Pictet Asset Management Holding SA lowered its stake in shares of AMETEK, Inc. (NYSE:AME - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,485 shares of the technology company's stock after selling 6,526 shares during the period. Pictet Asset Management Holding SA's holdings in AMETEK were worth $19,015,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in AMETEK by 72.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company's stock worth $288,526,000 after acquiring an additional 703,501 shares during the period. D.A. Davidson & CO. grew its position in shares of AMETEK by 2.9% in the third quarter. D.A. Davidson & CO. now owns 3,526 shares of the technology company's stock valued at $606,000 after purchasing an additional 99 shares during the period. CreativeOne Wealth LLC acquired a new position in AMETEK in the third quarter valued at $372,000. Public Sector Pension Investment Board lifted its position in AMETEK by 12.3% during the third quarter. Public Sector Pension Investment Board now owns 10,067 shares of the technology company's stock worth $1,729,000 after buying an additional 1,100 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in AMETEK in the 3rd quarter worth about $997,000. Hedge funds and other institutional investors own 87.43% of the company's stock.
AMETEK Stock Down 6.6 %
AMETEK stock traded down $11.38 during midday trading on Thursday, hitting $161.34. 1,872,974 shares of the company were exchanged, compared to its average volume of 1,238,966. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.24 and a quick ratio of 0.75. AMETEK, Inc. has a fifty-two week low of $149.03 and a fifty-two week high of $198.33. The company's fifty day moving average price is $181.85 and its 200-day moving average price is $181.03. The company has a market cap of $37.23 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14.
AMETEK (NYSE:AME - Get Free Report) last posted its earnings results on Tuesday, February 4th. The technology company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.02. AMETEK had a net margin of 19.83% and a return on equity of 16.94%. The business had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.82 billion. During the same period in the previous year, the company posted $1.68 earnings per share. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts predict that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.
AMETEK Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.31 dividend. This is a boost from AMETEK's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.24 annualized dividend and a dividend yield of 0.77%. AMETEK's payout ratio is 20.91%.
AMETEK declared that its board has initiated a stock repurchase plan on Friday, February 7th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
AME has been the topic of several recent analyst reports. StockNews.com upgraded shares of AMETEK from a "hold" rating to a "buy" rating in a report on Thursday. Truist Financial increased their price target on shares of AMETEK from $221.00 to $222.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Bank of America raised AMETEK from a "neutral" rating to a "buy" rating and increased their target price for the stock from $195.00 to $225.00 in a research report on Monday, December 16th. BNP Paribas upgraded AMETEK from a "neutral" rating to an "outperform" rating and set a $210.00 price target for the company in a research note on Thursday, January 16th. Finally, Robert W. Baird cut their price objective on AMETEK from $200.00 to $197.00 and set a "neutral" rating on the stock in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $204.67.
Check Out Our Latest Research Report on AMETEK
Insider Activity at AMETEK
In other news, Director Thomas A. Amato sold 710 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $176.64, for a total value of $125,414.40. Following the sale, the director now owns 10,560 shares in the company, valued at approximately $1,865,318.40. This represents a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven W. Kohlhagen sold 1,320 shares of AMETEK stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $189.41, for a total value of $250,021.20. Following the completion of the transaction, the director now owns 22,029 shares of the company's stock, valued at $4,172,512.89. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
About AMETEK
(
Free Report)
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in the North America, Europe, Asia, and South America, and internationally. 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; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and c devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and sensors for gas turbines and dashboard instruments; heavy trucks, instrumentation, and controls for the food and beverage industries; and aircraft and engine sensors, power supplies, embedded computing, monitoring, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry.
Further Reading
Before you consider AMETEK, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AMETEK wasn't on the list.
While AMETEK currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
