Harvey Partners Lowers stake in Applied Materials (AMAT)

Applied Materials (AMAT) : Harvey Partners reduced its stake in Applied Materials by 12.9% during the most recent quarter end. The investment management company now holds a total of 135,000 shares of Applied Materials which is valued at $3,913,650 after selling 20,000 shares in Applied Materials , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Applied Materials makes up approximately 4.56% of Harvey Partners’s portfolio.

Other Hedge Funds, Including , Coldstream Capital Management Inc reduced its stake in AMAT by selling 6,811 shares or 6.95% in the most recent quarter. The Hedge Fund company now holds 91,224 shares of AMAT which is valued at $2,644,584. Applied Materials makes up approx 0.47% of Coldstream Capital Management Inc’s portfolio.Credit Agricole S A boosted its stake in AMAT in the latest quarter, The investment management firm added 697,167 additional shares and now holds a total of 1,867,145 shares of Applied Materials which is valued at $52,616,146. Applied Materials makes up approx 0.18% of Credit Agricole S A’s portfolio.Smithfield Trust Co boosted its stake in AMAT in the latest quarter, The investment management firm added 10,924 additional shares and now holds a total of 11,264 shares of Applied Materials which is valued at $318,433. Applied Materials makes up approx 0.06% of Smithfield Trust Co’s portfolio.Factory Mutual Insurance Co boosted its stake in AMAT in the latest quarter, The investment management firm added 19,000 additional shares and now holds a total of 954,000 shares of Applied Materials which is valued at $27,522,900. Applied Materials makes up approx 0.34% of Factory Mutual Insurance Co’s portfolio.Acadian Asset Management reduced its stake in AMAT by selling 22,589 shares or 65.7% in the most recent quarter. The Hedge Fund company now holds 11,793 shares of AMAT which is valued at $333,978.

Applied Materials opened for trading at $30.47 and hit $31.25 on the upside on Monday, eventually ending the session at $30.74, with a gain of 0.03% or 0.01 points. The heightened volatility saw the trading volume jump to 2,39,58,862 shares. Company has a market cap of $33,227 M.

On the company’s financial health, Applied Materials reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 17, 2016. Analyst had a consensus of $0.65. The company had revenue of $3297.00 million for the quarter, compared to analysts expectations of $3307.22 million. The company’s revenue was up 39.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS.

Investors should note that on Sep 8, 2016, Applied Materials announced a cash dividend of $0.1000. The company’s management has announced Nov 22, 2016 as the ex-dividend date and fixed the record date on Nov 25, 2016. The payable date has been fixed on Dec 15, 2016.

Many Wall Street Analysts have commented on Applied Materials. Company shares were Reiterated by RBC Capital Mkts on Aug 19, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 30 from a previous price target of $28 .Company shares were Reiterated by Cowen on Aug 19, 2016 to “Outperform”, Firm has raised the Price Target to $ 32.50 from a previous price target of $26 .

Applied Materials Inc. (Applied) provides manufacturing equipment services and software to the global semiconductor flat panel display solar photovoltaic (PV) and related industries. Applied operates in four segments: Silicon Systems Group Applied Global Services Display and Energy and Environmental Solutions. The Silicon Systems Group segment develops manufactures and sells manufacturing equipment used to fabricate semiconductor chips. The Applied Global Services segment encompasses services products and integrated solutions to optimize equipment and fab performance and productivity. The Display Segment includes products for manufacturing liquid crystal displays organic light-emitting diodes and other display technologies for televisions personal computers tablets smartphones and other devices. The Energy and Environmental Solutions segment includes systems for manufacturing wafer-based crystalline silicon cells and modules.

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