AMTEK, Inc. (NYSE:AME) Upgraded to “Buy” at Zacks Investment Research
AMTEK, Inc. (NYSE:AME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $72.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.59% from the stock’s current price.
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 equities research analysts have also recently commented on the stock. BMO Capital Markets boosted their price target on shares of AMTEK from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Thursday. Oppenheimer Holdings, Inc. boosted their price target on shares of AMTEK from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Group LLC reiterated a “buy” rating and issued a $66.00 price target on shares of AMTEK in a research report on Thursday. BidaskClub cut shares of AMTEK from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Cowen and Company reiterated an “outperform” rating and issued a $66.00 price target (up from $62.00) on shares of AMTEK in a research report on Friday, July 7th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $65.09.
Shares of AMTEK (NYSE:AME) traded down 0.28% during midday trading on Monday, reaching $64.34. 248,284 shares of the company were exchanged. The firm’s 50 day moving average is $61.39 and its 200-day moving average is $57.13. The company has a market capitalization of $14.81 billion, a PE ratio of 28.23 and a beta of 1.34. AMTEK has a 52-week low of $43.30 and a 52-week high of $64.59.
AMTEK (NYSE:AME) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the business earned $0.59 earnings per share. AMTEK’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities analysts forecast that AMTEK will post $2.52 earnings per share for the current fiscal year.
In related news, Director James R. Malone sold 5,278 shares of AMTEK stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $59.79, for a total value of $315,571.62. Following the transaction, the director now owns 2,844 shares of the company’s stock, valued at approximately $170,042.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ronald J. Oscher sold 5,315 shares of AMTEK stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $60.05, for a total value of $319,165.75. Following the completion of the transaction, the insider now directly owns 32,131 shares in the company, valued at approximately $1,929,466.55. The disclosure for this sale can be found here. Insiders sold a total of 57,738 shares of company stock worth $3,554,793 in the last three months. 2.10% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in AME. Vanguard Group Inc. raised its stake in AMTEK by 2.3% in the first quarter. Vanguard Group Inc. now owns 21,889,853 shares of the technology company’s stock valued at $1,183,804,000 after buying an additional 484,592 shares in the last quarter. FMR LLC raised its stake in AMTEK by 3.4% in the first quarter. FMR LLC now owns 21,688,705 shares of the technology company’s stock valued at $1,172,925,000 after buying an additional 717,489 shares in the last quarter. BlackRock Inc. raised its stake in AMTEK by 3,109.3% in the first quarter. BlackRock Inc. now owns 13,823,451 shares of the technology company’s stock valued at $747,572,000 after buying an additional 13,392,716 shares in the last quarter. Wellington Management Group LLP raised its stake in AMTEK by 9.0% in the first quarter. Wellington Management Group LLP now owns 10,528,307 shares of the technology company’s stock valued at $569,372,000 after buying an additional 868,895 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in AMTEK by 2.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,743,890 shares of the technology company’s stock valued at $256,549,000 after buying an additional 107,817 shares in the last quarter. 89.53% 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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