Zacks Investment Research upgraded shares of AMETEK (NYSE:AME) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $83.00 price target on the technology company’s stock.
According to Zacks, “AMETEK has outperformed the industry it belongs to. 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.”
Several other analysts have also recently weighed in on the stock. Cowen reissued a buy rating and issued a $80.00 price objective on shares of AMETEK in a research note on Friday, December 22nd. ValuEngine raised shares of AMETEK from a hold rating to a buy rating in a research note on Thursday, March 1st. Stifel Nicolaus reissued a buy rating and issued a $92.00 price objective on shares of AMETEK in a research note on Thursday, February 1st. Oppenheimer reissued a buy rating and issued a $75.00 price objective on shares of AMETEK in a research note on Thursday, December 21st. Finally, KeyCorp reissued a buy rating and issued a $82.00 price objective on shares of AMETEK in a research note on Friday, January 19th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $81.58.
AMETEK (NYSE:AME) last issued its quarterly earnings data on Thursday, February 1st. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.03. AMETEK had a net margin of 15.85% and a return on equity of 16.39%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. AMETEK’s revenue for the quarter was up 17.5% on a year-over-year basis. sell-side analysts anticipate that AMETEK will post 3.05 EPS for the current year.
The company also recently declared 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. The ex-dividend date was Thursday, March 15th. This represents a $0.56 dividend on an annualized basis and a yield of 0.76%. This is a boost from AMETEK’s previous quarterly dividend of $0.09. AMETEK’s dividend payout ratio is 21.46%.
In other AMETEK news, Director Elizebeth R. Varet sold 6,295 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $74.72, for a total transaction of $470,362.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John Wesley Hardin sold 25,965 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $78.50, for a total transaction of $2,038,252.50. Following the sale, the insider now directly owns 85,663 shares in the company, valued at approximately $6,724,545.50. The disclosure for this sale can be found here. Insiders have sold 77,604 shares of company stock worth $5,976,638 in the last ninety days. Insiders own 2.10% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of AME. American Century Companies Inc. boosted its position in shares of AMETEK by 42.5% during the 4th quarter. American Century Companies Inc. now owns 4,067,798 shares of the technology company’s stock worth $294,793,000 after purchasing an additional 1,214,153 shares in the last quarter. BlackRock Inc. boosted its position in shares of AMETEK by 6.2% during the 4th quarter. BlackRock Inc. now owns 15,074,188 shares of the technology company’s stock worth $1,092,426,000 after purchasing an additional 886,625 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of AMETEK by 28.2% during the 4th quarter. Allianz Asset Management GmbH now owns 3,095,683 shares of the technology company’s stock worth $224,343,000 after purchasing an additional 681,646 shares in the last quarter. Millennium Management LLC boosted its position in shares of AMETEK by 154.3% during the 4th quarter. Millennium Management LLC now owns 782,344 shares of the technology company’s stock worth $56,696,000 after purchasing an additional 474,712 shares in the last quarter. Finally, Strs Ohio boosted its position in shares of AMETEK by 447.0% during the 4th quarter. Strs Ohio now owns 392,395 shares of the technology company’s stock worth $28,436,000 after purchasing an additional 320,660 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.
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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