Resona Asset Management Co. Ltd. Acquires Shares of 66,966 AMETEK, Inc. (NYSE:AME)

Resona Asset Management Co. Ltd. bought a new position in AMETEK, Inc. (NYSE:AME - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 66,966 shares of the technology company's stock, valued at approximately $12,092,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AME. Principal Financial Group Inc. boosted its position in shares of AMETEK by 72.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company's stock valued at $288,526,000 after acquiring an additional 703,501 shares in the last quarter. Quarry LP lifted its stake in AMETEK by 226.1% during the third quarter. Quarry LP now owns 300 shares of the technology company's stock worth $52,000 after purchasing an additional 208 shares during the period. Quantinno Capital Management LP boosted its holdings in AMETEK by 51.6% during the third quarter. Quantinno Capital Management LP now owns 14,614 shares of the technology company's stock valued at $2,509,000 after purchasing an additional 4,974 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of AMETEK by 5.5% in the 3rd quarter. EP Wealth Advisors LLC now owns 6,675 shares of the technology company's stock valued at $1,146,000 after purchasing an additional 345 shares during the period. Finally, iA Global Asset Management Inc. raised its holdings in shares of AMETEK by 8.7% in the 3rd quarter. iA Global Asset Management Inc. now owns 35,654 shares of the technology company's stock worth $6,122,000 after buying an additional 2,860 shares in the last quarter. 87.43% of the stock is owned by institutional investors.

Remove Ads

Analyst Ratings Changes

A number of analysts have weighed in on AME shares. Bank of America upgraded AMETEK from a "neutral" rating to a "buy" rating and upped their price target for the company from $195.00 to $225.00 in a research report on Monday, December 16th. Robert W. Baird dropped their target price on shares of AMETEK from $200.00 to $197.00 and set a "neutral" rating for the company in a research report on Wednesday, February 5th. StockNews.com cut shares of AMETEK from a "buy" rating to a "hold" rating in a research note on Friday. BNP Paribas upgraded shares of AMETEK from a "neutral" rating to an "outperform" rating and set a $210.00 target price for the company in a research note on Thursday, January 16th. Finally, Truist Financial decreased their price target on AMETEK from $216.00 to $196.00 and set a "buy" rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $201.78.

AMETEK Trading Down 0.6 %

AME stock traded down $0.88 during midday trading on Friday, hitting $156.54. 654,302 shares of the company's stock were exchanged, compared to its average volume of 1,270,196. AMETEK, Inc. has a one year low of $145.02 and a one year high of $198.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.75 and a current ratio of 1.24. The company has a market cap of $36.12 billion, a PE ratio of 26.39, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14. The stock's fifty day moving average price is $177.16 and its 200-day moving average price is $180.18.

AMETEK (NYSE:AME - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The technology company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.02. The business had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.82 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. AMETEK's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.68 EPS. Research analysts predict that AMETEK, Inc. will post 7.15 earnings per share for the current fiscal year.

AMETEK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.79%. This is a positive change from AMETEK's previous quarterly dividend of $0.28. The ex-dividend date was Friday, March 14th. AMETEK's payout ratio is 20.91%.

AMETEK announced that its board has initiated a stock buyback program on Friday, February 7th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the technology company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Transactions at AMETEK

In other news, Director Thomas A. Amato sold 710 shares of AMETEK stock in a transaction that occurred on 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 directly owns 10,560 shares in the company, valued at $1,865,318.40. This trade represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven W. Kohlhagen sold 1,320 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $189.41, for a total transaction of $250,021.20. Following the transaction, the director now owns 22,029 shares of the company's stock, valued at approximately $4,172,512.89. This 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 owned by insiders.

AMETEK Company Profile

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.