Truist Financial Has Lowered Expectations for AMETEK (NYSE:AME) Stock Price

AMETEK (NYSE:AME) had its price target reduced by analysts at Truist Financial from $216.00 to $196.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Truist Financial’s target price would indicate a potential upside of 21.66% from the stock’s current price.

Several other brokerages have also commented on AME. Bank of America raised AMETEK from a “neutral” rating to a “buy” rating and raised their price objective for the company from $195.00 to $225.00 in a report on Monday, December 16th. BNP Paribas raised shares of AMETEK from a “neutral” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Thursday, January 16th. StockNews.com upgraded shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Thursday, April 3rd. Finally, Robert W. Baird dropped their target price on shares of AMETEK from $200.00 to $197.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, two have issued 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $201.78.

AMETEK Stock Performance

Shares of AME stock opened at $161.11 on Tuesday. The stock has a market cap of $37.18 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14. AMETEK has a 52-week low of $145.02 and a 52-week high of $198.33. The business has a 50-day simple moving average of $177.70 and a 200-day simple moving average of $180.27. 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 (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 analysts’ consensus estimates of $1.85 by $0.02. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.82 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. AMETEK’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 earnings per share. On average, equities analysts expect that AMETEK will post 7.15 EPS for the current year.

AMETEK announced that its Board of Directors has initiated a share 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 repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at AMETEK

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc lifted its holdings in shares of AMETEK by 3,116.7% in the 4th quarter. Versant Capital Management Inc now owns 193 shares of the technology company’s stock worth $35,000 after acquiring an additional 187 shares during the last quarter. Banque Transatlantique SA purchased a new stake in AMETEK in the fourth quarter valued at approximately $37,000. AdvisorNet Financial Inc raised its position in AMETEK by 1,176.5% in the fourth quarter. AdvisorNet Financial Inc now owns 217 shares of the technology company’s stock valued at $39,000 after purchasing an additional 200 shares during the period. Geneos Wealth Management Inc. lifted its stake in AMETEK by 42.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 233 shares of the technology company’s stock worth $42,000 after purchasing an additional 70 shares in the last quarter. Finally, Minot DeBlois Advisors LLC purchased a new position in shares of AMETEK during the fourth quarter worth $43,000. 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.