Amphenol Corporation $APH Holdings Increased by Parr Mcknight Wealth Management Group LLC

Key Points

• Parr Mcknight Wealth Management increased its Amphenol stake by 92.5% in the third quarter, to 39,409 shares worth about $3.32 million. Institutional investors collectively own 97.01% of the company’s shares.
• Amphenol beat quarterly earnings and revenue estimates, reporting EPS of $0.80 and revenue of $10.23 billion; revenue rose 65.1% year over year. Analysts’ consensus rating is “Buy,” with an average price target of $108.32.
• The company lowered its quarterly dividend from $0.25 to $0.15 per share and authorized a $4 billion share repurchase plan. CEO Richard Norwitt also sold 799,576 shares, a 17.18% reduction in his direct holdings.

Parr Mcknight Wealth Management Group LLC raised its stake in shares of Amphenol Corporation (NYSE:APH - Free Report) by 92.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,409 shares of the electronics maker's stock after purchasing an additional 18,937 shares during the quarter. Parr Mcknight Wealth Management Group LLC's holdings in Amphenol were worth $3,322,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. AIA Group Ltd boosted its stake in shares of Amphenol by 128.2% during the 3rd quarter. AIA Group Ltd now owns 604,277 shares of the electronics maker's stock valued at $50,941,000 after purchasing an additional 339,426 shares in the last quarter. Third View Private Wealth LLC raised its stake in Amphenol by 227.5% in the third quarter. Third View Private Wealth LLC now owns 6,864 shares of the electronics maker's stock worth $579,000 after buying an additional 4,768 shares in the last quarter. Provenance Wealth Advisors LLC bought a new position in Amphenol in the third quarter worth about $524,000. Hughes Financial Services LLC raised its stake in Amphenol by 99.1% in the third quarter. Hughes Financial Services LLC now owns 886 shares of the electronics maker's stock worth $73,000 after buying an additional 441 shares in the last quarter. Finally, TrinityBridge Ltd lifted its holdings in Amphenol by 30.8% in the third quarter. TrinityBridge Ltd now owns 1,059,709 shares of the electronics maker's stock worth $89,376,000 after buying an additional 249,398 shares during the period. 97.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APH has been the topic of several research reports. TD Cowen cut their price objective on Amphenol from $175.00 to $90.00 and set a "hold" rating on the stock in a research report on Wednesday, September 9th. Rothschild & Co Redburn decreased their target price on Amphenol from $197.00 to $107.00 in a research report on Friday, October 30th. Erste Group Bank initiated coverage on Amphenol in a research report on Wednesday, October 21st. They issued a "buy" rating for the company. Wolfe Research initiated coverage on Amphenol in a research note on Wednesday, September 30th. They issued an "outperform" rating and a $105.00 target price for the company. Finally, UBS Group lifted their price target on Amphenol from $105.00 to $111.00 and gave the company a "buy" rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $108.32.

Insider Activity

In other news, CEO Richard Norwitt sold 799,576 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $82.48, for a total value of $65,949,028.48. Following the sale, the chief executive officer directly owned 3,855,014 shares of the company's stock, valued at $317,961,554.72. The trade was a 17.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.42% of the company's stock.

Amphenol Stock Down 9.2%

Shares of Amphenol stock opened at $71.73 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.94 and a quick ratio of 1.42. The company has a 50-day moving average of $81.42 and a 200 day moving average of $75.54. The firm has a market cap of $177.13 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.94 and a beta of 1.27. Amphenol Corporation has a 1 year low of $59.01 and a 1 year high of $89.93.

Amphenol (NYSE:APH - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The electronics maker reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.07. Amphenol had a net margin of 17.95% and a return on equity of 42.53%. The company had revenue of $10.23 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the company posted $0.93 EPS. Amphenol's revenue was up 65.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Amphenol Corporation will post 2.84 earnings per share for the current fiscal year.

Amphenol Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 13th. Stockholders of record on Tuesday, December 22nd will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, December 22nd. This is a negative change from Amphenol's previous quarterly dividend of $0.25. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. Amphenol's dividend payout ratio (DPR) is 21.74%.

Amphenol declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 28th that authorizes the company to repurchase $4 billion in outstanding shares. This buyback authorization authorizes the electronics maker to purchase up to 2% of its shares through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

About Amphenol

Amphenol Corporation NYSE: APH is a global manufacturer of electrical, electronic and fiber-optic connectors, interconnect systems and related products. Its portfolio includes cable assemblies, sensors, antennas, backplane systems, radio-frequency components and other specialized electronic hardware.

The company serves customers across a range of industries, including automotive, aerospace and defense, information technology and data communications, industrial, mobile networks, commercial aerospace, medical and other markets.

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