Amentum (NYSE:AMTM) Shares Gap Up After Earnings Beat

Amentum Holdings, Inc. (NYSE:AMTM)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $20.50, but opened at $21.80. Amentum shares last traded at $21.71, with a volume of 196,609 shares traded.

The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AMTM shares. Truist Financial assumed coverage on Amentum in a report on Monday, October 14th. They set a “buy” rating and a $31.00 price objective on the stock. Raymond James initiated coverage on shares of Amentum in a research report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price objective for the company. Finally, Royal Bank of Canada began coverage on shares of Amentum in a report on Friday, January 10th. They set a “sector perform” rating and a $24.00 price target for the company.

Hedge Funds Weigh In On Amentum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMTM. State Street Corp acquired a new position in Amentum in the 3rd quarter valued at about $236,306,000. Primecap Management Co. CA acquired a new stake in Amentum in the 3rd quarter worth about $169,999,000. Geode Capital Management LLC acquired a new position in shares of Amentum during the 3rd quarter valued at about $101,022,000. Ruane Cunniff & Goldfarb L.P. purchased a new stake in shares of Amentum during the 3rd quarter valued at $81,608,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Amentum in the 3rd quarter worth $78,399,000. Institutional investors and hedge funds own 39.93% of the company’s stock.

Amentum Stock Performance

The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.02. The business’s 50-day moving average price is $22.04.

About Amentum

Amentum Holdings, Inc provides engineering and technology solutions to address challenges in science, security, and sustainability. It serves various markets, such as energy and environment, space, intelligence, defense, civilian, commercial, and international markets. The company was incorporated in 2010 and is headquatered in Chantilly, Virginia.