AMTEK, Inc. (AME) Upgraded to “Buy” by Zacks Investment Research
AMTEK, Inc. (NYSE:AME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage currently has a $70.00 target price on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.07% from the stock’s previous close.
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. Year to date, the stock has underperformed the industry it belongs to.”
AME has been the topic of several other reports. Jefferies Group LLC restated a “buy” rating and set a $66.00 price target (up from $63.00) on shares of AMTEK in a report on Wednesday, May 3rd. BMO Capital Markets restated an “outperform” rating and set a $67.00 price target (up from $65.00) on shares of AMTEK in a report on Wednesday, May 3rd. Morgan Stanley boosted their price target on AMTEK from $57.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday, May 8th. Royal Bank Of Canada restated a “buy” rating and set a $67.00 price target on shares of AMTEK in a report on Tuesday, June 6th. Finally, Stifel Nicolaus restated a “buy” rating and set a $69.00 price target (up from $66.00) on shares of AMTEK in a report on Thursday, June 8th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. AMTEK presently has an average rating of “Buy” and a consensus price target of $64.91.
AMTEK (NYSE:AME) traded up 0.13% on Thursday, reaching $62.54. 358,224 shares of the company’s stock were exchanged. The firm has a market capitalization of $14.43 billion, a price-to-earnings ratio of 27.44 and a beta of 1.34. AMTEK has a 12 month low of $43.98 and a 12 month high of $64.97. The firm has a 50-day moving average of $62.34 and a 200-day moving average of $58.44.
AMTEK (NYSE:AME) last issued its earnings results 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. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. AMTEK had a return on equity of 16.28% and a net margin of 13.26%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. On average, equities analysts expect that AMTEK will post $2.53 earnings per share for the current year.
In other AMTEK 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 transaction, the insider now directly owns 40,025 shares in the company, valued at approximately $2,479,548.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $61.96, for a total value of $185,880.00. Following the transaction, the director now owns 123,880 shares in the company, valued at $7,675,604.80. The disclosure for this sale can be found here. Insiders sold 53,055 shares of company stock worth $3,303,253 over the last quarter. 2.10% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of AME. Sentry Investment Management LLC boosted its position in AMTEK by 1.1% in the second quarter. Sentry Investment Management LLC now owns 15,008 shares of the technology company’s stock worth $909,000 after buying an additional 157 shares during the last quarter. Toronto Dominion Bank raised its position in shares of AMTEK by 21.1% in the second quarter. Toronto Dominion Bank now owns 90,059 shares of the technology company’s stock worth $5,456,000 after buying an additional 15,686 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of AMTEK during the second quarter worth $1,072,000. Koch Industries Inc. purchased a new position in shares of AMTEK during the second quarter worth $236,000. Finally, Keel Point LLC purchased a new position in shares of AMTEK during the second quarter worth $201,000. Hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AMTEK Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AMTEK Inc. and related companies with MarketBeat.com's FREE daily email newsletter.