AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, August 30th.
According to Zacks, “AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. The company posted better-than-expected second-quarter 2017 results surpassing the Zacks Consensus Estimate on earnings and revenues. AMETEK 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 and integration issues and an overly high goodwill associated with an aggressive acquisition strategy are concerns. Foreign exchange headwinds remain. Year to date, the stock has underperformed the industry it belongs to.”
Several other research analysts have also recently weighed in on AME. Oppenheimer Holdings, Inc. upped their price objective on shares of AMTEK from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. BMO Capital Markets increased their price target on shares of AMTEK from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Thursday, August 3rd. BidaskClub cut shares of AMTEK from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Stifel Nicolaus reiterated a “buy” rating and set a $69.00 price target (up from $66.00) on shares of AMTEK in a research report on Thursday, June 8th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $66.00 price target on shares of AMTEK in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $65.18.
Shares of AMTEK (AME) traded up 0.11% during midday trading on Wednesday, hitting $65.33. 1,328,333 shares of the company traded hands. The stock has a 50 day moving average of $63.32 and a 200-day moving average of $59.53. The stock has a market capitalization of $15.08 billion, a PE ratio of 28.67 and a beta of 1.31. AMTEK has a 52 week low of $43.98 and a 52 week high of $65.84.
AMTEK (NYSE:AME) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities analysts forecast that AMTEK will post $2.52 earnings per share for the current fiscal year.
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In other news, VP Thomas M. Montgomery sold 1,500 shares of the firm’s stock in a transaction on 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 transaction, the vice president now directly owns 21,747 shares in the company, valued at $1,402,464.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizebeth R. Varet sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $63.24, for a total value of $189,720.00. Following the transaction, the director now owns 117,880 shares of the company’s stock, valued at $7,454,731.20. The disclosure for this sale can be found here. Insiders have sold 7,100 shares of company stock valued at $454,181 in the last three months. Insiders own 2.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AME. BlackRock Inc. increased its holdings in AMTEK by 3,109.3% in the 1st quarter. BlackRock Inc. now owns 13,823,451 shares of the technology company’s stock worth $747,572,000 after buying an additional 13,392,716 shares in the last quarter. Janus Henderson Group PLC increased its holdings in AMTEK by 22,076.4% in the 2nd quarter. Janus Henderson Group PLC now owns 6,403,670 shares of the technology company’s stock worth $387,870,000 after buying an additional 6,374,794 shares in the last quarter. Boston Partners increased its holdings in AMTEK by 534.8% in the 1st quarter. Boston Partners now owns 3,439,416 shares of the technology company’s stock worth $186,004,000 after buying an additional 2,897,568 shares in the last quarter. American Century Companies Inc. increased its holdings in AMTEK by 115.2% in the 1st quarter. American Century Companies Inc. now owns 2,777,068 shares of the technology company’s stock worth $150,184,000 after buying an additional 1,486,889 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in AMTEK by 9.0% in the 1st quarter. Wellington Management Group LLP now owns 10,528,307 shares of the technology company’s stock worth $569,372,000 after buying an additional 868,895 shares in the last quarter. Institutional investors own 85.65% of the company’s stock.
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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