Zacks Investment Research cut shares of AMETEK (NYSE:AME) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “AMETEK has outperformed the industry it belongs to over a year. The company continues to reap 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. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters. However, weakness in its balance sheet, integration issues and an overly high goodwill associated with an aggressive acquisition strategy are concerns. Moreover, foreign exchange fluctuation is a headwind.”
AME has been the topic of a number of other research reports. KeyCorp reaffirmed a buy rating and set a $82.00 price objective on shares of AMETEK in a report on Friday, January 19th. Oppenheimer reaffirmed a buy rating and set a $75.00 price objective on shares of AMETEK in a report on Thursday, December 21st. Cowen reaffirmed a buy rating and set a $80.00 price objective on shares of AMETEK in a report on Friday, December 22nd. DA Davidson assumed coverage on AMETEK in a report on Thursday. They set a buy rating and a $85.00 price objective on the stock. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $92.00 price objective on shares of AMETEK in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. AMETEK currently has an average rating of Buy and an average price target of $81.58.
AME stock traded up $0.12 on Thursday, reaching $75.27. 178,101 shares of the company’s stock were exchanged, compared to its average volume of 1,147,345. AMETEK has a twelve month low of $53.32 and a twelve month high of $79.32. The firm has a market capitalization of $17,134.95, a PE ratio of 28.79, a P/E/G ratio of 2.11 and a beta of 1.24. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.70 and a quick ratio of 1.22.
AMETEK (NYSE:AME) last announced its quarterly earnings data on Thursday, February 1st. The technology company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.03. AMETEK had a return on equity of 16.39% and a net margin of 15.85%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the company posted $0.58 earnings per share. AMETEK’s quarterly revenue was up 17.5% on a year-over-year basis. equities research analysts expect that AMETEK will post 3.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Friday, March 16th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.74%. This is an increase from AMETEK’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, March 15th. AMETEK’s payout ratio is presently 21.46%.
In other AMETEK news, Director Elizebeth R. Varet sold 3,000 shares of the business’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $78.03, for a total transaction of $234,090.00. Following the sale, the director now directly owns 111,880 shares in the company, valued at $8,729,996.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Wesley Hardin sold 25,965 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $78.50, for a total value of $2,038,252.50. Following the sale, the insider now owns 85,663 shares in the company, valued at $6,724,545.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,604 shares of company stock worth $5,976,638. 2.10% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of AME. Acropolis Investment Management LLC purchased a new stake in shares of AMETEK in the fourth quarter valued at $108,000. Zions Bancorporation purchased a new stake in shares of AMETEK in the third quarter valued at $150,000. 180 Wealth Advisors LLC purchased a new stake in shares of AMETEK in the fourth quarter valued at $200,000. First Allied Advisory Services Inc. purchased a new stake in shares of AMETEK in the fourth quarter valued at $207,000. Finally, Catawba Capital Management VA purchased a new stake in shares of AMETEK in the fourth quarter valued at $208,000. Institutional investors own 85.82% of the company’s stock.
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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