Zacks Investment Research upgraded shares of AMTEK, Inc. (NYSE:AME) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. They currently have $74.00 price objective on the technology company’s stock.
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 analysts also recently commented on the company. BMO Capital Markets restated a buy rating and issued a $67.00 target price on shares of AMTEK in a research note on Tuesday, June 27th. Royal Bank Of Canada restated a buy rating and issued a $67.00 target price on shares of AMTEK in a research note on Tuesday, June 6th. BidaskClub downgraded AMTEK from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Cowen and Company restated an outperform rating and issued a $66.00 target price (up from $62.00) on shares of AMTEK in a research note on Friday, July 7th. Finally, Jefferies Group LLC restated a buy rating and issued a $66.00 target price on shares of AMTEK in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. AMTEK presently has an average rating of Buy and a consensus target price of $65.27.
Shares of AMTEK (AME) opened at 65.59 on Thursday. AMTEK has a 12-month low of $43.98 and a 12-month high of $66.70. The stock has a 50 day moving average price of $63.58 and a 200 day moving average price of $59.77. The stock has a market capitalization of $15.14 billion, a P/E ratio of 28.78 and a beta of 1.31.
AMTEK (NYSE:AME) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. AMTEK had a return on equity of 16.28% and a net margin of 13.26%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. AMTEK’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities analysts anticipate that AMTEK will post $2.52 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.55%. AMTEK’s dividend payout ratio (DPR) is presently 15.79%.
In other news, insider Frank S. Hermance sold 150,840 shares of AMTEK stock in a transaction that occurred 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 sale, the insider now owns 2,191,341 shares of the company’s stock, valued at $145,461,215.58. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Thomas M. Montgomery sold 1,500 shares of AMTEK stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $64.49, for a total value of $96,735.00. Following the sale, the vice president now directly owns 21,747 shares in the company, valued at approximately $1,402,464.03. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 170,255 shares of company stock worth $11,284,164. Corporate insiders own 2.10% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth Bank of Australia raised its holdings in AMTEK by 17.7% during the second quarter. Commonwealth Bank of Australia now owns 1,747 shares of the technology company’s stock worth $104,000 after purchasing an additional 263 shares in the last quarter. BB&T Investment Services Inc. bought a new stake in AMTEK during the second quarter worth approximately $107,000. Edmond DE Rothschild Holding S.A. bought a new stake in AMTEK during the second quarter worth approximately $151,000. Acrospire Investment Management LLC raised its holdings in AMTEK by 104.0% during the second quarter. Acrospire Investment Management LLC now owns 2,550 shares of the technology company’s stock worth $154,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in AMTEK by 7.0% during the first quarter. Van ECK Associates Corp now owns 3,008 shares of the technology company’s stock worth $163,000 after purchasing an additional 196 shares in the last quarter. 85.62% of the stock is currently owned by institutional investors.
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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