AMTEK (NYSE:AME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, November 13th. The brokerage currently has a $76.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 5.42% from the company’s previous close.
According to Zacks, “AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. 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. Notably, over the last one year, the stock has underperformed the Zacks Electronic Test Equipment industry.”
Several other research firms have also issued reports on AME. Royal Bank Of Canada reiterated a “buy” rating and set a $70.00 target price on shares of AMTEK in a report on Friday, October 13th. Morgan Stanley upped their price objective on AMTEK from $64.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, November 3rd. BMO Capital Markets upped their price objective on AMTEK from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. BidaskClub downgraded AMTEK from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Oppenheimer upped their target price on AMTEK to $75.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $71.80.
AMTEK (NYSE:AME) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. AMTEK had a return on equity of 16.48% and a net margin of 13.37%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company posted $0.56 earnings per share. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. equities research analysts predict that AMTEK will post 2.58 EPS for the current year.
In related news, insider Thomas C. Marecic sold 12,315 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $66.36, for a total transaction of $817,223.40. Following the completion of the transaction, the insider now directly owns 38,367 shares of the company’s stock, valued at approximately $2,546,034.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elizebeth R. Varet sold 3,050 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $71.83, for a total value of $219,081.50. Following the transaction, the director now directly owns 117,930 shares of the company’s stock, valued at $8,470,911.90. The disclosure for this sale can be found here. Insiders sold a total of 171,005 shares of company stock valued at $11,374,594 over the last quarter. 2.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of AME. OppenheimerFunds Inc. grew its stake in shares of AMTEK by 0.3% in the 1st quarter. OppenheimerFunds Inc. now owns 8,735 shares of the technology company’s stock valued at $472,000 after buying an additional 30 shares during the period. Bank of Montreal Can acquired a new stake in shares of AMTEK in the 2nd quarter valued at about $17,144,000. State of Alaska Department of Revenue grew its stake in shares of AMTEK by 56.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,222 shares of the technology company’s stock valued at $437,000 after buying an additional 2,620 shares during the period. National Pension Service grew its stake in shares of AMTEK by 9.8% in the 2nd quarter. National Pension Service now owns 237,290 shares of the technology company’s stock valued at $14,237,000 after buying an additional 21,089 shares during the period. Finally, Mn Services Vermogensbeheer B.V. grew its stake in shares of AMTEK by 504.5% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 37,307 shares of the technology company’s stock valued at $2,260,000 after buying an additional 31,135 shares during the period. Hedge funds and other institutional investors own 84.23% 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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