Biltmore Wealth Management LLC cut its stake in shares of AMETEK, Inc. (NYSE:AME) by 9.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,754 shares of the technology company’s stock after selling 612 shares during the period. AMETEK makes up about 0.3% of Biltmore Wealth Management LLC’s holdings, making the stock its 22nd biggest position. Biltmore Wealth Management LLC’s holdings in AMETEK were worth $514,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in AME. Amundi Pioneer Asset Management Inc. raised its position in shares of AMETEK by 16.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 242,237 shares of the technology company’s stock worth $20,098,000 after purchasing an additional 33,825 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in shares of AMETEK by 0.4% during the first quarter. Public Employees Retirement Association of Colorado now owns 238,884 shares of the technology company’s stock valued at $17,204,000 after buying an additional 940 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in shares of AMETEK during the first quarter valued at $1,024,000. Two Sigma Advisers LP purchased a new position in shares of AMETEK during the first quarter valued at $1,145,000. Finally, Two Sigma Investments LP grew its holdings in shares of AMETEK by 328.2% during the first quarter. Two Sigma Investments LP now owns 22,697 shares of the technology company’s stock valued at $1,635,000 after buying an additional 17,397 shares in the last quarter. 85.52% of the stock is currently owned by institutional investors.
In related news, CEO David A. Zapico sold 44,740 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $100.87, for a total transaction of $4,512,923.80. Following the completion of the transaction, the chief executive officer now owns 238,153 shares of the company’s stock, valued at approximately $24,022,493.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Joseph Burke sold 16,418 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $102.05, for a total value of $1,675,456.90. Following the transaction, the chief financial officer now directly owns 88,854 shares of the company’s stock, valued at approximately $9,067,550.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 123,849 shares of company stock valued at $12,488,958. 0.74% of the stock is currently owned by corporate insiders.
AMETEK (NYSE:AME) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.11. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $988.87 million. AMETEK had a return on equity of 17.13% and a net margin of 18.52%. The firm’s revenue was down 21.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS. On average, research analysts predict that AMETEK, Inc. will post 3.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 14th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, September 11th. This represents a $0.72 annualized dividend and a dividend yield of 0.66%. AMETEK’s dividend payout ratio (DPR) is presently 17.18%.
A number of research analysts have recently weighed in on AME shares. Zacks Investment Research upgraded AMETEK from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Thursday, July 16th. Wells Fargo & Company lifted their price target on AMETEK from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Morgan Stanley lifted their price target on AMETEK from $105.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, October 13th. Finally, KeyCorp boosted their target price on AMETEK from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $104.54.
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. It operates through two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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