AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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.”
A number of other analysts have also weighed in on the stock. BidaskClub lowered shares of AMTEK from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. BMO Capital Markets raised their target price 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. Oppenheimer Holdings, Inc. raised their target price on shares of AMTEK from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 3rd. Jefferies Group LLC restated a “buy” rating and issued a $66.00 target price on shares of AMTEK in a research report on Thursday, August 3rd. Finally, Cowen and Company restated an “outperform” rating and issued a $66.00 target price (up previously from $62.00) on shares of AMTEK in a research report on Friday, July 7th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $65.27.
AMTEK (AME) traded up 0.85% on Tuesday, reaching $65.58. 641,087 shares of the company traded hands. The company has a market capitalization of $15.14 billion, a PE ratio of 28.78 and a beta of 1.31. The stock has a 50-day moving average of $63.58 and a 200 day moving average of $59.77. AMTEK has a 52-week low of $43.98 and a 52-week high of $66.70.
AMTEK (NYSE:AME) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, beating 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 analyst estimates of $1.04 billion. During the same quarter last year, the business posted $0.59 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts forecast that AMTEK will post $2.52 EPS for the current year.
WARNING: “AMTEK, Inc. (AME) Stock Rating Lowered by Zacks Investment Research” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another publication, it was copied illegally and reposted in violation of U.S. & international copyright & trademark law. The original version of this piece can be viewed at https://ledgergazette.com/2017/09/26/amtek-inc-ame-stock-rating-lowered-by-zacks-investment-research-2.html.
In related news, insider John Wesley Hardin sold 2,600 shares of AMTEK stock in a transaction on Friday, August 4th. The shares were sold at an average price of $64.51, for a total transaction of $167,726.00. Following the completion of the transaction, the insider now owns 59,698 shares of the company’s stock, valued at $3,851,117.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Frank S. Hermance sold 150,840 shares of AMTEK stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $66.38, for a total transaction of $10,012,759.20. Following the transaction, the insider now directly owns 2,191,341 shares of the company’s stock, valued at approximately $145,461,215.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 170,255 shares of company stock worth $11,284,164. 2.10% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in AME. BlackRock Inc. raised its stake in AMTEK by 3,109.3% during the first 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 during the last quarter. Janus Henderson Group PLC raised its stake in AMTEK by 22,076.4% during the second 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 during the last quarter. Wellington Management Group LLP raised its stake in AMTEK by 9.0% during the first 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 during the last quarter. Boston Partners raised its stake in AMTEK by 25.1% during the second quarter. Boston Partners now owns 4,301,460 shares of the technology company’s stock worth $260,539,000 after buying an additional 862,044 shares during the last quarter. Finally, FMR LLC raised its stake in AMTEK by 3.4% during the first quarter. FMR LLC now owns 21,688,705 shares of the technology company’s stock worth $1,172,925,000 after buying an additional 717,489 shares during the last quarter. 85.62% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for AMTEK Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AMTEK Inc. and related companies with MarketBeat.com's FREE daily email newsletter.