AMETEK (NYSE:AME) Raised to Buy at Bank of America

AMETEK (NYSE:AME) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, MarketBeat.com reports. The firm presently has a $225.00 price target on the technology company’s stock, up from their prior price target of $195.00. Bank of America‘s price objective would suggest a potential upside of 20.51% from the company’s current price.

AME has been the subject of a number of other research reports. Mizuho lifted their target price on shares of AMETEK from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. KeyCorp lifted their price objective on AMETEK from $205.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Wolfe Research upgraded AMETEK to a “hold” rating in a report on Wednesday, September 18th. StockNews.com raised AMETEK from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Finally, Truist Financial increased their price objective on shares of AMETEK from $219.00 to $221.00 and gave the stock a “buy” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $202.50.

AMETEK Price Performance

Shares of NYSE:AME opened at $186.71 on Monday. AMETEK has a 1-year low of $149.03 and a 1-year high of $198.33. The firm has a market capitalization of $43.19 billion, a PE ratio of 32.53, a PEG ratio of 3.08 and a beta of 1.15. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $184.06 and its 200-day moving average is $173.39.

AMETEK (NYSE:AME) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.04. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. AMETEK had a return on equity of 16.88% and a net margin of 19.27%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.64 earnings per share. Sell-side analysts predict that AMETEK will post 6.8 earnings per share for the current year.

Insider Buying and Selling at AMETEK

In other news, Director Steven W. Kohlhagen sold 1,460 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $171.59, for a total value of $250,521.40. Following the completion of the transaction, the director now owns 23,349 shares in the company, valued at $4,006,454.91. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David F. Hermance sold 6,243 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.99, for a total value of $1,192,350.57. Following the completion of the sale, the insider now owns 36,731 shares in the company, valued at approximately $7,015,253.69. This trade represents a 14.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,660 shares of company stock valued at $5,958,141. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On AMETEK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of AMETEK by 0.3% in the third quarter. State Street Corp now owns 9,220,376 shares of the technology company’s stock valued at $1,583,231,000 after acquiring an additional 24,072 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of AMETEK by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,401,656 shares of the technology company’s stock worth $924,308,000 after acquiring an additional 45,459 shares during the last quarter. Bank of New York Mellon Corp raised its stake in AMETEK by 34.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock valued at $600,615,000 after acquiring an additional 926,657 shares during the period. EdgePoint Investment Group Inc. lifted its holdings in AMETEK by 87.9% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,964,236 shares of the technology company’s stock valued at $337,279,000 after purchasing an additional 918,737 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in AMETEK by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,882,166 shares of the technology company’s stock worth $313,777,000 after purchasing an additional 148,447 shares during the period. 87.43% of the stock is currently owned by institutional investors and hedge funds.

AMETEK Company Profile

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in the North America, Europe, Asia, and South America, and internationally. The company's EIG segment offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and c devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and sensors for gas turbines and dashboard instruments; heavy trucks, instrumentation, and controls for the food and beverage industries; and aircraft and engine sensors, power supplies, embedded computing, monitoring, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry.