Pallas Capital Advisors LLC Makes New Investment in AMETEK, Inc. (NYSE:AME)

Pallas Capital Advisors LLC purchased a new stake in shares of AMETEK, Inc. (NYSE:AME) during the 1st quarter, Holdings Channel reports. The fund purchased 1,874 shares of the technology company’s stock, valued at approximately $323,000.

Several other large investors have also made changes to their positions in AME. Portside Wealth Group LLC lifted its stake in AMETEK by 13.6% in the first quarter. Portside Wealth Group LLC now owns 4,322 shares of the technology company’s stock valued at $744,000 after buying an additional 516 shares during the period. Fenimore Asset Management Inc grew its holdings in shares of AMETEK by 1.6% during the first quarter. Fenimore Asset Management Inc now owns 277,371 shares of the technology company’s stock worth $47,747,000 after buying an additional 4,502 shares in the last quarter. Park Avenue Securities LLC boosted its position in AMETEK by 14.6% during the first quarter. Park Avenue Securities LLC now owns 7,552 shares of the technology company’s stock valued at $1,300,000 after purchasing an additional 964 shares during the last quarter. Miracle Mile Advisors LLC boosted its position in AMETEK by 12.3% during the first quarter. Miracle Mile Advisors LLC now owns 8,104 shares of the technology company’s stock valued at $1,395,000 after purchasing an additional 890 shares during the last quarter. Finally, RDA Financial Network acquired a new position in AMETEK during the first quarter valued at approximately $227,000. Institutional investors and hedge funds own 87.43% of the company’s stock.

Wall Street Analyst Weigh In

AME has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on AMETEK from $196.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Robert W. Baird lowered their price objective on AMETEK from $197.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen upgraded AMETEK from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Morgan Stanley started coverage on AMETEK in a research note on Monday, April 14th. They set an “equal weight” rating and a $170.00 price objective on the stock. Finally, Mizuho set a $212.00 price objective on AMETEK in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $197.89.

Insider Buying and Selling

In related news, Director Thomas A. Amato sold 710 shares of the business’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $176.64, for a total transaction of $125,414.40. Following the sale, the director now owns 10,560 shares in the company, valued at $1,865,318.40. The trade was a 6.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

AMETEK Trading Down 0.6%

Shares of AME opened at $179.75 on Friday. AMETEK, Inc. has a 52-week low of $145.02 and a 52-week high of $198.33. The business’s fifty day moving average is $170.81 and its 200-day moving average is $178.45. 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 firm has a market cap of $41.50 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 2.73 and a beta of 1.10.

AMETEK (NYSE:AME) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.06. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the company posted $1.64 EPS. The company’s revenue for the quarter was down .2% compared to the same quarter last year. Equities analysts anticipate that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.

AMETEK Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.24 dividend on an annualized basis and a yield of 0.69%. AMETEK’s dividend payout ratio is currently 20.29%.

About AMETEK

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.