AMTEK, Inc. (AME) Reaches New 12-Month High After Analyst Upgrade

AMTEK, Inc. (NYSE:AME) shares hit a new 52-week high during trading on Thursday after Royal Bank Of Canada raised their price target on the stock from $57.00 to $60.00. Royal Bank Of Canada currently has an outperform rating on the stock. AMTEK traded as high as $53.15 and last traded at $53.11, with a volume of 1,057,670 shares changing hands. The stock had previously closed at $52.35.

A number of other brokerages have also commented on AME. RBC Capital Markets set a $57.00 price objective on AMTEK and gave the company a “buy” rating in a report on Wednesday, January 4th. Janney Montgomery Scott initiated coverage on AMTEK in a report on Monday, October 24th. They issued a “buy” rating and a $56.00 price objective on the stock. Cowen and Company raised AMTEK from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 4th. Zacks Investment Research raised AMTEK from a “sell” rating to a “hold” rating in a report on Wednesday, November 2nd. Finally, Robert W. Baird raised AMTEK from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $47.00 to $57.00 in a report on Thursday, December 22nd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $54.36.

In related news, Director Elizebeth R. Varet sold 4,000 shares of the firm’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $49.22, for a total value of $196,880.00. Following the sale, the director now directly owns 123,840 shares of the company’s stock, valued at $6,095,404.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Amalgamated Bank increased its position in AMTEK by 32.5% in the second quarter. Amalgamated Bank now owns 12,663 shares of the company’s stock valued at $601,000 after buying an additional 3,105 shares in the last quarter. Legal & General Group Plc increased its position in AMTEK by 4.4% in the second quarter. Legal & General Group Plc now owns 1,042,396 shares of the company’s stock valued at $48,188,000 after buying an additional 44,396 shares in the last quarter. Jane Street Group LLC purchased a new position in AMTEK during the second quarter valued at approximately $3,651,000. Allen Investment Management LLC purchased a new position in AMTEK during the second quarter valued at approximately $444,000. Finally, Rainier Investment Management LLC purchased a new position in AMTEK during the second quarter valued at approximately $6,701,000. Hedge funds and other institutional investors own 88.60% of the company’s stock.

The company’s 50-day moving average is $50.70 and its 200-day moving average is $48.30. The stock has a market capitalization of $12.32 billion, a PE ratio of 24.44 and a beta of 1.11.

AMTEK (NYSE:AME) last released its quarterly earnings data on Tuesday, February 7th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.00. AMTEK had a return on equity of 16.19% and a net margin of 13.34%. The company had revenue of $973 million for the quarter, compared to analyst estimates of $969.84 million. During the same period in the previous year, the company posted $0.63 EPS. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. Analysts anticipate that AMTEK, Inc. will post $2.44 EPS for the current fiscal year.

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About AMTEK

AMETEK, Inc (AMETEK) is a manufacturer of electronic instruments and electromechanical devices. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures advanced instruments for the process, aerospace, power and industrial markets.

5 Day Chart for NYSE:AME

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