AMTEK, Inc. (AME) Cut to Hold at Zacks Investment Research
AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 analysts also recently issued reports on the company. BMO Capital Markets reiterated an “outperform” rating and issued a $67.00 price target (up from $65.00) on shares of AMTEK in a report on Wednesday, May 3rd. Jefferies Group LLC reiterated a “buy” rating and issued a $66.00 price target (up from $63.00) on shares of AMTEK in a report on Wednesday, May 3rd. Morgan Stanley increased their price target on AMTEK from $57.00 to $62.00 and gave the company an “equal weight” rating in a report on Monday, May 8th. Royal Bank Of Canada reiterated a “buy” rating and issued a $67.00 price target on shares of AMTEK in a report on Tuesday, June 6th. Finally, BidaskClub downgraded AMTEK from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. AMTEK presently has an average rating of “Buy” and a consensus price target of $65.09.
AMTEK (NYSE AME) traded down 0.8441% during trading on Monday, hitting $62.4087. The stock had a trading volume of 304,008 shares. AMTEK has a 12-month low of $43.98 and a 12-month high of $64.97. The stock’s 50 day moving average price is $62.23 and its 200 day moving average price is $58.14. The firm has a market cap of $14.40 billion, a P/E ratio of 27.3842 and a beta of 1.34.
AMTEK (NYSE:AME) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $0.59 EPS. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, analysts anticipate that AMTEK will post $2.53 EPS for the current fiscal year.
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In other news, Director Elizebeth R. Varet sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $61.96, for a total transaction of $185,880.00. Following the completion of the sale, the director now directly owns 123,880 shares in the company, valued at $7,675,604.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas M. Montgomery sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $64.49, for a total value of $96,735.00. Following the sale, the vice president now owns 21,747 shares of the company’s stock, valued at $1,402,464.03. The disclosure for this sale can be found here. Insiders have sold 53,055 shares of company stock valued at $3,303,253 over the last 90 days. Insiders own 2.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in AME. Commonwealth Bank of Australia increased its stake in shares of AMTEK by 17.7% in the second quarter. Commonwealth Bank of Australia now owns 1,747 shares of the technology company’s stock valued at $104,000 after buying an additional 263 shares in the last quarter. BB&T Investment Services Inc. acquired a new stake in shares of AMTEK during the second quarter valued at $107,000. First Personal Financial Services increased its stake in shares of AMTEK by 23.9% in the first quarter. First Personal Financial Services now owns 2,075 shares of the technology company’s stock valued at $112,000 after buying an additional 400 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of AMTEK during the second quarter valued at $151,000. Finally, Acrospire Investment Management LLC increased its stake in shares of AMTEK by 104.0% in the second quarter. Acrospire Investment Management LLC now owns 2,550 shares of the technology company’s stock valued at $154,000 after buying an additional 1,300 shares in the last quarter. Institutional investors own 89.49% 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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