AMTEK, Inc. (AME) Stock Rating Upgraded by Zacks Investment Research
AMTEK, Inc. (NYSE:AME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $73.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.14% from the stock’s previous close.
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 equities research analysts have also weighed in on the stock. Jefferies Group LLC restated a “buy” rating and issued a $66.00 price objective on shares of AMTEK in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. lifted their price objective on shares of AMTEK from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. BMO Capital Markets lifted their price objective on shares of AMTEK from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. BidaskClub downgraded shares of AMTEK from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $67.00 target price on shares of AMTEK in a report on Tuesday, June 6th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. AMTEK presently has a consensus rating of “Buy” and a consensus price target of $65.18.
AMTEK (AME) traded up 0.17% during mid-day trading on Thursday, hitting $65.12. 246,119 shares of the stock traded hands. The stock has a market cap of $15.03 billion, a P/E ratio of 28.57 and a beta of 1.31. The stock has a 50-day moving average price of $63.01 and a 200-day moving average price of $59.37. AMTEK has a 12 month low of $43.98 and a 12 month high of $65.16.
AMTEK (NYSE:AME) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.03. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. On average, equities analysts forecast that AMTEK will post $2.52 earnings per share for the current year.
In other AMTEK news, Director Elizebeth R. Varet sold 3,000 shares of AMTEK stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $63.24, for a total transaction of $189,720.00. Following the completion of the transaction, the director now directly owns 117,880 shares of the company’s stock, valued at $7,454,731.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $167,726.00. Following the transaction, the insider now directly owns 59,698 shares of the company’s stock, valued at $3,851,117.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,100 shares of company stock worth $454,181. Insiders own 2.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. W. E. Donoghue & Co. LLC bought a new stake in AMTEK during the 2nd quarter worth about $2,167,000. Sentry Investment Management LLC grew its position in shares of AMTEK by 1.1% during the 2nd quarter. Sentry Investment Management LLC now owns 15,008 shares of the technology company’s stock worth $909,000 after buying an additional 157 shares during the period. Toronto Dominion Bank grew its position in shares of AMTEK by 21.1% during the 2nd quarter. Toronto Dominion Bank now owns 90,059 shares of the technology company’s stock worth $5,456,000 after buying an additional 15,686 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of AMTEK during the 2nd quarter worth about $1,072,000. Finally, Koch Industries Inc. acquired a new position in shares of AMTEK during the 2nd quarter worth about $236,000. 85.65% of the stock is 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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