Zacks Investment Research upgraded shares of AMETEK (NYSE:AME) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $85.00 target price on the technology company’s stock.
According to Zacks, “AMETEK shares have outperformed the industry in the past one-year. 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 helping it to post better results. Moreover, robust product portfolio is driving the top-line growth of the company. AMETEK’s diversified market helps it to balance any negative result from one market with a positive result from another market. However, weakness in its balance sheet, integration issues and an overly high goodwill associated with an aggressive acquisition strategy are concerns. Moreover, foreign exchange fluctuations remain a concern.”
Several other equities analysts have also commented on the company. ValuEngine raised AMETEK from a hold rating to a buy rating in a report on Thursday, March 1st. Morgan Stanley upped their target price on AMETEK from $67.00 to $76.00 and gave the company an overweight rating in a report on Wednesday, February 7th. BMO Capital Markets upped their target price on AMETEK from $88.00 to $90.00 and gave the company an outperform rating in a report on Friday, February 2nd. KeyCorp upped their target price on AMETEK from $82.00 to $86.00 and gave the company an overweight rating in a report on Friday, February 2nd. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $92.00 target price on shares of AMETEK in a report on Thursday, February 1st. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $81.45.
AMETEK (NYSE:AME) last posted its earnings results on Thursday, February 1st. The technology company reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.03. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. AMETEK had a return on equity of 16.39% and a net margin of 15.85%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 earnings per share. equities research analysts predict that AMETEK will post 3.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Friday, March 16th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.76%. This is a positive change from AMETEK’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, March 15th. AMETEK’s dividend payout ratio is 21.46%.
In related news, Director Elizebeth R. Varet sold 6,295 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $74.72, for a total value of $470,362.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $78.03, for a total value of $234,090.00. Following the completion of the transaction, the director now directly owns 111,880 shares of the company’s stock, valued at $8,729,996.40. The disclosure for this sale can be found here. Insiders sold a total of 77,604 shares of company stock valued at $5,976,638 over the last three months. Corporate insiders own 2.10% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Xact Kapitalforvaltning AB grew its holdings in AMETEK by 4.3% in the 4th quarter. Xact Kapitalforvaltning AB now owns 56,869 shares of the technology company’s stock worth $4,121,000 after buying an additional 2,337 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in AMETEK by 19.2% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 132,407 shares of the technology company’s stock worth $9,596,000 after buying an additional 21,292 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in AMETEK by 47.5% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,350 shares of the technology company’s stock worth $967,000 after purchasing an additional 4,300 shares during the period. CapWealth Advisors LLC lifted its position in AMETEK by 2.9% in the fourth quarter. CapWealth Advisors LLC now owns 35,215 shares of the technology company’s stock worth $2,552,000 after purchasing an additional 985 shares during the period. Finally, MetLife Investment Advisors LLC acquired a new stake in AMETEK in the fourth quarter worth approximately $5,182,000. 85.82% of the stock is owned by institutional investors and hedge funds.
AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. Its Electronic Instruments Group segment offers advanced instruments for the process, power and industrial, and aerospace markets; process and analytical instruments for the oil, gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage markets; and instruments for the laboratory equipment, ultraprecision manufacturing, medical, and test and measurement markets.
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