Gofen & Glossberg LLC IL Lowers Position in AMETEK, Inc. (NYSE:AME)

Gofen & Glossberg LLC IL lowered its holdings in AMETEK, Inc. (NYSE:AME) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,139 shares of the technology company’s stock after selling 258 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in AMETEK were worth $1,422,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IFP Advisors Inc lifted its stake in AMETEK by 76.4% during the 4th quarter. IFP Advisors Inc now owns 441 shares of the technology company’s stock valued at $29,000 after acquiring an additional 191 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in AMETEK during the 4th quarter valued at $32,000. SRS Capital Advisors Inc. lifted its stake in AMETEK by 183.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 749 shares of the technology company’s stock valued at $51,000 after acquiring an additional 485 shares in the last quarter. Financial Gravity Companies Inc. bought a new position in AMETEK during the 4th quarter valued at $65,000. Finally, Cerebellum GP LLC lifted its stake in AMETEK by 86.7% during the 4th quarter. Cerebellum GP LLC now owns 1,064 shares of the technology company’s stock valued at $72,000 after acquiring an additional 494 shares in the last quarter. 85.96% of the stock is owned by institutional investors and hedge funds.

In related news, CEO David A. Zapico sold 31,200 shares of AMETEK stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $78.80, for a total value of $2,458,560.00. Following the completion of the sale, the chief executive officer now owns 223,085 shares of the company’s stock, valued at approximately $17,579,098. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dennis K. Williams sold 1,570 shares of AMETEK stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $87.00, for a total value of $136,590.00. The disclosure for this sale can be found here. In the last three months, insiders sold 113,133 shares of company stock valued at $9,017,070. 0.80% of the stock is currently owned by insiders.

AME has been the topic of several recent analyst reports. Wolfe Research upgraded AMETEK from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 8th. Stephens restated a “buy” rating and set a $79.00 price objective on shares of AMETEK in a research note on Sunday, January 6th. BMO Capital Markets restated a “buy” rating and set a $90.00 price objective on shares of AMETEK in a research note on Tuesday, January 29th. DA Davidson lifted their target price on AMETEK to $92.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Zacks Investment Research upgraded AMETEK from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research note on Friday, February 8th. Thirteen analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average price target of $89.27.

Shares of NYSE AME traded up $0.33 during mid-day trading on Friday, reaching $87.35. 1,048,791 shares of the company’s stock were exchanged, compared to its average volume of 1,220,698. The stock has a market capitalization of $19.87 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 2.28 and a beta of 1.21. AMETEK, Inc. has a 52 week low of $63.14 and a 52 week high of $88.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.46 and a quick ratio of 0.96.

AMETEK (NYSE:AME) last released its earnings results on Wednesday, May 1st. The technology company reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.03. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. AMETEK had a return on equity of 17.72% and a net margin of 16.05%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.79 EPS. Research analysts expect that AMETEK, Inc. will post 4.04 EPS for the current fiscal year.

AMETEK announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 2.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

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About AMETEK

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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