Zacks Investment Research upgraded shares of AMTEK, Inc. (NYSE:AME) from a hold rating to a buy rating in a report issued on Monday, August 7th. Zacks Investment Research currently has $72.00 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. Notably, over the last one year, the stock has underperformed the Zacks Electronic Test Equipment industry.”
Several other research analysts have also commented on the company. BMO Capital Markets boosted their price objective on AMTEK from $67.00 to $69.00 and gave the stock an outperform rating in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. boosted their price objective on AMTEK from $65.00 to $70.00 and gave the stock an outperform rating in a report on Thursday, August 3rd. Jefferies Group LLC reissued a buy rating and set a $66.00 price objective on shares of AMTEK 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, Cowen and Company reissued an outperform rating and set a $66.00 price objective (up previously from $62.00) on shares of AMTEK in a report on Friday, July 7th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. AMTEK has a consensus rating of Buy and a consensus price target of $65.09.
AMTEK (NYSE AME) traded up 0.24% during midday trading on Monday, hitting $62.94. 875,060 shares of the stock were exchanged. The company’s 50 day moving average is $62.23 and its 200 day moving average is $58.14. AMTEK has a 1-year low of $43.98 and a 1-year high of $64.97. The company has a market capitalization of $14.53 billion, a P/E ratio of 27.62 and a beta of 1.34.
AMTEK (NYSE:AME) last issued its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.65 EPS for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. AMTEK’s revenue was up 8.9% on a year-over-year basis. Analysts predict that AMTEK will post $2.53 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.57%. The ex-dividend date is Thursday, September 14th. AMTEK’s dividend payout ratio is currently 15.79%.
In other news, insider Timothy N. Jones sold 39,955 shares of the 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 completion of the sale, the insider now owns 40,025 shares of the company’s stock, valued at $2,479,548.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Elizebeth R. Varet sold 3,000 shares of the 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 of the company’s stock, valued at approximately $7,675,604.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,055 shares of company stock valued at $3,303,253. 2.10% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in AME. Benjamin F. Edwards & Company Inc. raised its stake in AMTEK by 0.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,229 shares of the technology company’s stock worth $175,000 after buying an additional 19 shares during the period. QS Investors LLC raised its stake in AMTEK by 0.9% in the second quarter. QS Investors LLC now owns 2,846 shares of the technology company’s stock worth $172,000 after buying an additional 25 shares during the period. OppenheimerFunds Inc. raised its stake in AMTEK by 0.3% in the first quarter. OppenheimerFunds Inc. now owns 8,735 shares of the technology company’s stock worth $472,000 after buying an additional 30 shares during the period. Contravisory Investment Management Inc. raised its stake in AMTEK by 0.7% in the second quarter. Contravisory Investment Management Inc. now owns 4,798 shares of the technology company’s stock worth $291,000 after buying an additional 32 shares during the period. Finally, First Manhattan Co. raised its stake in AMTEK by 0.5% in the first quarter. First Manhattan Co. now owns 6,946 shares of the technology company’s stock worth $331,000 after buying an additional 36 shares during the period. 89.49% of the stock is owned by hedge funds and other 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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