Amphenol (NYSE:APH) Downgraded by Bank of America to Neutral

Bank of America lowered shares of Amphenol (NYSE:APH) from a buy rating to a neutral rating in a report released on Wednesday, Marketbeat reports. The brokerage currently has $71.00 price target on the electronics maker’s stock, down from their prior price target of $80.00.

APH has been the topic of a number of other reports. TD Cowen boosted their price objective on Amphenol from $45.00 to $57.50 and gave the company a hold rating in a research report on Thursday, June 6th. Citigroup raised their price objective on shares of Amphenol from $67.50 to $80.00 and gave the stock a buy rating in a report on Tuesday, May 28th. Robert W. Baird decreased their target price on shares of Amphenol from $72.00 to $70.00 and set an outperform rating on the stock in a research report on Thursday, July 25th. Truist Financial raised their price target on shares of Amphenol from $74.50 to $76.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Finally, UBS Group upped their price objective on Amphenol from $69.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $65.04.

Amphenol Price Performance

NYSE:APH opened at $59.87 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.02 and a quick ratio of 1.32. Amphenol has a one year low of $39.34 and a one year high of $70.84. The company has a fifty day moving average price of $65.18 and a 200 day moving average price of $62.33. The stock has a market cap of $71.92 billion, a P/E ratio of 36.73, a PEG ratio of 3.03 and a beta of 1.25.

Amphenol (NYSE:APH) last announced its quarterly earnings data on Wednesday, July 24th. The electronics maker reported $0.44 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. Analysts anticipate that Amphenol will post 1.76 earnings per share for the current year.

Amphenol Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Tuesday, September 17th. Amphenol’s dividend payout ratio is currently 40.49%.

Insiders Place Their Bets

In other news, insider Luc Walter sold 170,000 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $64.10, for a total transaction of $10,897,000.00. Following the sale, the insider now directly owns 447,790 shares of the company’s stock, valued at $28,703,339. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Luc Walter sold 170,000 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $64.10, for a total transaction of $10,897,000.00. Following the transaction, the insider now owns 447,790 shares of the company’s stock, valued at $28,703,339. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Adam Norwitt sold 750,000 shares of Amphenol stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $64.54, for a total value of $48,405,000.00. Following the completion of the sale, the chief executive officer now owns 1,934,848 shares of the company’s stock, valued at $124,875,089.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,516,000 shares of company stock valued at $98,236,640. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Amphenol

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Amphenol by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 73,459,971 shares of the electronics maker’s stock valued at $8,473,608,000 after purchasing an additional 321,861 shares during the period. Bank of New York Mellon Corp lifted its stake in Amphenol by 92.0% in the second quarter. Bank of New York Mellon Corp now owns 36,637,988 shares of the electronics maker’s stock valued at $2,468,301,000 after buying an additional 17,552,921 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Amphenol by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,224,036 shares of the electronics maker’s stock worth $3,601,694,000 after buying an additional 1,979,022 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Amphenol by 69.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 23,225,629 shares of the electronics maker’s stock valued at $1,564,711,000 after acquiring an additional 9,487,387 shares during the last quarter. Finally, Mawer Investment Management Ltd. raised its position in shares of Amphenol by 88.9% in the 2nd quarter. Mawer Investment Management Ltd. now owns 15,455,006 shares of the electronics maker’s stock valued at $1,041,204,000 after acquiring an additional 7,275,279 shares during the period. 97.01% of the stock is currently owned by institutional investors and hedge funds.

Amphenol Company Profile

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.