JPMorgan Chase & Co. raised its stake in AMETEK, Inc. (NYSE:AME) by 24.8% during the 1st quarter, Holdings Channel reports. The firm owned 4,147,050 shares of the technology company’s stock after acquiring an additional 823,704 shares during the period. JPMorgan Chase & Co.’s holdings in AMETEK were worth $344,081,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. Legal & General Group Plc grew its position in shares of AMETEK by 1.9% during the 3rd quarter. Legal & General Group Plc now owns 1,091,141 shares of the technology company’s stock valued at $86,337,000 after purchasing an additional 20,424 shares in the last quarter. Vanguard Group Inc grew its position in shares of AMETEK by 0.6% during the 3rd quarter. Vanguard Group Inc now owns 23,495,237 shares of the technology company’s stock valued at $1,858,943,000 after purchasing an additional 137,102 shares in the last quarter. IFP Advisors Inc grew its position in shares of 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 purchasing an additional 191 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of AMETEK by 15.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 323,264 shares of the technology company’s stock valued at $21,885,000 after purchasing an additional 43,117 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its position in shares of AMETEK by 8.7% during the 4th quarter. IFM Investors Pty Ltd now owns 14,087 shares of the technology company’s stock valued at $954,000 after purchasing an additional 1,131 shares in the last quarter. Institutional investors own 85.72% of the company’s stock.
NYSE AME opened at $85.16 on Tuesday. AMETEK, Inc. has a 52-week low of $63.14 and a 52-week high of $88.76. The company has a quick ratio of 1.27, a current ratio of 1.91 and a debt-to-equity ratio of 0.53. The firm has a market cap of $19.57 billion, a PE ratio of 25.88, a P/E/G ratio of 2.19 and a beta of 1.21.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.66%. The ex-dividend date is Thursday, June 13th. AMETEK’s dividend payout ratio is presently 17.02%.
AMETEK announced that its board has authorized a stock repurchase program on Wednesday, February 13th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of research analysts have recently commented on AME shares. DA Davidson boosted their price target on shares of AMETEK to $101.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. ValuEngine upgraded shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of AMETEK from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research report on Friday, February 8th. BMO Capital Markets restated a “buy” rating and set a $90.00 price target on shares of AMETEK in a research report on Tuesday, January 29th. Finally, Berenberg Bank assumed coverage on shares of AMETEK in a report on Wednesday, May 15th. They set a “buy” rating and a $100.00 price objective for the company. Fifteen research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $91.00.
In other AMETEK news, VP William D. Eginton sold 15,546 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $80.00, for a total value of $1,243,680.00. Following the completion of the sale, the vice president now directly owns 59,516 shares of the company’s stock, valued at $4,761,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizebeth R. Varet sold 3,740 shares of the business’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $79.77, for a total transaction of $298,339.80. Following the completion of the sale, the director now directly owns 108,550 shares of the company’s stock, valued at $8,659,033.50. The disclosure for this sale can be found here. Insiders sold 61,436 shares of company stock valued at $4,948,050 over the last three months. 0.80% of the stock is currently owned by insiders.
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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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