First Trust Advisors LP Has $14.68 Million Position in AMETEK, Inc. (AME)
First Trust Advisors LP cut its holdings in AMETEK, Inc. (NYSE:AME) by 19.6% during the 1st quarter, HoldingsChannel reports. The fund owned 176,942 shares of the technology company’s stock after selling 43,101 shares during the period. First Trust Advisors LP’s holdings in AMETEK were worth $14,681,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its holdings in AMETEK by 6,587.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,702,384 shares of the technology company’s stock worth $25,000 after buying an additional 1,676,926 shares during the period. IFP Advisors Inc boosted its holdings in AMETEK by 76.4% in the 4th quarter. IFP Advisors Inc now owns 441 shares of the technology company’s stock worth $29,000 after buying an additional 191 shares during the period. Laurel Wealth Advisors LLC bought a new position in AMETEK in the 4th quarter worth $32,000. Cornerstone Advisors Inc. boosted its holdings in AMETEK by 55.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 388 shares of the technology company’s stock worth $32,000 after buying an additional 138 shares during the period. Finally, Liberty Wealth Management LLC bought a new position in AMETEK in the 1st quarter worth $40,000. 85.92% of the stock is currently owned by institutional investors and hedge funds.
AME opened at $82.18 on Tuesday. AMETEK, Inc. has a 52 week low of $63.14 and a 52 week high of $88.76. The stock has a market cap of $18.66 billion, a price-to-earnings ratio of 24.98, a P/E/G ratio of 2.08 and a beta of 1.21. The company has a quick ratio of 1.27, a current ratio of 1.91 and a debt-to-equity ratio of 0.53.
AMETEK announced that its board has authorized a share buyback program on Wednesday, February 13th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are often a sign 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. This represents a $0.56 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Thursday, June 13th. AMETEK’s dividend payout ratio (DPR) is presently 17.02%.
In related news, VP Thomas M. Montgomery sold 3,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the vice president now directly owns 22,991 shares of the company’s stock, valued at approximately $1,862,271. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis K. Williams sold 4,725 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $79.41, for a total transaction of $375,212.25. Following the completion of the sale, the director now directly owns 31,192 shares in the company, valued at $2,476,956.72. The disclosure for this sale can be found here. Insiders have sold a total of 36,414 shares of company stock valued at $2,947,837 in the last three months. Insiders own 0.80% of the company’s stock.
Several research analysts recently weighed in on the stock. Berenberg Bank assumed coverage on shares of AMETEK in a report on Wednesday, May 15th. They issued a “buy” rating and a $100.00 target price for the company. Zacks Investment Research raised shares of AMETEK from a “hold” rating to a “buy” rating and set a $84.00 target price for the company in a report on Friday, February 8th. BMO Capital Markets upped their target price on shares of AMETEK from $99.00 to $101.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. DA Davidson upped their target price on shares of AMETEK to $92.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Vertical Research reaffirmed a “buy” rating on shares of AMETEK in a report on Friday, May 3rd. Fifteen research analysts have rated the stock with a buy rating, AMETEK currently has a consensus rating of “Buy” and an average price target of $91.00.
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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