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

AMETEK (NYSE:AME) was upgraded by investment 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 currently has a $225.00 price target on the technology company’s stock, up from their previous price target of $195.00. Bank of America‘s price objective would suggest a potential upside of 20.51% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Truist Financial increased their target price on shares of AMETEK from $219.00 to $221.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Mizuho boosted their target price on shares of AMETEK from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, November 1st. TD Cowen lowered AMETEK from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Robert W. Baird upped their price objective on shares of AMETEK from $166.00 to $186.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Finally, KeyCorp raised their target price on AMETEK from $205.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.50.

AMETEK Price Performance

AME stock opened at $186.71 on Monday. The stock has a market cap of $43.19 billion, a price-to-earnings ratio of 32.53, a P/E/G ratio of 3.08 and a beta of 1.15. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.39 and a quick ratio of 0.84. The company has a 50 day simple moving average of $184.06 and a 200 day simple moving average of $173.39. AMETEK has a 1 year low of $149.03 and a 1 year high of $198.33.

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

Insider Buying and Selling

In related news, insider David F. Hermance sold 6,243 shares of AMETEK stock in a transaction that occurred on 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 sale, the insider now owns 36,731 shares of the company’s stock, valued at approximately $7,015,253.69. The trade was a 14.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tony J. Ciampitti sold 16,210 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $197.01, for a total value of $3,193,532.10. Following the completion of the transaction, the insider now owns 49,490 shares in the company, valued at approximately $9,750,024.90. The trade was a 24.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,660 shares of company stock worth $5,958,141. 0.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On AMETEK

Several large investors have recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in shares of AMETEK by 11.5% in the second quarter. Raymond James & Associates now owns 172,180 shares of the technology company’s stock worth $28,704,000 after buying an additional 17,762 shares in the last quarter. Apollon Wealth Management LLC raised its position in shares of AMETEK by 59.9% in the second quarter. Apollon Wealth Management LLC now owns 11,880 shares of the technology company’s stock worth $1,981,000 after buying an additional 4,451 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in AMETEK by 2.4% during the second quarter. First Horizon Advisors Inc. now owns 2,639 shares of the technology company’s stock valued at $440,000 after buying an additional 62 shares during the period. First Citizens Bank & Trust Co. grew its position in AMETEK by 2.2% during the second quarter. First Citizens Bank & Trust Co. now owns 3,834 shares of the technology company’s stock worth $639,000 after buying an additional 81 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its stake in AMETEK by 4.8% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 1,340 shares of the technology company’s stock worth $224,000 after acquiring an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 87.43% of the company’s stock.

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.