Grassi Investment Management Lowers stake in Applied Materials (AMAT)

Applied Materials (AMAT) : Grassi Investment Management reduced its stake in Applied Materials by 12.89% during the most recent quarter end. The investment management company now holds a total of 301,850 shares of Applied Materials which is valued at $8,644,984 after selling 44,650 shares in Applied Materials , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Applied Materials makes up approximately 1.67% of Grassi Investment Management’s portfolio.

Other Hedge Funds, Including , Osborn Rohs Williams Donohoe Ltd reduced its stake in AMAT by selling 21,255 shares or 6.0% in the most recent quarter. The Hedge Fund company now holds 333,125 shares of AMAT which is valued at $9,540,700. Applied Materials makes up approx 1.86% of Osborn Rohs Williams Donohoe Ltd’s portfolio.Carroll Financial Associates reduced its stake in AMAT by selling 124 shares or 0.15% in the most recent quarter. The Hedge Fund company now holds 84,659 shares of AMAT which is valued at $2,487,281. Applied Materials makes up approx 0.38% of Carroll Financial Associates’s portfolio.Cutler Group Lp reduced its stake in AMAT by selling 15,662 shares or 49.99% in the most recent quarter. The Hedge Fund company now holds 15,671 shares of AMAT which is valued at $460,414. Applied Materials makes up approx 0.03% of Cutler Group Lp’s portfolio.Kempner Capital Management reduced its stake in AMAT by selling 8,400 shares or 3.41% in the most recent quarter. The Hedge Fund company now holds 237,790 shares of AMAT which is valued at $7,119,433. Applied Materials makes up approx 4.88% of Kempner Capital Management’s portfolio.

Applied Materials closed down -0.74 points or -2.52% at $28.64 with 2,00,18,667 shares getting traded on Tuesday. Post opening the session at $29.37, the shares hit an intraday low of $28.305 and an intraday high of $29.39 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Applied Materials reported $0.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 18, 2016. Analyst had a consensus of $0.48. The company had revenue of $2821.00 million for the quarter, compared to analysts expectations of $2838.86 million. The company’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 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 .Company shares were Reiterated by Stifel on Aug 15, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $28 .

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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