AMTEK, Inc. (AME) Lowered to Hold at Zacks Investment Research
AMTEK, Inc. (NYSE:AME) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a 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 firms also recently weighed in on AME. Jefferies Group LLC reiterated a “buy” rating and set a $66.00 target price on shares of AMTEK in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. upped their price target on AMTEK from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. BMO Capital Markets upped their price target on AMTEK from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. BidaskClub downgraded AMTEK from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $67.00 price target on shares of AMTEK in a research note on Tuesday, June 6th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $65.18.
Shares of AMTEK (NYSE AME) traded down 0.05% during midday trading on Tuesday, reaching $66.28. The company’s stock had a trading volume of 289,233 shares. The stock has a market cap of $15.30 billion, a price-to-earnings ratio of 29.08 and a beta of 1.31. The stock has a 50-day moving average price of $63.45 and a 200-day moving average price of $59.68. AMTEK has a 52-week low of $43.98 and a 52-week high of $66.36.
AMTEK (NYSE:AME) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. AMTEK had a return on equity of 16.28% and a net margin of 13.26%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the business earned $0.59 EPS. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities research analysts anticipate that AMTEK will post $2.52 earnings per share for the current fiscal year.
In other news, Director Elizebeth R. Varet sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was 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 in the company, valued at $7,454,731.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Wesley Hardin sold 2,600 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $64.51, for a total value of $167,726.00. Following the transaction, the insider now owns 59,698 shares of the company’s stock, valued at approximately $3,851,117.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,100 shares of company stock worth $454,181. 2.10% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of AME. Strs Ohio grew its position in AMTEK by 1.9% in the first quarter. Strs Ohio now owns 12,613 shares of the technology company’s stock worth $682,000 after acquiring an additional 233 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in AMTEK by 10.6% in the first quarter. UBS Asset Management Americas Inc. now owns 618,711 shares of the technology company’s stock worth $33,460,000 after acquiring an additional 59,494 shares in the last quarter. Meadow Creek Investment Management LLC grew its position in AMTEK by 6.3% in the first quarter. Meadow Creek Investment Management LLC now owns 5,968 shares of the technology company’s stock worth $323,000 after acquiring an additional 352 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in AMTEK by 1.4% in the first quarter. Parametric Portfolio Associates LLC now owns 273,698 shares of the technology company’s stock worth $14,802,000 after acquiring an additional 3,669 shares in the last quarter. Finally, Keybank National Association OH purchased a new position in AMTEK in the first quarter worth about $247,000. Hedge funds and other institutional investors own 85.62% 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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