Amphenol Corporation $APH Stock: Allspring Global Investments Holdings LLC Boosts Holdings

Key Points

• Allspring Global Investments increased its Amphenol stake by 132.1% in the third quarter, adding about 2.05 million shares to hold 3.61 million shares valued at roughly $309 million. Institutional investors own 97.01% of the company.
• Amphenol beat quarterly expectations, reporting EPS of $0.80 versus $0.73 forecast and revenue of $10.23 billion versus $9.49 billion expected; revenue rose 65.1% year over year.
• The company authorized a $4 billion share repurchase program, while reducing its quarterly dividend from $0.25 to $0.15 per share. Analysts’ consensus rating is “Buy,” with an average price target of $108.32.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Amphenol Corporation (NYSE:APH - Free Report) by 132.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,610,411 shares of the electronics maker's stock after acquiring an additional 2,054,660 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.15% of Amphenol worth $309,304,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Amphenol by 85.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 198 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 91 shares during the last quarter. Your Advocates Ltd. LLP lifted its holdings in shares of Amphenol by 100.0% during the third quarter. Your Advocates Ltd. LLP now owns 300 shares of the electronics maker's stock worth $25,000 after purchasing an additional 150 shares during the period. Retirement Wealth Solutions LLC grew its stake in shares of Amphenol by 831.2% in the third quarter. Retirement Wealth Solutions LLC now owns 298 shares of the electronics maker's stock worth $26,000 after purchasing an additional 266 shares during the last quarter. Sunrise Financial Services LLC grew its stake in shares of Amphenol by 100.0% in the third quarter. Sunrise Financial Services LLC now owns 324 shares of the electronics maker's stock worth $27,000 after purchasing an additional 162 shares during the last quarter. Finally, NFSG Corp acquired a new stake in Amphenol in the third quarter valued at $28,000. 97.01% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Richard Norwitt sold 799,576 shares of the business's 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 transaction, 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 Securities & Exchange Commission, which is available through this link. 1.42% of the stock is owned by corporate insiders.

Amphenol Trading Up 0.1%

APH opened at $74.67 on Monday. Amphenol Corporation has a twelve month low of $59.01 and a twelve month high of $89.93. The company has a fifty day moving average of $81.29 and a 200-day moving average of $75.53. The stock has a market cap of $184.39 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 0.89 and a beta of 1.27. 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 (NYSE:APH - Get Free Report) last released its earnings results on Wednesday, October 28th. The electronics maker reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Amphenol's revenue for the quarter was up 65.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 earnings per share. On average, sell-side analysts predict that Amphenol Corporation will post 2.84 EPS for the current year.

Amphenol announced that its Board of Directors has authorized a share buyback program on Wednesday, October 28th that allows the company to repurchase $4 billion in shares. This repurchase authorization allows the electronics maker to reacquire up to 2% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Amphenol Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 13th. Stockholders of record on Tuesday, December 22nd will be given a $0.15 dividend. This is a drop from Amphenol's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. Amphenol's dividend payout ratio is 21.74%.

Analyst Upgrades and Downgrades

APH has been the subject of several analyst reports. Truist Financial raised their target price on Amphenol from $107.50 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, October 29th. Royal Bank Of Canada set a $100.00 price target on Amphenol in a research report on Monday, October 26th. Citigroup reissued a "buy" rating and issued a $115.00 price target (up from $112.00) on shares of Amphenol in a research note on Thursday, October 29th. Wolfe Research assumed coverage on Amphenol in a research report on Wednesday, September 30th. They set an "outperform" rating and a $105.00 price objective for the company. Finally, 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 note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $108.32.

About Amphenol

Amphenol Corporation designs, manufactures and markets electrical, electronic and fiber-optic connectors, interconnect systems, antennas and sensor products. Its offerings also include cable assemblies and related components used to transmit signals and power in electronic equipment and systems.

The company serves customers in a range of markets, including communications and information technology, automotive, aerospace and defense, industrial, mobile devices and data networks. Its products are used in applications such as vehicles, communications infrastructure, commercial aircraft and industrial equipment.

Founded in 1932, Amphenol has grown into a global manufacturer serving customers across the Americas, Europe and Asia.

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