Zacks Investment Research upgraded shares of AMTEK (NYSE:AME) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $82.00 price target on the technology company’s stock.
According to Zacks, “AMETEK's stock has outperformed the industry in the past 12 months. 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.”
Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed a buy rating and issued a $70.00 price objective on shares of AMTEK in a research note on Friday, October 13th. Jefferies Group lifted their price objective on shares of AMTEK from $66.00 to $77.00 and gave the company a buy rating in a research note on Friday, October 13th. Stifel Nicolaus reaffirmed a buy rating on shares of AMTEK in a research note on Monday, December 11th. Oppenheimer lifted their price objective on shares of AMTEK to $75.00 and gave the company an outperform rating in a research note on Friday, November 3rd. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $80.00 price objective on shares of AMTEK in a research note on Monday, December 11th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $74.00.
Shares of AMTEK (AME) traded down $0.19 during trading hours on Thursday, hitting $73.79. 2,134,900 shares of the company’s stock were exchanged, compared to its average volume of 1,302,925. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 0.51. AMTEK has a 52 week low of $49.18 and a 52 week high of $74.50. The firm has a market cap of $17,040.00, a price-to-earnings ratio of 31.00, a P/E/G ratio of 2.17 and a beta of 1.36.
AMTEK (NYSE:AME) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.04. AMTEK had a net margin of 13.37% and a return on equity of 16.48%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the business earned $0.56 EPS. AMTEK’s quarterly revenue was up 14.8% compared to the same quarter last year. sell-side analysts expect that AMTEK will post 2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.09 per share. The ex-dividend date was Tuesday, December 5th. This represents a $0.36 annualized dividend and a dividend yield of 0.49%. AMTEK’s payout ratio is 15.13%.
In other news, VP Thomas M. Montgomery sold 1,800 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $70.35, for a total transaction of $126,630.00. Following the transaction, the vice president now owns 19,947 shares in the company, valued at approximately $1,403,271.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider David A. Zapico sold 25,965 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $71.77, for a total transaction 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. In the last 90 days, insiders have sold 30,815 shares of company stock worth $2,209,220. Insiders own 2.10% of the company’s stock.
Several large investors have recently bought and sold shares of AME. Atlantic Trust Group LLC increased its stake in AMTEK by 3.7% in the third quarter. Atlantic Trust Group LLC now owns 224,437 shares of the technology company’s stock valued at $14,821,000 after acquiring an additional 8,049 shares during the period. Parametric Portfolio Associates LLC increased its stake in AMTEK by 8.7% in the third quarter. Parametric Portfolio Associates LLC now owns 315,314 shares of the technology company’s stock valued at $20,823,000 after acquiring an additional 25,309 shares during the period. IFM Investors Pty Ltd bought a new stake in AMTEK in the third quarter valued at about $509,000. Insight Capital Research & Management Inc. bought a new stake in AMTEK in the third quarter valued at about $1,936,000. Finally, Neuberger Berman Group LLC increased its stake in AMTEK by 42.3% in the third quarter. Neuberger Berman Group LLC now owns 309,490 shares of the technology company’s stock valued at $20,439,000 after acquiring an additional 91,952 shares during the period. Institutional investors own 84.76% of the company’s stock.
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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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