Truist Financial Cuts AMETEK (NYSE:AME) Price Target to $196.00

AMETEK (NYSE:AME) had its price objective dropped by investment analysts at Truist Financial from $216.00 to $196.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective indicates a potential upside of 27.23% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. BNP Paribas raised shares of AMETEK from a “neutral” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Thursday, January 16th. Robert W. Baird decreased their target price on shares of AMETEK from $200.00 to $197.00 and set a “neutral” rating for the company in a research report on Wednesday, February 5th. StockNews.com upgraded shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Thursday, April 3rd. Finally, Bank of America raised AMETEK from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $195.00 to $225.00 in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.78.

AMETEK Price Performance

Shares of AMETEK stock traded up $0.72 during trading on Tuesday, reaching $154.05. The company’s stock had a trading volume of 427,718 shares, compared to its average volume of 1,252,625. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 0.15. AMETEK has a 12-month low of $145.02 and a 12-month high of $198.33. The company has a market capitalization of $35.55 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14. The business has a 50 day moving average price of $179.92 and a 200-day moving average price of $180.82.

AMETEK (NYSE:AME) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.82 billion. AMETEK had a net margin of 19.83% and a return on equity of 16.94%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 earnings per share. As a group, sell-side analysts anticipate that AMETEK will post 7.15 EPS for the current year.

AMETEK announced that its Board of Directors has approved a stock repurchase program on Friday, February 7th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at AMETEK

In other AMETEK news, Director Thomas A. Amato sold 710 shares of the firm’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $176.64, for a total transaction of $125,414.40. Following the sale, the director now owns 10,560 shares in the company, valued at $1,865,318.40. This trade represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven W. Kohlhagen sold 1,320 shares of AMETEK stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $189.41, for a total transaction of $250,021.20. Following the completion of the transaction, the director now directly owns 22,029 shares in the company, valued at approximately $4,172,512.89. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AME. Principal Financial Group Inc. boosted its position in shares of 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 acquiring an additional 703,501 shares during the last quarter. Quarry LP raised its holdings in shares of AMETEK by 226.1% in the 3rd quarter. Quarry LP now owns 300 shares of the technology company’s stock valued at $52,000 after purchasing an additional 208 shares in the last quarter. Quantinno Capital Management LP boosted its position in AMETEK by 51.6% during the third quarter. Quantinno Capital Management LP now owns 14,614 shares of the technology company’s stock valued at $2,509,000 after purchasing an additional 4,974 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of AMETEK by 5.5% in the 3rd quarter. EP Wealth Advisors LLC now owns 6,675 shares of the technology company’s stock worth $1,146,000 after purchasing an additional 345 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of AMETEK by 81.7% during the third quarter. National Bank of Canada FI now owns 121,084 shares of the technology company’s stock worth $20,791,000 after buying an additional 54,434 shares during the period. 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.