Amentum (NYSE:AMTM) Shares Gap Up After Strong Earnings

Amentum Holdings, Inc. (NYSE:AMTM)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.50, but opened at $21.80. Amentum shares last traded at $21.71, with a volume of 196,609 shares changing hands.

The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06.

Wall Street Analysts Forecast Growth

AMTM has been the subject of a number of analyst reports. Royal Bank of Canada started coverage on shares of Amentum in a research report on Friday, January 10th. They set a “sector perform” rating and a $24.00 price objective for the company. Raymond James started coverage on shares of Amentum in a report on Thursday, November 21st. They issued an “outperform” rating and a $30.00 price target for the company. Finally, Truist Financial started coverage on shares of Amentum in a report on Monday, October 14th. They issued a “buy” rating and a $31.00 price target for the company.

Hedge Funds Weigh In On Amentum

Several hedge funds have recently added to or reduced their stakes in the business. Arrow Financial Corp acquired a new stake in shares of Amentum in the third quarter worth approximately $26,000. IFP Advisors Inc lifted its position in Amentum by 119.2% during the fourth quarter. IFP Advisors Inc now owns 1,532 shares of the company’s stock valued at $35,000 after buying an additional 833 shares in the last quarter. US Bancorp DE acquired a new position in Amentum during the third quarter valued at approximately $30,000. Anchor Investment Management LLC acquired a new position in Amentum during the third quarter valued at approximately $32,000. Finally, Signaturefd LLC acquired a new position in Amentum during the third quarter valued at approximately $33,000. 39.93% of the stock is currently owned by hedge funds and other institutional investors.

Amentum Stock Performance

The company’s 50 day moving average is $22.07. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.57 and a current ratio of 1.57.

Amentum Company Profile

Amentum Holdings, Inc provides engineering and technology solutions to address challenges in science, security, and sustainability. It serves various markets, such as energy and environment, space, intelligence, defense, civilian, commercial, and international markets. The company was incorporated in 2010 and is headquatered in Chantilly, Virginia.