Carnegie Investment Counsel 13F: Cuts AMAT Stake by $1.8M
Key Points
- Carnegie Investment Counsel reduced its holdings in Applied Materials, Inc. AMAT by 3,613 shares during the quarter, ending with 108,067 shares worth about $55.3 million.
- Applied Materials, Inc. AMAT recently traded around $412.03, sitting below its 50-day moving average of $475.02 as the company prepares to report earnings on November 12, 2026.
- Several company insiders, including CEO Gary E. Dickerson and CFO Brice Hill, recently reported share sales, while Wall Street analysts maintain a consensus strong buy rating on the stock.
Since the filing, $AMAT is up 1.0% to date (from the $404.98 close on Oct 20, 2026).
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Carnegie Investment Counsel filed a Form 13F with the SEC on October 20, 2026, revealing a reduced stake in Applied Materials, Inc. AMAT. The filing showed the firm trimming its holdings during the period.
AMAT
Applied Materials, Inc.
What Changed in Carnegie Investment Counsel's Applied Materials Position
Carnegie Investment Counsel lowered its stake by 3,613 shares, or 3.2%, during the quarter. The fund wrapped up the period with 108,067 shares valued at approximately $55.3 million, down from its prior total of 111,680 shares.
Other Institutional Activity in Applied Materials
Other institutional investors adjusted their positions in Applied Materials around the same time. Aspiriant sold its entire position of 3,319 shares, leaving it with 0 shares worth $0. Kmg Fiduciary Partners trimmed its holdings by 1,508 shares to finish with 7,934 shares valued at about $4.1 million, a 16.0% decrease. Generate Investment Management grew its holdings by 76,812 shares, a 472.0% increase, ending with 93,087 shares worth roughly $47.6 million. Curated Wealth Partners slashed its stake by 364,674 shares, a 99.4% drop, retaining 2,077 shares valued at about $1.1 million.
Applied Materials, Inc. Stock Up 1.7%
Applied Materials shares recently traded near $412.03, up about 1.7% from the stock's closing price of $404.98 on the filing date of October 20, 2026. The stock sits below its 50-day moving average of $475.02 and trades below its 200-day moving average of $441.11. The company has a market capitalization of roughly $324.5 billion and a P/E ratio of 35.3.
Recent Earnings
Applied Materials posted $30.84 billion in trailing-twelve-month revenue alongside earnings of $11.59 per share. The company recorded a net profit margin of 30.1% and a return on equity of 41.1%. Its next earnings report is scheduled for November 12, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
20 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 5.9%. Revenue beat estimates by 12.9%.
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Profit surprise
EBITDA beat by 52 percent. Operating income beat by 24 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
20 target raises.
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Earnings quality
Gross margin up 0.8 points. Operating margin up 1.3 points. Positive free cash flow.
Earnings Call Summary
Applied Materials delivered record revenue of $7.91 billion this quarter driven by strong artificial intelligence infrastructure demand. The company sees its highest gross margin in over 25 years at 50 percent. Management highlighted that artificial intelligence is diversifying beyond training into new areas like agentic applications, which increases demand for memory and processors, and they expect continued strong growth into 2027 and beyond as customers build new factories.
Guidance Applied expects about $8.95 billion in revenue next quarter, up nearly 23 percent from last year. The company expects earnings per share of $3.36, up nearly 36 percent. Management raised its full-year equipment growth outlook to more than 30 percent as artificial intelligence demand accelerates and customers add production capacity.
Clearly positive report. Results were better than expected, though the forward reset is not the strongest.
Dividend
Applied Materials pays an annual dividend of $2.12 per share, translating to a dividend yield of 0.52%. The company's dividend payout ratio stands at 16.5%.
Insider Buying and Selling at Applied Materials, Inc.
Company insiders executed several transactions prior to the filing. CEO Gary E. Dickerson disposed of 78,321 shares on June 30, 2026, with the transaction valued at about $55.6 million. CFO Brice Hill sold 7,500 shares on August 25, 2026, at an average price of $479.25 for a total value of roughly $3.6 million. Director Judy Bruner parted with 1,000 shares on September 8, 2026, at $465.00 per share, totaling $465,000. Officer Adam Sanders sold 725 shares on October 2, 2026, at an average price of $544.56, worth about $394,807. None of these sales were reported as part of a Rule 10b5-1 trading plan.
Analysts Set New Price Targets
Wall Street firms updated their views on Applied Materials ahead of the filing. UBS maintained a Buy rating on September 1, 2026, raising its price target to $695.00 from $675.00. Morgan Stanley kept an Equal-Weight rating on September 28, 2026, lowering its target from $642.00 to $563.00. RBC Capital reiterated an Outperform rating on October 14, 2026, keeping its target at $600.00. Evercore ISI Group maintained an Outperform rating on October 15, 2026, cutting its target to $590.00 from $700.00. Needham kept a Buy rating on October 16, 2026, lowering its target from $740.00 to $580.00. Overall, the stock carries a consensus strong buy rating and a mean price target of $627.83 across 36 analyst opinions.
About Applied Materials
Headquartered in Santa Clara, California, Applied Materials provides specialized equipment, services, and software used in manufacturing semiconductor chips. The firm supports chipmakers globally through its Semiconductor Systems and Applied Global Services divisions, helping advance microchip technology for electronics.
Bottom Line
Investors will look toward the company's upcoming earnings release on November 12, 2026, for further insight into demand for semiconductor manufacturing equipment. Future institutional filings will show whether other large funds continue adjusting their positions in the chip equipment maker.
Related Filing Alerts
Source: Carnegie Investment Counsel's 13F filing on $AMAT (Oct 20, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts