AMETEK (NYSE:AME) had its target price lifted by analysts at DA Davidson to $92.00 in a report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the technology company’s stock. DA Davidson’s target price would suggest a potential upside of 14.07% from the company’s current price.
A number of other brokerages have also commented on AME. Zacks Investment Research upgraded AMETEK from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research report on Friday, February 8th. Stephens assumed coverage on AMETEK in a research report on Monday, November 19th. They issued an “overweight” rating and a $87.00 price target on the stock. BMO Capital Markets restated a “buy” rating and issued a $90.00 price target on shares of AMETEK in a research report on Tuesday, January 29th. Cowen restated a “buy” rating and issued a $91.00 price target on shares of AMETEK in a research report on Wednesday, December 12th. Finally, Morgan Stanley upgraded AMETEK from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $81.00 to $85.00 in a research report on Tuesday, December 18th. Twelve research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus price target of $86.80.
Shares of AME opened at $80.65 on Friday. The firm has a market capitalization of $18.20 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 2.12 and a beta of 1.20. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.96 and a current ratio of 1.46. AMETEK has a 52 week low of $63.14 and a 52 week high of $81.92.
AMETEK announced that its Board of Directors has approved a stock buyback program on Wednesday, February 13th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other AMETEK news, Director Elizebeth R. Varet sold 1,950 shares of AMETEK stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $78.38, for a total value of $152,841.00. Following the sale, the director now owns 104,810 shares of the company’s stock, valued at approximately $8,215,007.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizebeth R. Varet sold 4,050 shares of AMETEK stock in a transaction dated Saturday, September 7th. The shares were sold at an average price of $78.65, for a total value of $318,532.50. Following the completion of the sale, the director now directly owns 104,810 shares in the company, valued at approximately $8,243,306.50. The disclosure for this sale can be found here. Insiders have sold a total of 111,069 shares of company stock worth $8,816,614 in the last ninety days. 2.00% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AME. GAM Holding AG bought a new position in shares of AMETEK in the 3rd quarter valued at about $516,000. Forte Capital LLC ADV grew its holdings in shares of AMETEK by 1.1% in the 4th quarter. Forte Capital LLC ADV now owns 91,626 shares of the technology company’s stock valued at $6,203,000 after acquiring an additional 973 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of AMETEK by 8.7% in the 4th quarter. IFM Investors Pty Ltd now owns 14,087 shares of the technology company’s stock valued at $954,000 after acquiring an additional 1,131 shares in the last quarter. Resources Management Corp CT ADV bought a new position in shares of AMETEK in the 3rd quarter valued at about $776,000. Finally, Diversified Trust Co grew its holdings in shares of AMETEK by 12.8% in the 4th quarter. Diversified Trust Co now owns 3,849 shares of the technology company’s stock valued at $261,000 after acquiring an additional 436 shares in the last quarter. 83.56% of the stock is currently owned by hedge funds and other institutional investors.
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. The company's Electronic Instruments segment offers advanced instruments for the process, aerospace, power, and industrial markets; process control instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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