MetLife Investment Management LLC Reduces Stake in Applied Materials, Inc.

MetLife Investment Management LLC has reduced its holdings in Applied Materials, Inc. (NASDAQ:AMAT) by 2.7% in the third quarter of the year, based on its latest 13F filing with the Securities and Exchange Commission. After selling 6,925 shares, the fund now owns 250,192 shares of the manufacturing equipment provider. This reduction brings the total value of MetLife's stake in Applied Materials to approximately $50,551,000 as stated in its recent SEC filing.

In parallel, several other institutional investors have also made moves regarding their investments in Applied Materials. CreativeOne Wealth LLC increased its holdings in the company by 18.7%, now owning 23,794 shares worth about $4,808,000 after acquiring an additional 3,749 shares in the last quarter. Blueshift Asset Management LLC entered a new position in Applied Materials valued at approximately $792,000 during the third quarter. Meanwhile, Bridgewater Associates LP boosted its stake in Applied Materials by an impressive 397.1%, now holding 580,917 shares valued at $117,374,000 after purchasing an additional 464,061 shares last quarter. Furthermore, Soros Capital Management LLC raised its stake by 833.7%, owning a total of 82,138 shares valued at $16,596,000 after adding 73,341 shares. Finally, Freedom Investment Management Inc. increased its position by 14.1%, now holding 11,702 shares worth about $2,364,000. Overall, 80.56% of Applied Materials’ shares are owned by hedge funds and other institutional investors.

Wall Street Analyst Updates

Wall Street analysts have also shared their perspectives on Applied Materials. In a report released on August 16th, JPMorgan Chase & Co. raised their price target for Applied Materials from $240.00 to $250.00 and assigned an “overweight” rating. Bank of America revised their target price from $220.00 down to $210.00, continuing to maintain a “buy” rating. Evercore ISI also decreased their target from $260.00 to $250.00 while rating the stock as “outperform.” Citigroup revised their price objective from $240.00 down to $217.00, maintaining a “buy” rating. Conversely, Dbs Bank changed their recommendation from a “strong-buy” to a “hold” rating. In total, eight investment analysts rated the stock as a hold, while fourteen gave it a buy rating, resulting in a consensus rating of “Moderate Buy” and a target price of $222.05 according to MarketBeat.com.

Applied Materials Stock Performance

As of Wednesday midday trading, NASDAQ:AMAT experienced a slight decline of $0.33, trading at $172.87. The trading volume was 272,007 shares compared to an average volume of 6,150,112 shares. Over the past year, Applied Materials’ stock reached a low of $144.57 and a high of $255.89. The company’s financial ratios include a quick ratio of 1.87, a current ratio of 2.51, and a debt-to-equity ratio of 0.29. Applied Materials holds a market capitalization of $142.51 billion, with a price-to-earnings ratio of 20.12, a P/E/G ratio of 1.64, and a beta value of 1.56. Additionally, the firm has calculated a fifty-day simple moving average of $189.26 and a two-hundred day simple moving average of $205.23.

Recent Earnings and Dividend Announcement

Applied Materials recently announced its earnings results on November 14th. The company reported an earnings per share (EPS) of $2.32 for the quarter, surpassing expectations as the consensus was $2.19 by $0.13. The firm reported revenue of $7.05 billion for the quarter, which also exceeded the estimated $6.96 billion. This revenue marked a 4.8% increase year-over-year. Looking ahead, equities analysts predict that the company will post earnings of 9.5 per share for the current fiscal year.

Moreover, the company declared a quarterly dividend of $0.40, which will be paid on December 12th to shareholders of record as of November 21st. This suggests an annualized dividend of $1.60, yielding 0.93%. The ex-dividend date coincides with November 21st, and Applied Materials’s current dividend payout ratio stands at 18.58%.

Overview of Applied Materials

Applied Materials, Inc. specializes in providing manufacturing equipment, services, and software for 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 responsible for developing, manufacturing, and selling equipment utilized in the fabrication of semiconductor chips and integrated circuits.

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