American International Group Inc. lowered its stake in AMETEK, Inc. (NYSE:AME) by 2.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 98,487 shares of the technology company’s stock after selling 2,408 shares during the period. American International Group Inc.’s holdings in AMETEK were worth $8,171,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of AMETEK by 6,587.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,702,384 shares of the technology company’s stock valued at $25,000 after buying an additional 1,676,926 shares during the period. IFP Advisors Inc boosted its holdings in shares of AMETEK by 76.4% in the 4th quarter. IFP Advisors Inc now owns 441 shares of the technology company’s stock valued at $29,000 after buying an additional 191 shares during the period. Laurel Wealth Advisors LLC acquired a new position in shares of AMETEK in the 4th quarter valued at about $32,000. Cornerstone Advisors Inc. boosted its holdings in shares of AMETEK by 55.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 388 shares of the technology company’s stock valued at $32,000 after buying an additional 138 shares during the period. Finally, Liberty Wealth Management LLC acquired a new position in shares of AMETEK in the 1st quarter valued at about $40,000. 85.72% of the stock is owned by institutional investors.
AMETEK stock opened at $86.47 on Wednesday. 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 stock has a market cap of $19.57 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 2.19 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 also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, June 13th. AMETEK’s payout ratio is 17.02%.
AMETEK declared that its board has initiated a share repurchase plan on Wednesday, February 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several research analysts have recently commented on the stock. Morgan Stanley set a $95.00 price target on shares of AMETEK and gave the company a “buy” rating in a report on Friday, May 3rd. Vertical Research reaffirmed a “buy” rating on shares of AMETEK in a report on Friday, May 3rd. BMO Capital Markets lifted their price target on shares of AMETEK from $99.00 to $101.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. DA Davidson lifted their price target on shares of AMETEK to $101.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, ValuEngine raised shares of AMETEK from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Fifteen investment analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $91.00.
In other AMETEK news, Director Thomas A. Amato sold 1,790 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $83.57, for a total transaction of $149,590.30. Following the completion of the transaction, the director now directly owns 9,370 shares of the company’s stock, valued at approximately $783,050.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis K. Williams sold 1,570 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $87.00, for a total transaction of $136,590.00. The disclosure for this sale can be found here. Insiders have sold a total of 57,696 shares of company stock valued at $4,649,710 over the last three months. 0.80% of the stock is currently owned by company insiders.
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AMETEK Company Profile
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.
Read More: Price to Earnings Ratio (PE)
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