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 to clients and investors on Thursday. The brokerage currently has a $73.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.84% 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 subject of several other reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $69.00 price objective (up from $66.00) on shares of AMTEK in a research note on Thursday, June 8th. Cowen and Company reaffirmed an “outperform” rating and set a $66.00 price objective (up from $62.00) on shares of AMTEK in a research note on Friday, July 7th. BMO Capital Markets increased 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 “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Oppenheimer Holdings, Inc. increased their price target on shares of AMTEK from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. AMTEK currently has a consensus rating of “Buy” and an average price target of $65.18.
Shares of AMTEK (NYSE AME) traded up 0.40% during mid-day trading on Thursday, reaching $65.27. The company’s stock had a trading volume of 612,258 shares. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of 28.64 and a beta of 1.31. AMTEK has a 12 month low of $43.98 and a 12 month high of $65.30. The company’s 50-day moving average is $63.21 and its 200 day moving average is $59.45.
AMTEK (NYSE:AME) last issued its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.65 EPS for the quarter, beating the 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 net margin of 13.26% and a return on equity of 16.28%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 earnings per share. On average, equities analysts anticipate that AMTEK will post $2.52 EPS for the current year.
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In other AMTEK news, VP Thomas M. Montgomery sold 1,500 shares of the company’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 in the company, valued at $1,402,464.03. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Wesley Hardin sold 2,600 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was 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 owns 59,698 shares in the company, valued at approximately $3,851,117.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,100 shares of company stock worth $454,181. Corporate insiders own 2.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. W. E. Donoghue & Co. LLC purchased a new stake in AMTEK in the second quarter worth about $2,167,000. Sentry Investment Management LLC grew its holdings 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 purchasing an additional 157 shares during the period. Toronto Dominion Bank grew its holdings in 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 purchasing an additional 15,686 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in AMTEK in the second quarter worth about $1,072,000. Finally, Koch Industries Inc. purchased a new stake in AMTEK in the second quarter worth about $236,000. Institutional investors and hedge funds own 85.65% 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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