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

AMETEK (NYSE:AME) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, MarketBeat 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 target price suggests a potential upside of 20.08% from the company’s previous close.

A number of other research analysts also recently commented on the stock. StockNews.com raised shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Truist Financial lifted their price objective on shares of AMETEK from $219.00 to $221.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Robert W. Baird raised their price objective on AMETEK from $166.00 to $186.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. TD Cowen downgraded AMETEK from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Finally, Mizuho boosted their price target on AMETEK from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AMETEK has an average rating of “Moderate Buy” and an average price target of $202.50.

AMETEK Stock Performance

AME stock opened at $187.38 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.18. The business’s fifty day simple moving average is $183.21 and its two-hundred day simple moving average is $173.12. AMETEK has a twelve month low of $149.03 and a twelve month high of $198.33. The firm has a market cap of $43.34 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 3.08 and a beta of 1.15.

AMETEK (NYSE:AME) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $1.66 EPS for the quarter, topping the consensus estimate 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 net margin of 19.27% and a return on equity of 16.88%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.64 EPS. Analysts predict that AMETEK will post 6.8 earnings per share for the current year.

Insider Buying and Selling at AMETEK

In other AMETEK news, Director Steven W. Kohlhagen sold 1,460 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $171.59, for a total value of $250,521.40. Following the sale, the director now owns 23,349 shares in the company, valued at approximately $4,006,454.91. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tony J. Ciampitti sold 16,210 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $197.01, for a total value of $3,193,532.10. Following the completion of the sale, the insider now owns 49,490 shares in the company, valued at approximately $9,750,024.90. This represents 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 valued at $5,958,141. 0.61% of the stock is owned by insiders.

Institutional Trading of AMETEK

A number of hedge funds have recently added to or reduced their stakes in AME. Bank of New York Mellon Corp boosted its stake in shares of AMETEK by 34.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock worth $600,615,000 after acquiring an additional 926,657 shares in the last quarter. EdgePoint Investment Group Inc. boosted its stake in shares of AMETEK by 87.9% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,964,236 shares of the technology company’s stock worth $337,279,000 after acquiring an additional 918,737 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new position in AMETEK during the third quarter worth approximately $130,579,000. Principal Financial Group Inc. boosted its position in AMETEK by 72.0% during the third quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company’s stock worth $288,526,000 after purchasing an additional 703,501 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new position in AMETEK during the third quarter worth approximately $79,782,000. 87.43% of the stock is owned by hedge funds and other institutional investors.

About AMETEK

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.