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 Monday morning. Zacks Investment Research currently has $76.00 target price on the technology company’s stock.
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.”
A number of other brokerages 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 research report on Friday, October 13th. Morgan Stanley raised their price objective on AMTEK from $64.00 to $67.00 and gave the company an equal weight rating in a report on Friday, November 3rd. BMO Capital Markets raised their price objective on AMTEK from $67.00 to $69.00 and gave the company an outperform rating in a report on Thursday, August 3rd. BidaskClub lowered AMTEK from a strong-buy rating to a buy rating in a report on Monday, July 24th. Finally, Oppenheimer Holdings, Inc. raised their price objective on AMTEK to $75.00 and gave the company an outperform rating in a report on Friday, November 3rd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $71.80.
Shares of AMTEK (NYSE:AME) traded up $1.30 during trading hours on Monday, hitting $70.12. The stock had a trading volume of 1,985,000 shares, compared to its average volume of 1,345,475. AMTEK has a 52-week low of $45.78 and a 52-week high of $70.43. The stock has a market cap of $16,230.00, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 2.34 and a beta of 1.33. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 0.51.
AMTEK (NYSE:AME) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.66 earnings per share (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 firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $0.56 EPS. The business’s revenue was up 14.8% on a year-over-year basis. analysts forecast that AMTEK will post 2.58 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Tuesday, December 5th. AMTEK’s dividend payout ratio (DPR) is presently 15.13%.
In other AMTEK 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 value of $817,223.40. Following the completion of the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank S. Hermance sold 150,840 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $66.38, for a total value of $10,012,759.20. Following the completion of the sale, the insider now directly owns 2,191,341 shares of the company’s stock, valued at $145,461,215.58. The disclosure for this sale can be found here. Insiders sold a total of 166,155 shares of company stock valued at $11,028,883 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. QS Investors LLC increased its stake in shares of AMTEK by 0.9% in the 2nd quarter. QS Investors LLC now owns 2,846 shares of the technology company’s stock worth $172,000 after acquiring an additional 25 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of AMTEK by 0.3% during the 1st quarter. OppenheimerFunds Inc. now owns 8,735 shares of the technology company’s stock worth $472,000 after purchasing an additional 30 shares during the last quarter. Contravisory Investment Management Inc. increased its position in shares of AMTEK by 0.7% during the 2nd quarter. Contravisory Investment Management Inc. now owns 4,798 shares of the technology company’s stock worth $291,000 after purchasing an additional 32 shares during the last quarter. Cadence Capital Management LLC increased its position in shares of AMTEK by 0.9% during the 2nd quarter. Cadence Capital Management LLC now owns 6,960 shares of the technology company’s stock worth $422,000 after purchasing an additional 62 shares during the last quarter. Finally, Shufro Rose & Co. LLC increased its position in shares of AMTEK by 1.4% during the 2nd quarter. Shufro Rose & Co. LLC now owns 5,224 shares of the technology company’s stock worth $316,000 after purchasing an additional 74 shares during the last quarter. 85.31% 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.
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