Zacks Investment Research Downgrades AMTEK, Inc. (AME) 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 Wednesday.
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.”
Several other research firms also recently weighed in on AME. Cowen and Company reissued an “outperform” rating and issued a $66.00 price target (up from $62.00) on shares of AMTEK in a research note on Friday, July 7th. Stifel Nicolaus reissued a “buy” rating and issued a $69.00 price target (up from $66.00) on shares of AMTEK in a research note on Thursday, June 8th. BMO Capital Markets raised their price target on shares of AMTEK from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. BidaskClub downgraded shares of AMTEK from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $66.00 target price on shares of AMTEK in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $65.00.
AMTEK (NYSE:AME) traded up 0.71% during trading on Wednesday, reaching $64.05. The company’s stock had a trading volume of 1,164,178 shares. The stock’s 50 day moving average is $62.81 and its 200 day moving average is $59.17. AMTEK has a 12 month low of $43.98 and a 12 month high of $64.97. The company has a market cap of $14.78 billion, a price-to-earnings ratio of 28.10 and a beta of 1.31.
AMTEK (NYSE:AME) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $0.59 earnings per share. On average, equities analysts expect that AMTEK will post $2.53 EPS for the current fiscal year.
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In other news, VP Thomas M. Montgomery sold 1,500 shares of the business’s stock in a transaction that occurred on 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 directly owns 21,747 shares of the company’s stock, valued at approximately $1,402,464.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Wesley Hardin sold 2,600 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $64.51, for a total transaction of $167,726.00. Following the completion of the sale, the insider now directly owns 59,698 shares in the company, valued at $3,851,117.98. The disclosure for this sale can be found here. Insiders sold a total of 7,100 shares of company stock worth $454,181 over the last three months. Insiders own 2.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AME. Commonwealth Bank of Australia raised its stake in shares of AMTEK by 17.7% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,747 shares of the technology company’s stock valued at $104,000 after acquiring an additional 263 shares during the period. BB&T Investment Services Inc. purchased a new stake in shares of AMTEK in the 2nd quarter valued at approximately $107,000. First Personal Financial Services raised its stake in shares of AMTEK by 23.9% in the 1st quarter. First Personal Financial Services now owns 2,075 shares of the technology company’s stock valued at $112,000 after acquiring an additional 400 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of AMTEK in the 2nd quarter valued at approximately $151,000. Finally, Acrospire Investment Management LLC raised its stake in shares of AMTEK by 104.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,550 shares of the technology company’s stock valued at $154,000 after acquiring an additional 1,300 shares during the period. 85.65% of the stock is currently owned by institutional investors and hedge funds.
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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