United States Steel & Carnegie Pension Fund reduced its stake in shares of AMETEK, Inc. (NYSE:AME) by 11.2% during the first quarter, Holdings Channel reports. The fund owned 1,026,838 shares of the technology company’s stock after selling 130,000 shares during the period. AMETEK comprises 1.7% of United States Steel & Carnegie Pension Fund’s holdings, making the stock its 27th largest position. United States Steel & Carnegie Pension Fund owned 0.45% of AMETEK worth $55,531,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Virtus Investment Advisers Inc. acquired a new position in shares of AMETEK during the third quarter valued at $119,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of AMETEK by 112.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,700 shares of the technology company’s stock valued at $129,000 after buying an additional 1,429 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of AMETEK by 4.9% in the fourth quarter. Van ECK Associates Corp now owns 2,812 shares of the technology company’s stock valued at $137,000 after buying an additional 131 shares during the last quarter. SRB Corp boosted its position in shares of AMETEK by 5.0% in the third quarter. SRB Corp now owns 3,157 shares of the technology company’s stock valued at $151,000 after buying an additional 149 shares during the last quarter. Finally, ARK Investment Management LLC acquired a new position in shares of AMETEK during the fourth quarter valued at $159,000. 89.39% of the stock is currently owned by institutional investors and hedge funds.
AMETEK, Inc. (NYSE:AME) traded up 0.13% during trading on Friday, hitting $54.84. 2,146,670 shares of the company’s stock traded hands. The stock has a market cap of $12.58 billion, a P/E ratio of 25.04 and a beta of 1.11. AMETEK, Inc. has a 12 month low of $43.28 and a 12 month high of $55.48. The company’s 50 day moving average is $54.01 and its 200-day moving average is $50.41.
AMETEK (NYSE:AME) last announced its earnings results on Tuesday, February 7th. The technology company reported $0.58 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.58. AMETEK had a net margin of 13.34% and a return on equity of 16.19%. The business earned $973 million during the quarter, compared to analysts’ expectations of $969.84 million. During the same period in the prior year, the company earned $0.63 earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. On average, analysts predict that AMETEK, Inc. will post $2.44 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 17th were issued a dividend of $0.09 per share. The ex-dividend date was Wednesday, March 15th. This represents a $0.36 dividend on an annualized basis and a yield of 0.66%. AMETEK’s dividend payout ratio is currently 16.44%.
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Several research firms have commented on AME. Royal Bank of Canada lifted their target price on shares of AMETEK from $57.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Robert W. Baird raised shares of AMETEK from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $47.00 to $57.00 in a research report on Thursday, December 22nd. Cowen and Company raised shares of AMETEK from a “market perform” rating to an “outperform” rating in a research report on Wednesday, January 4th. Atlantic Securities raised shares of AMETEK from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $48.00 to $62.00 in a research report on Wednesday, February 15th. Finally, BMO Capital Markets reissued a “buy” rating and set a $65.00 target price on shares of AMETEK in a research report on Monday, March 27th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. AMETEK currently has an average rating of “Buy” and an average price target of $57.25.
In other news, VP William Joseph Burke sold 14,483 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $55.26, for a total value of $800,330.58. Following the completion of the sale, the vice president now directly owns 70,645 shares of the company’s stock, valued at $3,903,842.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas C. Marecic sold 5,433 shares of the stock in a transaction on Friday, February 10th. The stock was sold at an average price of $53.48, for a total transaction of $290,556.84. Following the completion of the sale, the insider now directly owns 7,578 shares of the company’s stock, valued at $405,271.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 373,288 shares of company stock valued at $20,068,920. 2.00% of the stock is owned by corporate insiders.
AMETEK Company Profile
AMETEK, Inc is a manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures instruments for the process, power and industrial and aerospace markets.
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