AMTEK, Inc. (AME) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of AMTEK, Inc. (NYSE:AME) from a hold rating to a buy rating in a research note published on Thursday morning. The brokerage currently has $70.00 price target 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.”
Several other research analysts have also recently issued reports on AME. Jefferies Group LLC reissued a buy rating and issued a $66.00 target price (up from $63.00) on shares of AMTEK in a research report on Wednesday, May 3rd. BMO Capital Markets reaffirmed an outperform rating and set a $67.00 price objective (up from $65.00) on shares of AMTEK in a research report on Wednesday, May 3rd. Morgan Stanley lifted their price objective on AMTEK from $57.00 to $62.00 and gave the company an equal weight rating in a research report on Monday, May 8th. Royal Bank Of Canada reaffirmed a buy rating and set a $67.00 price objective on shares of AMTEK in a research report on Tuesday, June 6th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $69.00 price objective (up from $66.00) on shares of AMTEK in a research report on Thursday, June 8th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. AMTEK has a consensus rating of Buy and a consensus price target of $64.91.
Shares of AMTEK (AME) traded up 0.13% during trading on Thursday, hitting $62.59. 185,936 shares of the stock traded hands. The stock has a market cap of $14.45 billion, a price-to-earnings ratio of 27.46 and a beta of 1.34. AMTEK has a 1-year low of $43.98 and a 1-year high of $64.97. The stock has a 50 day moving average price of $62.37 and a 200-day moving average price of $58.47.
AMTEK (NYSE:AME) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. AMTEK had a return on equity of 16.28% and a net margin of 13.26%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $0.59 earnings per share. Equities analysts forecast that AMTEK will post $2.53 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given 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 0.58%. AMTEK’s payout ratio is currently 15.79%.
In related news, insider Timothy N. Jones sold 39,955 shares of AMTEK stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $61.95, for a total transaction of $2,475,212.25. Following the sale, the insider now owns 40,025 shares of the company’s stock, valued at approximately $2,479,548.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Elizebeth R. Varet sold 3,000 shares of AMTEK stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $61.96, for a total value of $185,880.00. Following the sale, the director now directly owns 123,880 shares in the company, valued at approximately $7,675,604.80. The disclosure for this sale can be found here. Insiders have sold a total of 53,055 shares of company stock worth $3,303,253 in the last three months. 2.10% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of AME. Sentry Investment Management LLC increased its stake in shares of AMTEK by 1.1% in the second quarter. Sentry Investment Management LLC now owns 15,008 shares of the technology company’s stock valued at $909,000 after buying an additional 157 shares during the period. Toronto Dominion Bank increased its stake in shares of AMTEK by 21.1% in the second quarter. Toronto Dominion Bank now owns 90,059 shares of the technology company’s stock valued at $5,456,000 after buying an additional 15,686 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of AMTEK during the second quarter valued at about $1,072,000. Koch Industries Inc. acquired a new stake in shares of AMTEK during the second quarter valued at about $236,000. Finally, Keel Point LLC acquired a new stake in shares of AMTEK during the second quarter valued at about $201,000. 89.49% 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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