Applied Materials (NASDAQ:AMAT) Given New $230.00 Price Target at TD Cowen

Applied Materials (NASDAQ:AMAT) had its target price decreased by equities researchers at TD Cowen from $250.00 to $230.00 in a report issued on Friday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the manufacturing equipment provider’s stock. TD Cowen’s price target would indicate a potential upside of 36.19% from the company’s previous close.

A number of other brokerages also recently issued reports on AMAT. Susquehanna reduced their price target on shares of Applied Materials from $190.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. StockNews.com downgraded Applied Materials from a “buy” rating to a “hold” rating in a research report on Saturday, September 14th. Dbs Bank lowered Applied Materials from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 16th. UBS Group reduced their price objective on Applied Materials from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Applied Materials from $220.00 to $200.00 and set a “hold” rating for the company in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Applied Materials presently has an average rating of “Moderate Buy” and an average price target of $219.81.

Applied Materials Price Performance

Shares of Applied Materials stock opened at $168.88 on Friday. The company has a market capitalization of $139.22 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 2.24 and a beta of 1.56. The company has a quick ratio of 2.09, a current ratio of 2.86 and a debt-to-equity ratio of 0.33. The stock’s 50-day simple moving average is $190.88 and its 200-day simple moving average is $206.73. Applied Materials has a 52 week low of $141.94 and a 52 week high of $255.89.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. JT Stratford LLC boosted its stake in Applied Materials by 0.4% in the first quarter. JT Stratford LLC now owns 10,890 shares of the manufacturing equipment provider’s stock valued at $2,246,000 after acquiring an additional 48 shares in the last quarter. WASHINGTON TRUST Co lifted its holdings in shares of Applied Materials by 3.3% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,556 shares of the manufacturing equipment provider’s stock valued at $367,000 after purchasing an additional 49 shares during the last quarter. Optimum Investment Advisors boosted its position in shares of Applied Materials by 1.3% in the 2nd quarter. Optimum Investment Advisors now owns 4,016 shares of the manufacturing equipment provider’s stock worth $948,000 after purchasing an additional 50 shares in the last quarter. SlateStone Wealth LLC grew its stake in Applied Materials by 4.7% during the 2nd quarter. SlateStone Wealth LLC now owns 1,105 shares of the manufacturing equipment provider’s stock worth $261,000 after buying an additional 50 shares during the last quarter. Finally, Forum Financial Management LP increased its position in Applied Materials by 0.6% during the 3rd quarter. Forum Financial Management LP now owns 9,143 shares of the manufacturing equipment provider’s stock valued at $1,847,000 after buying an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.