Amphenol Corporation $APH Shares Acquired by Mountain Pacific Investment Advisers LLC

Key Points

• Mountain Pacific Investment Advisers increased its Amphenol position by 87.2% in the third quarter, adding 312,764 shares to hold 671,539 shares valued at about $56.6 million. Amphenol is now the firm’s largest holding, representing 9.3% of its portfolio.
• Amphenol’s latest quarterly results beat estimates, with EPS of $0.80 versus $0.73 expected and revenue up 65.1% year over year to $10.23 billion. The company also authorized up to $4 billion in share repurchases.
• The company lowered its quarterly dividend to $0.15 per share from $0.25. Separately, CEO Richard Norwitt sold 799,576 shares, reducing his stake by 17.18%.

Mountain Pacific Investment Advisers LLC boosted its position in shares of Amphenol Corporation (NYSE:APH - Free Report) by 87.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 671,539 shares of the electronics maker's stock after purchasing an additional 312,764 shares during the quarter. Amphenol accounts for about 9.3% of Mountain Pacific Investment Advisers LLC's investment portfolio, making the stock its biggest holding. Mountain Pacific Investment Advisers LLC's holdings in Amphenol were worth $56,611,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its holdings in Amphenol by 24.2% in the second quarter. State Street Corp now owns 71,281,059 shares of the electronics maker's stock worth $12,107,146,000 after purchasing an additional 13,884,641 shares during the period. Wellington Management Group LLP boosted its position in shares of Amphenol by 10.5% during the second quarter. Wellington Management Group LLP now owns 16,579,919 shares of the electronics maker's stock worth $2,923,371,000 after purchasing an additional 1,578,248 shares in the last quarter. Corient Private Wealth LP grew its holdings in shares of Amphenol by 3,010.0% in the 2nd quarter. Corient Private Wealth LP now owns 16,437,431 shares of the electronics maker's stock valued at $2,898,248,000 after buying an additional 15,908,901 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Amphenol by 4.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,703,604 shares of the electronics maker's stock valued at $1,710,939,000 after buying an additional 416,388 shares during the period. Finally, Jupiter Topco LLC bought a new stake in shares of Amphenol in the 2nd quarter valued at $1,600,531,000. Institutional investors and hedge funds own 97.01% of the company's stock.

Insider Activity

In other Amphenol news, CEO Richard Norwitt sold 799,576 shares of Amphenol stock in a transaction dated 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 owned 3,855,014 shares of the company's stock, valued at $317,961,554.72. This trade represents a 17.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.42% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

APH has been the topic of several research analyst reports. Evercore set a $100.00 price objective on Amphenol in a research note on Wednesday, October 28th. Royal Bank Of Canada set a $100.00 target price on Amphenol in a research note on Monday, October 26th. Zacks Research upgraded Amphenol from a "hold" rating to a "strong-buy" rating in a report on Friday, October 30th. Rothschild & Co Redburn dropped their price target on Amphenol from $197.00 to $107.00 in a research report on Friday, October 30th. Finally, Citigroup reaffirmed a "buy" rating and set a $115.00 price target (up from $112.00) on shares of Amphenol in a research report on Thursday, October 29th. One investment 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $108.32.

Amphenol Stock Down 9.2%

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

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

Amphenol announced that its Board of Directors has initiated a share buyback plan on Wednesday, October 28th that permits the company to buy back $4 billion in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 2% of its stock through open market purchases. Share repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Amphenol Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 13th. Shareholders of record on Tuesday, December 22nd will be issued a dividend of $0.15 per share. This is a drop from Amphenol's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 22nd. This represents a $0.60 dividend on an annualized basis and a yield of 0.8%. Amphenol's dividend payout ratio is currently 21.74%.

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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