AMETEK, Inc. (NYSE:AME) Stake Cut by Summit Financial LLC

Summit Financial LLC decreased its holdings in shares of AMETEK, Inc. (NYSE:AME) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,362 shares of the technology company’s stock after selling 165 shares during the period. Summit Financial LLC’s holdings in AMETEK were worth $606,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of AMETEK by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 26,147,772 shares of the technology company’s stock valued at $4,713,397,000 after buying an additional 282,208 shares during the last quarter. State Street Corp grew its holdings in shares of AMETEK by 0.3% during the third quarter. State Street Corp now owns 9,220,376 shares of the technology company’s stock valued at $1,583,231,000 after purchasing an additional 24,072 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of AMETEK by 3.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,985,350 shares of the technology company’s stock worth $1,199,454,000 after purchasing an additional 250,538 shares during the period. Geode Capital Management LLC lifted its holdings in shares of AMETEK by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,401,656 shares of the technology company’s stock worth $924,308,000 after purchasing an additional 45,459 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in AMETEK by 2.3% during the 4th quarter. Bank of New York Mellon Corp now owns 4,415,508 shares of the technology company’s stock valued at $795,939,000 after purchasing an additional 99,505 shares during the period. 87.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AMETEK

In related news, Director Steven W. Kohlhagen sold 1,320 shares of AMETEK stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $189.41, for a total value of $250,021.20. Following the transaction, the director now owns 22,029 shares of the company’s stock, valued at approximately $4,172,512.89. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas A. Amato sold 710 shares of the company’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $176.64, for a total transaction of $125,414.40. Following the sale, the director now directly owns 10,560 shares of the company’s stock, valued at $1,865,318.40. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.

AMETEK Stock Up 0.4 %

AME opened at $172.60 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.75 and a current ratio of 1.24. The company has a market capitalization of $39.83 billion, a PE ratio of 29.11, a P/E/G ratio of 2.73 and a beta of 1.14. The stock’s fifty day moving average is $181.85 and its 200-day moving average is $181.03. AMETEK, Inc. has a one year low of $149.03 and a one year high of $198.33.

AMETEK (NYSE:AME) last issued its quarterly earnings results on Tuesday, February 4th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.85 by $0.02. AMETEK had a net margin of 19.83% and a return on equity of 16.94%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the business earned $1.68 earnings per share. AMETEK’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts predict that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.

AMETEK announced that its Board of Directors has approved a stock buyback plan on Friday, February 7th that permits the company to repurchase $1.25 billion in shares. This repurchase authorization permits the technology company to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

AMETEK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.31 dividend. This is a positive change from AMETEK’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.24 annualized dividend and a yield of 0.72%. AMETEK’s payout ratio is 20.91%.

Analysts Set New Price Targets

A number of research firms have issued reports on AME. BNP Paribas upgraded AMETEK from a “neutral” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Thursday, January 16th. Bank of America upgraded shares of AMETEK from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $195.00 to $225.00 in a research report on Monday, December 16th. Robert W. Baird decreased their target price on shares of AMETEK from $200.00 to $197.00 and set a “neutral” rating for the company in a research report on Wednesday, February 5th. Truist Financial lifted their price target on AMETEK from $221.00 to $222.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, StockNews.com raised AMETEK from a “hold” rating to a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $204.67.

AMETEK Company Profile

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in the North America, Europe, Asia, and South America, and internationally. The company's EIG segment offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and c devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and sensors for gas turbines and dashboard instruments; heavy trucks, instrumentation, and controls for the food and beverage industries; and aircraft and engine sensors, power supplies, embedded computing, monitoring, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry.