AMTEK (AME) Cut to “Hold” at Zacks Investment Research

AMTEK (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, January 3rd.

According to Zacks, “AMETEK is one of the leading manufacturers of electronic appliances and electromechanical devices. It 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, in past 12 months, the stock has outperformed the industry.”

A number of other analysts have also issued reports on AME. Stifel Nicolaus set a $70.00 price target on shares of AMTEK and gave the stock a “buy” rating in a research report on Friday, October 6th. Robert W. Baird reiterated a “buy” rating and set a $70.00 price target on shares of AMTEK in a report on Friday, October 6th. Cowen reiterated a “buy” rating and set a $80.00 price target on shares of AMTEK in a report on Friday, December 22nd. Morgan Stanley raised their price objective on shares of AMTEK from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Friday, November 3rd. Finally, BMO Capital Markets raised their price objective on shares of AMTEK from $77.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $74.00.

Shares of AMTEK (NYSE AME) traded up $0.88 on Wednesday, reaching $74.57. 930,383 shares of the company were exchanged, compared to its average volume of 1,130,000. AMTEK has a 12-month low of $49.54 and a 12-month high of $74.58. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 0.51. The company has a market cap of $17,230.00, a price-to-earnings ratio of 31.33, a PEG ratio of 2.17 and a beta of 1.36.

AMTEK (NYSE:AME) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.04 billion. AMTEK had a net margin of 13.37% and a return on equity of 16.48%. AMTEK’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.56 EPS. research analysts anticipate that AMTEK will post 2.58 earnings per share for the current fiscal year.

In other news, Director Elizebeth R. Varet sold 3,050 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $71.83, for a total transaction of $219,081.50. Following the completion of the transaction, the director now directly owns 117,930 shares in the company, valued at approximately $8,470,911.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David A. Zapico sold 25,965 shares of AMTEK stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $71.77, for a total value of $1,863,508.05. Following the transaction, the insider now owns 200,548 shares in the company, valued at approximately $14,393,329.96. The disclosure for this sale can be found here. Insiders have sold a total of 30,815 shares of company stock valued at $2,209,220 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Crossmark Global Holdings Inc. bought a new stake in shares of AMTEK during the 3rd quarter worth approximately $2,710,000. Janus Henderson Group PLC raised its stake in shares of AMTEK by 22,076.4% during the 2nd quarter. Janus Henderson Group PLC now owns 6,403,670 shares of the technology company’s stock worth $387,870,000 after purchasing an additional 6,374,794 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of AMTEK by 289.1% during the 3rd quarter. Schroder Investment Management Group now owns 81,971 shares of the technology company’s stock worth $5,373,000 after purchasing an additional 60,906 shares in the last quarter. IFM Investors Pty Ltd bought a new stake in shares of AMTEK during the 3rd quarter worth approximately $509,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI raised its stake in shares of AMTEK by 1.4% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 109,475 shares of the technology company’s stock worth $7,230,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

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About AMTEK

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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