SG Americas Securities LLC reduced its holdings in AMETEK, Inc. (NYSE:AME – Get Rating) by 50.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,467 shares of the technology company’s stock after selling 7,541 shares during the period. SG Americas Securities LLC’s holdings in AMETEK were worth $994,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the business. Norges Bank acquired a new stake in AMETEK in the fourth quarter worth $336,090,000. Alliancebernstein L.P. raised its holdings in AMETEK by 16.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,145,865 shares of the technology company’s stock worth $609,608,000 after purchasing an additional 578,836 shares during the period. Marshall Wace LLP acquired a new stake in AMETEK in the fourth quarter worth $47,068,000. Schroder Investment Management Group raised its holdings in AMETEK by 35.7% in the fourth quarter. Schroder Investment Management Group now owns 1,099,067 shares of the technology company’s stock worth $161,606,000 after purchasing an additional 289,169 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in AMETEK by 5.7% in the fourth quarter. JPMorgan Chase & Co. now owns 5,158,524 shares of the technology company’s stock worth $758,508,000 after purchasing an additional 279,449 shares during the period. 86.72% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on AME shares. Morgan Stanley cut their target price on shares of AMETEK from $144.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, May 31st. Loop Capital lowered their price objective on shares of AMETEK from $170.00 to $155.00 and set a “buy” rating for the company in a research report on Tuesday, July 19th. Robert W. Baird lowered their price objective on shares of AMETEK from $156.00 to $140.00 and set a “neutral” rating for the company in a research report on Tuesday, May 10th. Bank of America downgraded shares of AMETEK from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $170.00 to $122.00 in a research report on Monday, July 11th. Finally, Mizuho lowered their price objective on shares of AMETEK from $159.00 to $135.00 and set a “buy” rating for the company in a research report on Monday, July 18th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, AMETEK has a consensus rating of “Moderate Buy” and a consensus target price of $149.70.
AMETEK Stock Up 2.4 %
AMETEK (NYSE:AME – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The technology company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. AMETEK had a net margin of 18.02% and a return on equity of 17.82%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 earnings per share. Research analysts anticipate that AMETEK, Inc. will post 5.43 earnings per share for the current fiscal year.
AMETEK Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Friday, June 10th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, June 9th. AMETEK’s dividend payout ratio is currently 19.64%.
AMETEK announced that its Board of Directors has approved a share repurchase plan on Friday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the technology company to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. It operates in two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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