AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, October 16th.
According to Zacks, “AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. The company continues to reap the benefits from the execution of its four core growth strategies of operational excellence, global market expansion, investments in product development and strategic acquisitions. This, in combination with a strong portfolio of differentiated businesses, is expected to help the company post better results, going forward. However, weakness in its balance sheet, integration issues and an overly high goodwill associated with an aggressive acquisition strategy are concerns. Foreign exchange headwinds remain. Notably, over the last one year, the stock has underperformed the Zacks Electronic Test Equipment industry.”
Several other brokerages also recently weighed in on AME. Jefferies Group LLC upped their target price on shares of AMTEK from $66.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, October 13th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $70.00 target price on shares of AMTEK in a report on Friday, October 13th. Robert W. Baird reissued a “buy” rating and set a $70.00 price objective on shares of AMTEK in a report on Friday, October 6th. Stifel Nicolaus set a $70.00 price objective on shares of AMTEK and gave the company a “buy” rating in a report on Friday, October 6th. Finally, BMO Capital Markets increased their price objective on shares of AMTEK from $67.00 to $69.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. AMTEK currently has an average rating of “Buy” and an average price target of $69.00.
Shares of AMTEK (NYSE AME) opened at 69.23 on Monday. AMTEK has a 52-week low of $43.98 and a 52-week high of $69.31. The stock’s 50 day moving average price is $66.42 and its 200-day moving average price is $62.17. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 30.38 and a beta of 1.31.
AMTEK (NYSE:AME) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. AMTEK’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 EPS. On average, analysts forecast that AMTEK will post $2.52 EPS for the current year.
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In related news, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $63.24, for a total value of $189,720.00. Following the sale, the director now directly owns 117,880 shares of the company’s stock, valued at approximately $7,454,731.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas M. Montgomery sold 1,500 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $64.49, for a total transaction of $96,735.00. Following the completion of the sale, the vice president now directly owns 21,747 shares in the company, valued at $1,402,464.03. The disclosure for this sale can be found here. Insiders have sold a total of 173,255 shares of company stock worth $11,483,064 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its position in shares of AMTEK by 3.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 46,651 shares of the technology company’s stock worth $3,081,000 after acquiring an additional 1,573 shares during the period. Aperio Group LLC increased its position in shares of AMTEK by 5.9% during the third quarter. Aperio Group LLC now owns 105,677 shares of the technology company’s stock worth $6,979,000 after acquiring an additional 5,934 shares during the period. Davis R M Inc. increased its position in shares of AMTEK by 2.2% during the third quarter. Davis R M Inc. now owns 497,055 shares of the technology company’s stock worth $32,826,000 after acquiring an additional 10,532 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of AMTEK during the third quarter worth approximately $182,000. Finally, Xact Kapitalforvaltning AB increased its position in shares of AMTEK by 2.0% during the third quarter. Xact Kapitalforvaltning AB now owns 54,532 shares of the technology company’s stock worth $3,601,000 after acquiring an additional 1,053 shares during the period. 85.60% of the stock is currently owned by institutional investors and hedge funds.
AMTEK Company Profile
AMETEK, Inc is a manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures instruments for the process, power and industrial and aerospace markets.
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