Applied Materials (AMAT) is Upgraded by DA Davidson to Buy, Raises Price Target to $ 28

Applied Materials (AMAT) was Upgraded by DA Davidson to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 28 from a previous price target of $24 . Earlier the firm had a rating of “Neutral ” on the company shares. DA Davidson advised their investors in a research report released on Jun 27, 2016.

Many Wall Street Analysts have commented on Applied Materials. Company shares were Reiterated by RBC Capital Mkts on Jun 10, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 26 from a previous price target of $24 .Applied Materials was Upgraded by Citigroup to ” Buy” on May 25, 2016. Company shares were Reiterated by Cowen on May 20, 2016 to “Outperform”, Firm has raised the Price Target to $ 26 from a previous price target of $24 .

On the company’s financial health, Applied Materials reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 19, 2016. Analyst had a consensus of $0.32. The company had revenue of $2450.00 million for the quarter, compared to analysts expectations of $2428.97 million. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS.

Applied Materials closed down -1.29 points or -5.26% at $23.23 with 3,57,22,847 shares getting traded on Friday. Post opening the session at $23.5, the shares hit an intraday low of $23.145 and an intraday high of $23.96 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Investors should note that on Jun 9, 2016, Applied Materials announced a cash dividend of $0.1000. The company’s management has announced Aug 23, 2016 as the ex-dividend date and fixed the record date on Aug 25, 2016. The payable date has been fixed on Sep 15, 2016.

In a different news, on Jun 22, 2016, Ali Salehpour (Sr. VP, GM New Mrkts & Service) sold 35,504 shares at $23.94 per share price. According to the SEC, on May 27, 2016, Thomas J Iannotti (director) sold 15,000 shares at $23.67 per share price. On May 25, 2016, Stephen R Forrest (director) sold 5,000 shares at $22.86 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Applied Materials

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