Shell Asset Management Co. trimmed its stake in AMETEK, Inc. (NYSE:AME – Get Rating) by 5.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,667 shares of the technology company’s stock after selling 320 shares during the quarter. Shell Asset Management Co.’s holdings in AMETEK were worth $755,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Intelligent Financial Strategies bought a new stake in AMETEK in the fourth quarter valued at $35,000. Riverview Trust Co acquired a new position in shares of AMETEK during the first quarter valued at $32,000. Icapital Wealth LLC acquired a new position in shares of AMETEK during the first quarter valued at $32,000. Missouri Trust & Investment Co acquired a new position in shares of AMETEK during the fourth quarter valued at $48,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of AMETEK during the fourth quarter valued at $66,000. 86.72% of the stock is currently owned by institutional investors.
AMETEK Price Performance
NYSE AME opened at $123.50 on Monday. The stock’s 50-day moving average price is $114.76 and its two-hundred day moving average price is $124.80. The company has a current ratio of 1.43, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $28.52 billion, a PE ratio of 27.57, a PEG ratio of 2.36 and a beta of 1.26. AMETEK, Inc. has a 1 year low of $106.17 and a 1 year high of $148.07.
AMETEK declared that its board has authorized a stock buyback plan on Friday, May 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
AMETEK Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Friday, June 10th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, June 9th. This represents a $0.88 annualized dividend and a yield of 0.71%. AMETEK’s dividend payout ratio (DPR) is presently 19.64%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on AME. Mizuho lowered their price target on AMETEK from $159.00 to $135.00 and set a “buy” rating on the stock in a report on Monday, July 18th. Loop Capital lowered their price target on AMETEK from $170.00 to $155.00 and set a “buy” rating on the stock in a report on Tuesday, July 19th. Morgan Stanley lowered their target price on AMETEK from $144.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, May 31st. KeyCorp lowered their target price on AMETEK from $155.00 to $145.00 in a report on Wednesday, May 4th. Finally, Robert W. Baird lowered their target price on AMETEK from $156.00 to $140.00 and set a “neutral” rating on the stock in a report on Tuesday, May 10th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.70.
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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