Harvey Investment Co. LLC boosted its position in shares of AMETEK, Inc. (NYSE:AME) by 5.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,654 shares of the technology company’s stock after purchasing an additional 1,435 shares during the period. Harvey Investment Co. LLC’s holdings in AMETEK were worth $2,294,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of AMETEK by 4,948.5% during the 1st quarter. Pacer Advisors Inc. now owns 21,860 shares of the technology company’s stock valued at $1,814,000 after buying an additional 21,427 shares during the period. Douglass Winthrop Advisors LLC acquired a new stake in shares of AMETEK during the 1st quarter valued at $243,000. Forte Capital LLC ADV boosted its stake in shares of AMETEK by 1.4% during the 1st quarter. Forte Capital LLC ADV now owns 92,954 shares of the technology company’s stock valued at $7,712,000 after buying an additional 1,328 shares during the period. Biltmore Wealth Management LLC acquired a new stake in shares of AMETEK during the 1st quarter valued at $587,000. Finally, First Hawaiian Bank boosted its stake in shares of AMETEK by 26.3% during the 1st quarter. First Hawaiian Bank now owns 14,730 shares of the technology company’s stock valued at $1,222,000 after buying an additional 3,065 shares during the period. Hedge funds and other institutional investors own 85.88% of the company’s stock.
A number of brokerages have issued reports on AME. Morgan Stanley raised shares of AMETEK from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $81.00 to $85.00 in a research note on Tuesday, December 18th. Stephens reissued a “buy” rating and set a $79.00 target price on shares of AMETEK in a research note on Sunday, January 6th. Cowen reissued a “buy” rating and set a $91.00 target price on shares of AMETEK in a research note on Wednesday, December 12th. Wolfe Research raised shares of AMETEK from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 8th. Finally, BMO Capital Markets reissued a “buy” rating and set a $90.00 target price on shares of AMETEK in a research note on Tuesday, January 29th. Twelve research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus price target of $86.80.
AMETEK (NYSE:AME) last released its quarterly earnings data on Tuesday, February 5th. The technology company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. AMETEK had a net margin of 16.05% and a return on equity of 17.72%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the business earned $0.70 EPS. AMETEK’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts forecast that AMETEK, Inc. will post 4.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Thursday, March 14th. AMETEK’s dividend payout ratio is 17.02%.
AMETEK declared that its board has authorized a share buyback program on Wednesday, February 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other AMETEK news, insider Timothy N. Jones sold 5,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $82.20, for a total transaction of $411,000.00. Following the completion of the transaction, the insider now owns 37,177 shares of the company’s stock, valued at approximately $3,055,949.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Thomas M. Montgomery sold 3,536 shares of the business’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $79.95, for a total transaction of $282,703.20. Following the transaction, the vice president now directly owns 20,191 shares of the company’s stock, valued at approximately $1,614,270.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,563 shares of company stock valued at $8,880,480. Company insiders own 0.80% of the company’s stock.
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. The company's Electronic Instruments segment offers advanced instruments for the process, aerospace, power, and industrial markets; process control instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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