Zacks Investment Research upgraded shares of AMETEK (NYSE:AME) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Zacks.com reports. They currently have $90.00 price objective on the technology company’s stock.
According to Zacks, “AMETEK is riding on robust organic growth. Moreover, well-performing segments and benefits from acquisitions are driving the top line. The buyouts of Motec, Forza, Telular, Spectro Scientific and Soundcom are aiding growth of the company’s Electronic Instruments segment. Further, the FMH Aerospace acquisition is aiding sales in the Electromechanical segment. We believe proper execution of core growth strategies like operational excellence, global market expansion, investments in product development and strategic acquisitions will continue to aid AMETEK’s business growth. Notably, shares of AMETEK have outperformed the industry it belongs to over a year. However, integration issues and high goodwill associated with an aggressive acquisition strategy remain major concerns. Further, foreign exchange fluctuations are headwinds.”
AME has been the subject of several other reports. ValuEngine raised shares of AMETEK from a hold rating to a buy rating in a report on Wednesday, May 1st. DA Davidson lifted their price target on shares of AMETEK to $92.00 and gave the stock a buy rating in a research note on Friday, March 15th. BMO Capital Markets lifted their price target on shares of AMETEK from $99.00 to $101.00 and gave the stock an outperform rating in a research note on Thursday, May 2nd. Morgan Stanley set a $95.00 price target on shares of AMETEK and gave the stock a buy rating in a research note on Friday, May 3rd. Finally, Vertical Research reiterated a buy rating on shares of AMETEK in a research note on Friday, May 3rd. Fifteen equities research analysts have rated the stock with a buy rating, AMETEK presently has a consensus rating of Buy and an average price target of $91.50.
Shares of AMETEK stock opened at $85.68 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.91 and a quick ratio of 1.27. The stock has a market capitalization of $19.48 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 2.18 and a beta of 1.21. AMETEK has a 52-week low of $63.14 and a 52-week high of $88.76.
AMETEK (NYSE:AME) last issued its earnings results on Wednesday, May 1st. The technology company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.03. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. AMETEK had a net margin of 16.14% and a return on equity of 18.56%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 earnings per share. As a group, research analysts predict that AMETEK will post 4.08 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.56 annualized dividend and a yield of 0.65%. AMETEK’s dividend payout ratio (DPR) is 17.02%.
In related news, insider Timothy N. Jones sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $82.20, for a total transaction of $411,000.00. Following the completion of the sale, the insider now directly owns 37,177 shares in the company, valued at $3,055,949.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven W. Kohlhagen sold 3,494 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $81.78, for a total transaction of $285,739.32. Following the sale, the director now owns 55,003 shares of the company’s stock, valued at $4,498,145.34. The disclosure for this sale can be found here. Insiders have sold 73,614 shares of company stock valued at $6,314,246 over the last 90 days. 0.80% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc grew its holdings in AMETEK by 0.6% during the third quarter. Vanguard Group Inc now owns 23,495,237 shares of the technology company’s stock worth $1,858,943,000 after purchasing an additional 137,102 shares during the period. FMR LLC grew its holdings in AMETEK by 0.9% during the first quarter. FMR LLC now owns 9,355,080 shares of the technology company’s stock worth $776,191,000 after purchasing an additional 80,100 shares during the period. Wellington Management Group LLP grew its holdings in AMETEK by 5.1% during the first quarter. Wellington Management Group LLP now owns 6,605,735 shares of the technology company’s stock worth $548,078,000 after purchasing an additional 322,224 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in AMETEK by 5.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,833,525 shares of the technology company’s stock worth $394,929,000 after purchasing an additional 303,284 shares during the period. Finally, American Century Companies Inc. grew its holdings in AMETEK by 3.9% during the first quarter. American Century Companies Inc. now owns 4,615,355 shares of the technology company’s stock worth $382,936,000 after purchasing an additional 172,395 shares during the period. Institutional investors own 85.92% of the company’s stock.
AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. The company's Electronic Instruments segment offers advanced instruments for the process, aerospace, power, and industrial markets; process control instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
See Also: Initial Public Offering (IPO)
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