CIBC Asset Management Inc Has $1.77 Million Stake in AMETEK, Inc. (AME)
CIBC Asset Management Inc cut its stake in AMETEK, Inc. (NYSE:AME) by 1.6% in the 1st quarter, Holdings Channel reports. The firm owned 21,369 shares of the technology company’s stock after selling 344 shares during the quarter. CIBC Asset Management Inc’s holdings in AMETEK were worth $1,773,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in AMETEK by 0.6% in the third quarter. JPMorgan Chase & Co. now owns 3,290,794 shares of the technology company’s stock worth $260,369,000 after acquiring an additional 19,367 shares in the last quarter. Legal & General Group Plc raised its position in AMETEK by 1.9% in the third quarter. Legal & General Group Plc now owns 1,091,141 shares of the technology company’s stock worth $86,337,000 after acquiring an additional 20,424 shares in the last quarter. Vanguard Group Inc raised its position in AMETEK by 0.6% in the third quarter. Vanguard Group Inc now owns 23,495,237 shares of the technology company’s stock worth $1,858,943,000 after acquiring an additional 137,102 shares in the last quarter. BTIM Corp. raised its position in AMETEK by 21.1% in the fourth quarter. BTIM Corp. now owns 74,600 shares of the technology company’s stock worth $5,051,000 after acquiring an additional 13,015 shares in the last quarter. Finally, Diversified Trust Co raised its position in AMETEK by 12.8% in the fourth quarter. Diversified Trust Co now owns 3,849 shares of the technology company’s stock worth $261,000 after acquiring an additional 436 shares in the last quarter. 85.72% of the stock is owned by hedge funds and other institutional investors.
NYSE AME opened at $85.90 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.27 and a current ratio of 1.91. The stock has a market cap of $19.57 billion, a price-to-earnings ratio of 26.11, a P/E/G ratio of 2.19 and a beta of 1.21. AMETEK, Inc. has a 1 year low of $63.14 and a 1 year high of $88.76.
AMETEK declared that its board has authorized a stock buyback plan on Wednesday, February 13th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 2.8% 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.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.56 annualized dividend and a yield of 0.65%. AMETEK’s payout ratio is presently 17.02%.
In other AMETEK news, Director Elizebeth R. Varet sold 3,740 shares of AMETEK stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $79.77, for a total transaction of $298,339.80. Following the transaction, the director now owns 108,550 shares of the company’s stock, valued at approximately $8,659,033.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David A. Zapico sold 31,200 shares of AMETEK stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $78.80, for a total value of $2,458,560.00. Following the transaction, the chief executive officer now directly owns 223,085 shares in the company, valued at approximately $17,579,098. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,636 shares of company stock worth $7,406,610. Corporate insiders own 0.80% of the company’s stock.
AME has been the topic of several research reports. DA Davidson boosted their price target on shares of AMETEK to $101.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. ValuEngine upgraded shares of AMETEK from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of AMETEK from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a research report on Friday, February 8th. BMO Capital Markets restated a “buy” rating and set a $90.00 price objective on shares of AMETEK in a report on Tuesday, January 29th. Finally, Berenberg Bank initiated coverage on AMETEK in a report on Wednesday, May 15th. They set a “buy” rating and a $100.00 price objective on the stock. Fifteen investment analysts have rated the stock with a buy rating, AMETEK presently has a consensus rating of “Buy” and a consensus target price of $91.00.
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AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. The company's Electronic Instruments segment offers advanced instruments for the process, aerospace, power, and industrial markets; process control 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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