AMETEK, Inc. (NYSE:AME) Sees Large Drop in Short Interest

AMETEK, Inc. (NYSE:AMEGet Rating) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,140,000 shares, a decline of 9.5% from the August 15th total of 1,260,000 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 1,000,000 shares, the short-interest ratio is presently 1.1 days.

AMETEK Trading Down 2.1 %

AMETEK stock opened at $118.95 on Monday. The company’s fifty day simple moving average is $121.50 and its 200-day simple moving average is $122.67. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.31. AMETEK has a 12 month low of $106.17 and a 12 month high of $148.07. The stock has a market cap of $27.31 billion, a P/E ratio of 25.31, a P/E/G ratio of 2.31 and a beta of 1.26.

AMETEK (NYSE:AMEGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The technology company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.29 by $0.09. AMETEK had a net margin of 18.49% and a return on equity of 18.20%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the company posted $1.15 EPS. AMETEK’s revenue was up 9.2% on a year-over-year basis. As a group, sell-side analysts forecast that AMETEK will post 5.52 EPS for the current fiscal year.

AMETEK Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Tuesday, September 13th. AMETEK’s dividend payout ratio is currently 18.72%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Loop Capital decreased their price target on shares of AMETEK from $170.00 to $155.00 and set a “buy” rating on the stock in a research report on Tuesday, July 19th. Bank of America lowered shares of AMETEK from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $170.00 to $122.00 in a research report on Monday, July 11th. StockNews.com upgraded shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Friday. DA Davidson lifted their price target on shares of AMETEK to $160.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley lifted their price objective on shares of AMETEK from $135.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 3rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, AMETEK currently has an average rating of “Moderate Buy” and a consensus price target of $148.56.

Insider Activity

In related news, Director Steven W. Kohlhagen sold 3,100 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $123.75, for a total transaction of $383,625.00. Following the sale, the director now owns 42,864 shares of the company’s stock, valued at $5,304,420. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Steven W. Kohlhagen sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $126.81, for a total transaction of $380,430.00. Following the sale, the director now owns 45,964 shares of the company’s stock, valued at $5,828,694.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven W. Kohlhagen sold 3,100 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $123.75, for a total value of $383,625.00. Following the sale, the director now directly owns 42,864 shares in the company, valued at approximately $5,304,420. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On AMETEK

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of AMETEK in the 4th quarter valued at $336,090,000. CI Investments Inc. lifted its stake in shares of AMETEK by 159.2% in the 1st quarter. CI Investments Inc. now owns 1,169,628 shares of the technology company’s stock valued at $155,771,000 after purchasing an additional 718,396 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of AMETEK by 16.2% in the 4th quarter. Alliancebernstein L.P. now owns 4,145,865 shares of the technology company’s stock valued at $609,608,000 after purchasing an additional 578,836 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of AMETEK by 127.5% in the 2nd quarter. Renaissance Technologies LLC now owns 994,518 shares of the technology company’s stock valued at $109,288,000 after purchasing an additional 557,368 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of AMETEK by 45.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,549,101 shares of the technology company’s stock valued at $206,310,000 after purchasing an additional 485,407 shares during the last quarter. 85.46% of the stock is currently owned by hedge funds and other institutional investors.

About AMETEK

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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.

Further Reading

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