal weight" rating on the stock in a report on Friday, February 14th. Mizuho decreased their price objective on Applied Materials from $220.00 to $210.00 and set an "outperform" rating for the company in a report on Friday, January 10th. Stifel Nicolaus decreased their price target on shares of Applied Materials from $250.00 to $235.00 and set a "buy" rating for the company in a research note on Tuesday, February 11th. Wells Fargo & Company cut their price objective 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. Finally, Edward Jones raised Applied Materials from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $213.14.

Check Out Our Latest Research Report on AMAT

Applied Materials Trading Up 4.8 %

• Applied Materials Market Capitulates: Now is the Time to Buy

NASDAQ AMAT traded up $6.70 on Friday, hitting $144.94. The company's stock had a trading volume of 10,610,529 shares, compared to its average volume of 6,603,279. The firm has a market cap of $117.76 billion, a P/E ratio of 18.95, a PEG ratio of 1.81 and a beta of 1.61. Applied Materials has a 52-week low of $123.74 and a 52-week high of $255.89. The company's 50-day simple moving average is $157.49 and its 200 day simple moving average is $173.10. The company has a current ratio of 2.67, a quick ratio of 1.96 and a debt-to-equity ratio of 0.29.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The manufacturing equipment provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.10. Applied Materials had a net margin of 22.95% and a return on equity of 39.50%. Research analysts predict that Applied Materials will post 9.38 EPS for the current fiscal year.

• Lam Research Fueled by Unyielding AI Demand Growth

Applied Materials declared that its Board of Directors has authorized a stock buyback program on Monday, March 10th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the manufacturing equipment provider to buy up to 8.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Gary E. Dickerson bought 50,000 shares of the firm's stock in a transaction on Thursday, April 3rd. The shares were bought at an average price of $137.30 per share, for a total transaction of $6,865,000.00. Following the purchase, the chief executive officer now owns 1,716,058 shares in the company, valued at approximately $235,614,763.40. The trade was a 3.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Adam Sanders sold 450 shares of Applied Materials stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $144.83, for a total transaction of $65,173.50. Following the transaction, the chief accounting officer now owns 6,077 shares in the company, valued at approximately $880,131.91. This trade represents a 6.89 % decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.

Institutional Trading of Applied Materials

Hedge funds have recently modified their holdings of the company. FPC Investment Advisory Inc. purchased a new stake in Applied Materials during the fourth quarter valued at $28,000. Crews Bank & Trust bought a new stake in shares of Applied Materials in the 4th quarter valued at approximately $28,000. YANKCOM Partnership purchased a new position in shares of Applied Materials in the 4th quarter worth approximately $32,000. City Holding Co. bought a new position in shares of Applied Materials during the 4th quarter valued at approximately $39,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Applied Materials in the fourth quarter worth $44,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Applied Materials Company Profile

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.

See Also

• Five stocks we like better than Applied Materials
• What is a Special Dividend?
• JPMorgan is a Buy, if You Can Handle The Volatility
• How to Use Stock Screeners to Find Stocks
• United States Steel's Crash: An Unmissable Buying Opportunity
• How to Invest in the Best Canadian Stocks
• Rocket Lab Stock: Weathering the Storm, Time for a Comeback?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Applied Materials Right Now?

Before you consider Applied Materials, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Applied Materials wasn't on the list.

While Applied Materials currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here