Bank of America Cuts Amphenol (NYSE:APH) Price Target to $70.00

Amphenol (NYSE:APH) had its target price dropped by equities researchers at Bank of America from $71.00 to $70.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the electronics maker’s stock. Bank of America‘s target price suggests a potential upside of 7.97% from the company’s previous close.

APH has been the topic of a number of other reports. Robert W. Baird reduced their target price on shares of Amphenol from $72.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. Vertical Research started coverage on shares of Amphenol in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $65.00 price objective on the stock. Truist Financial increased their price objective on shares of Amphenol from $74.50 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Evercore ISI reissued an “outperform” rating on shares of Amphenol in a research report on Thursday, June 13th. Finally, UBS Group raised their target price on shares of Amphenol from $69.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Amphenol Stock Performance

NYSE:APH traded up $0.50 during trading hours on Wednesday, reaching $64.83. The company had a trading volume of 2,260,382 shares, compared to its average volume of 6,512,804. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. Amphenol has a 52 week low of $39.34 and a 52 week high of $70.84. The firm has a market cap of $77.87 billion, a price-to-earnings ratio of 39.77, a PEG ratio of 2.59 and a beta of 1.24. The firm’s 50 day moving average price is $63.94 and its 200-day moving average price is $63.81.

Amphenol (NYSE:APH) last issued its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.03. Amphenol had a net margin of 15.69% and a return on equity of 24.08%. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the company posted $0.72 EPS. The company’s revenue was up 18.2% compared to the same quarter last year. On average, analysts forecast that Amphenol will post 1.76 EPS for the current year.

Insiders Place Their Bets

In related news, VP Lance E. D’amico sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $65.63, for a total transaction of $6,563,000.00. Following the completion of the transaction, the vice president now owns 51,400 shares of the company’s stock, valued at $3,373,382. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Lance E. D’amico sold 100,000 shares of Amphenol stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $65.63, for a total value of $6,563,000.00. Following the sale, the vice president now owns 51,400 shares in the company, valued at $3,373,382. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William J. Doherty sold 300,000 shares of Amphenol stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $65.83, for a total transaction of $19,749,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,516,000 shares of company stock valued at $98,236,640. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Amphenol

Institutional investors and hedge funds have recently made changes to their positions in the stock. Texas Permanent School Fund Corp raised its stake in shares of Amphenol by 61.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 199,758 shares of the electronics maker’s stock valued at $13,458,000 after acquiring an additional 75,753 shares during the period. United Services Automobile Association lifted its stake in Amphenol by 102.0% during the second quarter. United Services Automobile Association now owns 31,980 shares of the electronics maker’s stock worth $2,154,000 after purchasing an additional 16,149 shares during the last quarter. Choreo LLC boosted its holdings in Amphenol by 556.7% in the second quarter. Choreo LLC now owns 40,472 shares of the electronics maker’s stock valued at $2,732,000 after purchasing an additional 34,309 shares in the last quarter. Angeles Wealth Management LLC increased its stake in Amphenol by 102.4% in the second quarter. Angeles Wealth Management LLC now owns 3,826 shares of the electronics maker’s stock valued at $258,000 after purchasing an additional 1,936 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Amphenol by 4,215.3% during the 2nd quarter. Federated Hermes Inc. now owns 117,678 shares of the electronics maker’s stock worth $7,928,000 after buying an additional 114,951 shares during the last quarter. 97.01% of the stock is owned by hedge funds and other institutional investors.

About Amphenol

Amphenol Corporation, together with its subsidiaries, primarily designs, manufactures, and markets electrical, electronic, and fiber optic connectors in the United States, China, and internationally. It operates through three segments: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems.