AMTEK, Inc. (AME) Posts Earnings Results, Beats Expectations By $0.04 EPS
AMTEK, Inc. (NYSE:AME) posted its quarterly earnings results on Thursday. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04, Briefing.com reports. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.04 billion. AMTEK had a net margin of 13.37% and a return on equity of 16.48%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 earnings per share. AMTEK updated its Q4 guidance to $0.66-0.67 EPS.
AMTEK (NYSE:AME) traded up $0.63 during trading hours on Friday, reaching $67.88. The company had a trading volume of 1,438,696 shares, compared to its average volume of 1,115,619. The stock has a market cap of $15,803.79, a price-to-earnings ratio of 27.46 and a beta of 1.33.
A number of research firms have recently issued reports on AME. Zacks Investment Research lowered shares of AMTEK from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. BidaskClub lowered shares of AMTEK from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Robert W. Baird increased their price target on shares of AMTEK from $70.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley increased their price target on shares of AMTEK from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $70.00 price target on shares of AMTEK in a research report on Friday, October 13th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. AMTEK has an average rating of “Buy” and a consensus target price of $70.20.
In related news, insider Frank S. Hermance sold 150,840 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $66.38, for a total value of $10,012,759.20. Following the completion of the transaction, the insider now owns 2,191,341 shares in the company, valued at approximately $145,461,215.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $63.24, for a total transaction of $189,720.00. Following the completion of the transaction, the director now owns 117,880 shares of the company’s stock, valued at approximately $7,454,731.20. The disclosure for this sale can be found here. Insiders sold a total of 170,655 shares of company stock valued at $11,315,338 in the last quarter. 2.10% of the stock is currently owned by insiders.
AMTEK Company Profile
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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