Bank of Nova Scotia Grows Stock Holdings in Amphenol Corporation (NYSE:APH)

Key Points

• Bank of Nova Scotia increased its stake in Amphenol Corporation by 20.7%, owning 632,798 shares valued at approximately $41.5 million as of the end of the first quarter.
• Amphenol reported a quarterly earnings per share (EPS) of $0.81, beating analysts' expectations, with a revenue of $5.65 billion, a 56.5% increase year-over-year.
• The company announced a quarterly dividend of $0.165 per share, with a 0.6% yield, scheduled for payment on October 8th.

Bank of Nova Scotia lifted its position in Amphenol Corporation (NYSE:APH - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 632,798 shares of the electronics maker's stock after acquiring an additional 108,347 shares during the period. Bank of Nova Scotia owned 0.05% of Amphenol worth $41,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in APH. Brighton Jones LLC increased its position in shares of Amphenol by 114.0% in the 4th quarter. Brighton Jones LLC now owns 17,624 shares of the electronics maker's stock valued at $1,224,000 after acquiring an additional 9,390 shares during the period. Revolve Wealth Partners LLC increased its position in shares of Amphenol by 87.9% in the 4th quarter. Revolve Wealth Partners LLC now owns 10,094 shares of the electronics maker's stock valued at $701,000 after acquiring an additional 4,721 shares during the period. World Investment Advisors acquired a new position in shares of Amphenol in the 4th quarter valued at $233,000. Arete Wealth Advisors LLC acquired a new position in shares of Amphenol in the 4th quarter valued at $246,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Amphenol in the 4th quarter valued at $1,830,000. 97.01% of the stock is owned by institutional investors and hedge funds.

Amphenol Price Performance

Shares of APH stock traded down $1.05 during mid-day trading on Tuesday, hitting $107.58. 1,922,496 shares of the stock were exchanged, compared to its average volume of 8,525,247. The firm has a fifty day moving average of $97.45 and a 200 day moving average of $80.03. The company has a quick ratio of 1.46, a current ratio of 2.02 and a debt-to-equity ratio of 0.61. Amphenol Corporation has a 52-week low of $56.45 and a 52-week high of $109.90. The company has a market cap of $131.35 billion, a PE ratio of 42.75, a price-to-earnings-growth ratio of 1.74 and a beta of 1.13.

Amphenol (NYSE:APH - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electronics maker reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.15. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.01 billion. Amphenol had a net margin of 16.90% and a return on equity of 30.58%. The company's revenue for the quarter was up 56.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. Research analysts anticipate that Amphenol Corporation will post 2.36 earnings per share for the current year.

Amphenol Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Tuesday, September 16th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.66 dividend on an annualized basis and a yield of 0.6%. Amphenol's dividend payout ratio (DPR) is currently 26.29%.

Insider Activity at Amphenol

In related news, VP Michael R. Ivas sold 40,000 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $88.79, for a total value of $3,551,600.00. Following the transaction, the vice president directly owned 152,412 shares of the company's stock, valued at approximately $13,532,661.48. This trade represents a 20.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Luc Walter sold 286,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $91.43, for a total transaction of $26,148,980.00. Following the completion of the transaction, the insider directly owned 451,790 shares in the company, valued at $41,307,159.70. This trade represents a 38.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 586,000 shares of company stock valued at $52,935,980. 1.67% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on APH shares. KGI Securities started coverage on Amphenol in a research report on Thursday, June 26th. They set a "hold" rating on the stock. Evercore ISI increased their price target on Amphenol from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. increased their price target on Amphenol from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Truist Financial increased their price target on Amphenol from $102.00 to $126.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, TD Securities increased their price target on Amphenol from $63.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Amphenol currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.92.

Amphenol 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.