Orion Portfolio Solutions Reduces Stake in Applied Materials

During the third quarter, Orion Portfolio Solutions LLC reduced its position in Applied Materials, Inc. (NASDAQ:AMAT - Free Report) by 9.3%. This change was disclosed in the firm’s latest 13F filing with the Securities and Exchange Commission. After selling 5,372 shares, Orion Portfolio Solutions now holds 52,548 shares of this manufacturing equipment provider, valued at approximately $10.62 million at the end of the reporting period.

Recent Activity by Other Hedge Funds

Other hedge funds have also been active in buying and selling shares of AMAT. For instance, EdgePoint Investment Group Inc. significantly increased its stake by 341.0%, acquiring an additional 2,209,218 shares, bringing its total to 2,857,155 shares worth around $577.29 million. Meanwhile, Janus Henderson Group PLC grew its holdings by 67.8%, owning 4,663,133 shares valued at $942.19 million after an additional purchase of 1,884,153 shares. Van ECK Associates Corp also increased its position by 29.8%, owning 6,571,178 shares worth approximately $1.33 billion following the acquisition of 1,509,439 shares. Assenagon Asset Management S.A. boosted its position by 262.5%, now holding 1,390,501 shares worth around $280.95 million. Lastly, Alkeon Capital Management LLC raised its stake by 87.7%, bringing its total to 1,877,133 shares valued at $379.28 million. As of now, institutional investors and hedge funds collectively own approximately 80.56% of Applied Materials' stock.

Stock Performance

On Friday, shares of NASDAQ:AMAT opened at $173.02. The stock has seen a twelve-month low of $144.57 and a twelve-month high of $255.89. The current ratio stands at 2.51, quick ratio at 1.87, and the debt-to-equity ratio is at 0.29. With a market capitalization of $142.64 billion and a price-to-earnings ratio of 20.10, the company has a PEG ratio of 1.70 and a beta of 1.52. The stock's 50-day moving average price is $185.91, while the 200-day moving average price is $203.17.

Upcoming Earnings and Dividends

Applied Materials is scheduled to release its quarterly earnings results on November 14th. Analysts are eager to see how the company performs, with expectations set for earnings per share to be around $2.19. Additionally, the firm has announced a quarterly dividend of $0.40 per share, which will be paid on December 12th to investors who are recorded as of November 21st. This dividend amounts to an annualized yield of 0.92%, contributing to a payout ratio of 18.58%.

Analysts' Ratings and Price Targets

Recently, several analysts have provided updates on their price targets for Applied Materials. For instance, Mizuho lowered its target from $245.00 to $225.00, maintaining an "outperform" rating. Susquehanna reduced its price target from $190.00 to $170.00, designating a "neutral" rating. Meanwhile, Stifel Nicolaus has dropped its target from $270.00 to $250.00 with a "buy" rating. StockNews.com also changed its rating from a "buy" to a "hold". Furthermore, Sanford C. Bernstein cut its price objective from $220.00 to $210.00 and continues to support an "outperform" rating. Currently, heightened interest exists in 1 sell rating, 7 hold ratings, and 15 buy ratings from analysts regarding AMAT. The overall consensus remains a "Moderate Buy" with an average price target of $220.29.

Company Overview

Applied Materials, Inc. specializes in providing manufacturing equipment, services, and software for the semiconductor, display, and related industries. The company operates through several segments, including Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets, focusing on developing and selling equipment used in the fabrication of semiconductor chips and integrated circuits.

Orion, Applied, Investments