AMETEK (NYSE:AME) Sets New 12-Month High Following Analyst Upgrade

Shares of AMETEK, Inc. (NYSE:AME) hit a new 52-week high during mid-day trading on Friday after KeyCorp raised their price target on the stock from $205.00 to $215.00. KeyCorp currently has an overweight rating on the stock. AMETEK traded as high as $197.41 and last traded at $196.81, with a volume of 112024 shares trading hands. The stock had previously closed at $195.76.

Other analysts also recently issued research reports about the company. Redburn Atlantic raised AMETEK to a “strong-buy” rating in a research report on Friday, August 2nd. Wolfe Research raised shares of AMETEK to a “hold” rating in a research report on Wednesday, September 18th. Truist Financial lifted their price objective on shares of AMETEK from $219.00 to $221.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada lowered their price objective on AMETEK from $216.00 to $215.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Mizuho upped their target price on AMETEK from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AMETEK has a consensus rating of “Moderate Buy” and a consensus target price of $199.29.

Insider Transactions at AMETEK

In other news, insider David F. Hermance sold 6,243 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.99, for a total value of $1,192,350.57. Following the completion of the sale, the insider now directly owns 36,731 shares in the company, valued at $7,015,253.69. This trade represents a 14.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven W. Kohlhagen sold 1,460 shares of AMETEK stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $171.59, for a total transaction of $250,521.40. Following the completion of the sale, the director now directly owns 23,349 shares of the company’s stock, valued at approximately $4,006,454.91. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On AMETEK

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in AMETEK by 34.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock worth $600,615,000 after acquiring an additional 926,657 shares during the last quarter. EdgePoint Investment Group Inc. boosted its holdings in AMETEK by 87.9% during the third quarter. EdgePoint Investment Group Inc. now owns 1,964,236 shares of the technology company’s stock worth $337,279,000 after purchasing an additional 918,737 shares during the last quarter. Meridiem Investment Management Ltd. bought a new stake in AMETEK in the 3rd quarter worth about $130,579,000. Principal Financial Group Inc. increased its stake in AMETEK by 72.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company’s stock valued at $288,526,000 after buying an additional 703,501 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new position in shares of AMETEK during the 3rd quarter worth approximately $79,782,000. Institutional investors own 87.43% of the company’s stock.

AMETEK Price Performance

The stock has a market cap of $45.66 billion, a PE ratio of 34.39, a P/E/G ratio of 3.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.84 and a current ratio of 1.39. The business has a 50 day moving average price of $176.46 and a two-hundred day moving average price of $170.71.

AMETEK (NYSE:AME) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.62 by $0.04. AMETEK had a net margin of 19.27% and a return on equity of 16.88%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the firm posted $1.64 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. Research analysts expect that AMETEK, Inc. will post 6.8 earnings per share for the current fiscal year.

AMETEK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.12 dividend on an annualized basis and a yield of 0.57%. AMETEK’s dividend payout ratio (DPR) is 19.51%.

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.