Rokos Capital Management 13F: Cuts AMAT Stake by $154M

Rokos Capital Management Cuts Applied Materials Stake

Rokos Capital Management reduced its exposure to Applied Materials, Inc. (NasdaqGS: AMAT) during the period, according to a recent Form 13F filing with the SEC. Because 13F filings are backward-looking documents, this report reflects holdings as of May 15, 2026, and may not represent the investor's exact position today. The fund cut its position by a sharp 61.9%, shedding 219,661 shares from its prior count.

Trimming the Position Size

Before the reduction, Rokos Capital Management owned 354,754 shares of the semiconductor equipment provider. By the end of the period, the fund held just 135,093 shares. That remaining block carried a reported value of approximately $94.48 million based on the filing details. The adjustment follows earlier portfolio moves by other institutional holders, such as Kmg Fiduciary Partners trimming its own stake in the chip equipment maker earlier in the year.

Applied Materials Stock Performance

Shares of Applied Materials recently traded around $699.39. The stock has experienced wide swings over the past year, moving between a 52-week low of $196.20 and a 52-week high of $739.67. The company's shares have spent considerable time above key moving averages, supported by strong sector demand for advanced manufacturing tools used in chip fabrication.

Recent Earnings Results

Applied Materials posted robust financial results for its reporting period, generating $30.84 billion in revenue alongside a 24.8% revenue rate of growth. The company reported earnings per share of $11.60, supported by a healthy net profit margin of 30.1% and a return on equity of 41.1%. Investors are tracking the calendar toward the firm's next scheduled earnings report on November 12, 2026.

Dividend Payments

The company distributes capital back to shareholders via an annual dividend rate of $2.12 per share, translating to a dividend yield of 0.48%. This payout is backed by a conservative dividend payout ratio of 16.5%, leaving plenty of earnings retained for research and development within its semiconductor equipment segments.

Analysts Set New Price Targets

Wall Street firms have actively recalibrated their outlooks on the stock in recent weeks. On October 16, 2026, Needham maintained a Buy rating while lowering its price target to $580.00 from $740.00. Evercore ISI Group kept an Outperform rating on October 15, 2026, moving its target to $590.00 from $700.00. Earlier, on October 14, 2026, RBC Capital reiterated its Outperform rating with a $600.00 target. Morgan Stanley kept an Equal-Weight rating with a $563.00 target on September 28, 2026, while UBS maintained a Buy rating at a $695.00 target on September 1, 2026. Mizuho held an Outperform rating with a $590.00 target on August 25, 2026, and Argus Research preserved a Buy rating with a $600.00 target on August 18, 2026. Across the wider analyst community, the stock maintains a consensus Strong Buy recommendation alongside an average price target of $640.89 derived from 35 analyst opinions.

About Applied Materials

Headquartered in Santa Clara, California, Applied Materials provides specialized manufacturing hardware, services, and software to makers of semiconductor chips and advanced electronic displays worldwide. Its equipment enables complex nano-scale engineering steps like deposition, etching, and wafer inspection. With a large global footprint, the firm serves major semiconductor foundries and memory producers navigating complex technology transitions.

What's Ahead for Applied Materials, Inc.

Institutional investors and market watchers will keep a close eye on upcoming regulatory disclosures and insider transactions to gauge how major funds manage their technology allocations. Additional clarity will arrive when the company delivers its next financial update in November.