Procyon Advisors LLC Invests $342,000 in AMETEK, Inc. (NYSE:AME)

Procyon Advisors LLC acquired a new stake in shares of AMETEK, Inc. (NYSE:AME) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,991 shares of the technology company’s stock, valued at approximately $342,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AME. HighPoint Advisor Group LLC purchased a new position in shares of AMETEK during the fourth quarter worth about $432,000. Nomura Holdings Inc. bought a new position in shares of AMETEK in the 4th quarter worth $768,000. CWM LLC raised its position in shares of AMETEK by 88.4% during the 1st quarter. CWM LLC now owns 6,883 shares of the technology company’s stock valued at $1,259,000 after buying an additional 3,230 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of AMETEK by 28.9% during the 1st quarter. GAMMA Investing LLC now owns 1,196 shares of the technology company’s stock worth $219,000 after acquiring an additional 268 shares during the last quarter. Finally, Fulton Bank N.A. grew its position in AMETEK by 25.4% in the first quarter. Fulton Bank N.A. now owns 2,337 shares of the technology company’s stock worth $427,000 after acquiring an additional 474 shares in the last quarter. 87.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AME. TD Cowen downgraded AMETEK from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Wolfe Research upgraded AMETEK to a “hold” rating in a research report on Wednesday, September 18th. Redburn Atlantic raised AMETEK to a “strong-buy” rating in a research note on Friday, August 2nd. Robert W. Baird decreased their price target on shares of AMETEK from $171.00 to $166.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Truist Financial upped their price objective on shares of AMETEK from $201.00 to $219.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $193.83.

AMETEK Stock Performance

Shares of AME stock opened at $169.71 on Thursday. The company has a market capitalization of $39.28 billion, a P/E ratio of 29.83, a PEG ratio of 2.77 and a beta of 1.17. AMETEK, Inc. has a fifty-two week low of $136.89 and a fifty-two week 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. The stock has a 50 day moving average price of $167.42 and a two-hundred day moving average price of $169.77.

AMETEK (NYSE:AME) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.02. AMETEK had a net margin of 19.51% and a return on equity of 17.41%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the prior year, the company posted $1.57 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts expect that AMETEK, Inc. will post 6.76 earnings per share for the current year.

AMETEK Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.28 per share. The ex-dividend date was Monday, September 16th. This represents a $1.12 dividend on an annualized basis and a yield of 0.66%. AMETEK’s dividend payout ratio is presently 19.68%.

Insider Buying and Selling at AMETEK

In other news, Director Steven W. Kohlhagen sold 1,460 shares of AMETEK stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $171.59, for a total value of $250,521.40. Following the sale, the director now directly owns 23,349 shares in the company, valued at approximately $4,006,454.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

AMETEK Profile

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.