AMTEK, Inc. (AME) Lifted 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 report published on Monday morning. They currently have $74.00 target price on the technology company’s stock.
According to Zacks, “AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. The company 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 research analysts have also recently issued reports on the company. BMO Capital Markets reaffirmed a buy rating and set a $67.00 price objective on shares of AMTEK in a research note on Tuesday, June 27th. Royal Bank Of Canada reaffirmed a buy rating and set a $67.00 price objective on shares of AMTEK in a research note on Tuesday, June 6th. BidaskClub cut AMTEK from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Cowen and Company reaffirmed an outperform rating and set a $66.00 price objective (up from $62.00) on shares of AMTEK in a research note on Friday, July 7th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $66.00 price objective 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 company. The stock presently has an average rating of Buy and a consensus price target of $65.27.
Shares of AMTEK (NYSE:AME) opened at 66.95 on Monday. The company has a market cap of $15.45 billion, a price-to-earnings ratio of 29.38 and a beta of 1.31. AMTEK has a 52-week low of $43.98 and a 52-week high of $67.05. The firm has a 50 day moving average price of $64.40 and a 200-day moving average price of $60.67.
AMTEK (NYSE:AME) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.65 earnings per share (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 firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities research analysts anticipate that AMTEK will post $2.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a $0.09 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.36 annualized dividend and a dividend yield of 0.54%. AMTEK’s payout ratio is presently 15.79%.
In related news, Director Elizebeth R. Varet sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $66.30, for a total value of $198,900.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Frank S. Hermance sold 150,840 shares of the firm’s stock in a transaction dated 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 in the company, valued at $145,461,215.58. The disclosure for this sale can be found here. Insiders sold 173,255 shares of company stock worth $11,483,064 over the last three months. 2.10% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in AMTEK by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 22,577,145 shares of the technology company’s stock valued at $1,367,497,000 after acquiring an additional 687,292 shares in the last quarter. FMR LLC boosted its position in AMTEK by 3.4% during the 1st quarter. FMR LLC now owns 21,688,705 shares of the technology company’s stock valued at $1,172,925,000 after acquiring an additional 717,489 shares in the last quarter. BlackRock Inc. boosted its position in AMTEK by 0.8% during the 2nd quarter. BlackRock Inc. now owns 13,935,315 shares of the technology company’s stock valued at $844,062,000 after acquiring an additional 111,864 shares in the last quarter. Wellington Management Group LLP boosted its position in AMTEK by 9.0% during the 1st quarter. Wellington Management Group LLP now owns 10,528,307 shares of the technology company’s stock valued at $569,372,000 after acquiring an additional 868,895 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in AMTEK by 22,076.4% during the 2nd quarter. Janus Henderson Group PLC now owns 6,403,670 shares of the technology company’s stock valued at $387,870,000 after acquiring an additional 6,374,794 shares in the last quarter. 85.62% of the stock is currently owned by institutional investors.
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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