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 research note issued to investors on Tuesday.
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.”
A number of other research analysts have also issued reports on AME. Royal Bank Of Canada restated a “buy” rating and set a $67.00 target price on shares of AMTEK in a research report on Tuesday, June 6th. Stifel Nicolaus restated a “buy” rating and set a $69.00 target price (up previously from $66.00) on shares of AMTEK in a research report on Thursday, June 8th. BMO Capital Markets restated a “buy” rating and set a $67.00 target price on shares of AMTEK in a research report on Tuesday, June 27th. Cowen and Company restated an “outperform” rating and set a $66.00 target price (up previously from $62.00) on shares of AMTEK in a research report on Friday, July 7th. Finally, BidaskClub lowered shares of AMTEK from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $65.18.
AMTEK (NYSE AME) traded up 0.11% during midday trading on Tuesday, reaching $65.33. The company’s stock had a trading volume of 1,328,333 shares. AMTEK has a 52 week low of $43.98 and a 52 week high of $65.84. The firm has a market cap of $15.08 billion, a P/E ratio of 28.67 and a beta of 1.31. The firm has a 50 day moving average price of $63.32 and a 200-day moving average price of $59.53.
AMTEK (NYSE:AME) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. AMTEK had a net margin of 13.26% and a return on equity of 16.28%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 EPS. On average, analysts forecast that AMTEK will post $2.52 earnings per share for the current fiscal year.
In related news, VP Thomas M. Montgomery sold 1,500 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $64.49, for a total transaction of $96,735.00. Following the sale, the vice president now owns 21,747 shares in the company, valued at approximately $1,402,464.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $63.24, for a total transaction of $189,720.00. Following the sale, the director now owns 117,880 shares in the company, valued at approximately $7,454,731.20. The disclosure for this sale can be found here. Insiders have sold a total of 7,100 shares of company stock worth $454,181 in the last quarter. 2.10% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. TLP Group LLC boosted its position in shares of AMTEK by 83.8% during the 1st quarter. TLP Group LLC now owns 7,092 shares of the technology company’s stock worth $384,000 after acquiring an additional 3,234 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of AMTEK by 47.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 7,873 shares of the technology company’s stock worth $426,000 after acquiring an additional 2,548 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of AMTEK by 1.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 633,825 shares of the technology company’s stock worth $38,391,000 after acquiring an additional 9,831 shares in the last quarter. State Treasurer State of Michigan boosted its position in shares of AMTEK by 0.3% during the 2nd quarter. State Treasurer State of Michigan now owns 75,584 shares of the technology company’s stock worth $4,578,000 after acquiring an additional 200 shares in the last quarter. Finally, Century Capital Management LLC acquired a new stake in shares of AMTEK during the 1st quarter worth approximately $3,341,000. 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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