AMTEK, Inc. (AME) Downgraded by Zacks Investment Research to “Hold”
AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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.”
Several other analysts also recently weighed in on the company. Stifel Nicolaus restated a “buy” rating and issued a $69.00 price target (up previously from $66.00) on shares of AMTEK in a research note on Thursday, June 8th. Royal Bank Of Canada restated a “buy” rating and issued a $67.00 price target on shares of AMTEK in a research note on Tuesday, June 6th. Morgan Stanley upped their price target on AMTEK from $57.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, May 8th. BMO Capital Markets reiterated an “outperform” rating and set a $67.00 target price (up from $65.00) on shares of AMTEK in a research note on Wednesday, May 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $66.00 target price (up from $63.00) on shares of AMTEK in a research note on Wednesday, May 3rd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $62.90.
Shares of AMTEK (AME) traded up 0.77% on Monday, hitting $62.81. The company had a trading volume of 455,395 shares. The firm’s 50 day moving average price is $60.58 and its 200-day moving average price is $54.41. The stock has a market capitalization of $14.45 billion, a PE ratio of 28.31 and a beta of 1.29. AMTEK has a 52 week low of $43.28 and a 52 week high of $62.86.
AMTEK (NYSE:AME) last posted its quarterly earnings results on Tuesday, May 2nd. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $961.36 million. AMTEK had a return on equity of 16.20% and a net margin of 13.24%. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 EPS. Analysts forecast that AMTEK will post $2.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 16th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.58%. AMTEK’s dividend payout ratio (DPR) is currently 16.22%.
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In other news, Director Elizebeth R. Varet sold 3,000 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $62.66, for a total value of $187,980.00. Following the transaction, the director now directly owns 120,880 shares in the company, valued at approximately $7,574,340.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP William D. Eginton sold 14,598 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $60.00, for a total value of $875,880.00. Following the completion of the transaction, the vice president now owns 54,290 shares in the company, valued at $3,257,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,956 shares of company stock worth $5,675,440. Company insiders own 2.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Putnam Investments LLC increased its position in AMTEK by 2.3% in the fourth quarter. Putnam Investments LLC now owns 231,133 shares of the technology company’s stock worth $11,233,000 after buying an additional 5,100 shares during the period. Credit Agricole S A increased its position in AMTEK by 9.1% in the fourth quarter. Credit Agricole S A now owns 165,066 shares of the technology company’s stock worth $8,022,000 after buying an additional 13,806 shares during the period. Two Sigma Investments LP increased its position in AMTEK by 10.4% in the fourth quarter. Two Sigma Investments LP now owns 1,310,888 shares of the technology company’s stock worth $63,709,000 after buying an additional 123,319 shares during the period. Cigna Investments Inc. New purchased a new position in AMTEK during the fourth quarter worth about $415,000. Finally, Forte Capital LLC ADV increased its position in AMTEK by 4.0% in the first quarter. Forte Capital LLC ADV now owns 90,588 shares of the technology company’s stock worth $4,899,000 after buying an additional 3,470 shares during the period. Hedge funds and other institutional investors own 89.87% of the company’s stock.
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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