AMETEK, Inc. (AME) Upgraded by Zacks Investment Research to Buy
AMETEK, Inc. (NYSE:AME) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $76.00 price target on the technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.39% from the company’s current price.
According to Zacks, “AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. The company 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, integration issues and an overly high goodwill associated with an aggressive acquisition strategy are concerns. Foreign exchange headwinds remain. Notably, over the last one year, the stock has underperformed the Zacks Electronic Test Equipment industry.”
AME has been the subject of a number of other research reports. Oppenheimer Holdings, Inc. lifted their price target on shares of AMETEK from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Robert W. Baird lifted their price target on shares of AMETEK from $70.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Jefferies Group LLC lifted their price target on shares of AMETEK from $66.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, October 13th. BidaskClub downgraded shares of AMETEK from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Stifel Nicolaus set a $70.00 price objective on shares of AMETEK and gave the stock a “buy” rating in a research report on Friday, October 6th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $71.80.
Shares of AMETEK (NYSE AME) traded up $0.22 during trading on Monday, reaching $68.23. 1,039,700 shares of the company were exchanged, compared to its average volume of 1,334,935. AMETEK has a one year low of $45.78 and a one year high of $70.26. The company has a quick ratio of 1.16, a current ratio of 1.59 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $15,770.00, a P/E ratio of 27.40, a P/E/G ratio of 2.32 and a beta of 1.33.
AMETEK (NYSE:AME) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. AMETEK had a net margin of 14.15% and a return on equity of 16.74%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. analysts predict that AMETEK will post 2.58 EPS for the current year.
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In other news, insider Frank S. Hermance sold 150,840 shares of AMETEK stock in a transaction on 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 transaction, the insider now directly owns 2,191,341 shares of the company’s stock, valued at approximately $145,461,215.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizebeth R. Varet sold 3,000 shares of AMETEK stock in a transaction on 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 directly owns 117,880 shares in the company, valued at $7,454,731.20. The disclosure for this sale can be found here. Insiders sold a total of 169,155 shares of company stock worth $11,218,603 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in AME. Janus Henderson Group PLC increased its holdings in shares of AMETEK by 22,076.4% in the 2nd quarter. Janus Henderson Group PLC now owns 6,403,670 shares of the technology company’s stock valued at $387,870,000 after acquiring an additional 6,374,794 shares during the period. Boston Partners increased its holdings in shares of AMETEK by 21.7% in the 3rd quarter. Boston Partners now owns 5,233,468 shares of the technology company’s stock valued at $345,618,000 after acquiring an additional 932,008 shares during the period. Vanguard Group Inc. increased its holdings in shares of AMETEK by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 22,577,145 shares of the technology company’s stock valued at $1,367,497,000 after acquiring an additional 687,292 shares during the period. SG Americas Securities LLC increased its holdings in shares of AMETEK by 2,013.0% in the 2nd quarter. SG Americas Securities LLC now owns 631,958 shares of the technology company’s stock valued at $38,278,000 after acquiring an additional 602,050 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of AMETEK in the 2nd quarter valued at $17,144,000. 85.31% 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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