AGF Management Ltd. Makes New Investment in AMETEK, Inc. (NYSE:AME)

AGF Management Ltd. acquired a new stake in AMETEK, Inc. (NYSE:AME) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,960 shares of the technology company’s stock, valued at approximately $2,327,000.

Several other hedge funds have also modified their holdings of AME. Norges Bank acquired a new stake in shares of AMETEK in the fourth quarter valued at $589,098,000. JPMorgan Chase & Co. raised its stake in shares of AMETEK by 48.4% in the first quarter. JPMorgan Chase & Co. now owns 7,075,565 shares of the technology company’s stock valued at $1,294,121,000 after acquiring an additional 2,306,535 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of AMETEK by 34.6% in the second quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock valued at $600,615,000 after acquiring an additional 926,657 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of AMETEK by 256.3% in the second quarter. Principal Financial Group Inc. now owns 976,808 shares of the technology company’s stock valued at $162,844,000 after acquiring an additional 702,674 shares in the last quarter. Finally, Maren Capital LLC acquired a new stake in shares of AMETEK in the fourth quarter valued at $64,284,000. 87.43% of the stock is currently owned by institutional investors and hedge funds.

AMETEK Stock Performance

Shares of AME stock opened at $167.51 on Friday. The stock’s 50-day moving average is $166.25 and its two-hundred day moving average is $171.73. The firm has a market cap of $38.79 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 2.71 and a beta of 1.17. AMETEK, Inc. has a 1 year low of $136.89 and a 1 year high of $186.32. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.76 and a current ratio of 1.26.

AMETEK (NYSE:AME) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.02. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.78 billion. AMETEK had a return on equity of 17.41% and a net margin of 19.51%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.57 earnings per share. Analysts predict that AMETEK, Inc. will post 6.77 earnings per share for the current year.

AMETEK Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Monday, September 16th. AMETEK’s dividend payout ratio is currently 19.68%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AME. StockNews.com cut AMETEK from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Robert W. Baird dropped their target price on AMETEK from $171.00 to $166.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Truist Financial dropped their target price on AMETEK from $204.00 to $201.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Cowen dropped their target price on AMETEK from $165.00 to $158.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Finally, Redburn Atlantic raised AMETEK to a “strong-buy” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AMETEK has a consensus rating of “Moderate Buy” and a consensus price target of $186.29.

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.