California State Teachers Retirement System reduced its holdings in shares of AMETEK, Inc. (NYSE:AME) by 1.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 380,561 shares of the technology company’s stock after selling 6,875 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of AMETEK worth $25,764,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAM Holding AG acquired a new stake in shares of AMETEK in the 3rd quarter valued at approximately $516,000. Forte Capital LLC ADV boosted its holdings in shares of AMETEK by 1.1% in the 4th quarter. Forte Capital LLC ADV now owns 91,626 shares of the technology company’s stock valued at $6,203,000 after buying an additional 973 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of AMETEK by 8.7% in the 4th quarter. IFM Investors Pty Ltd now owns 14,087 shares of the technology company’s stock valued at $954,000 after buying an additional 1,131 shares during the last quarter. Resources Management Corp CT ADV acquired a new stake in shares of AMETEK in the 3rd quarter valued at approximately $776,000. Finally, Diversified Trust Co boosted its holdings in shares of AMETEK by 12.8% in the 4th quarter. Diversified Trust Co now owns 3,849 shares of the technology company’s stock valued at $261,000 after buying an additional 436 shares during the last quarter. 83.56% of the stock is owned by institutional investors.
Shares of AMETEK stock opened at $80.65 on Friday. AMETEK, Inc. has a 1 year low of $63.14 and a 1 year high of $81.92. The firm has a market cap of $18.20 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.20. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.46 and a quick ratio of 0.96.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, March 14th. AMETEK’s dividend payout ratio is 17.02%.
AMETEK declared that its board has authorized a stock repurchase program on Wednesday, February 13th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
AME has been the subject of several recent analyst reports. Stephens initiated coverage on AMETEK in a report on Monday, November 19th. They issued an “overweight” rating and a $87.00 price objective for the company. Cowen reissued a “buy” rating and issued a $91.00 price objective on shares of AMETEK in a report on Wednesday, December 12th. Morgan Stanley raised AMETEK from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $81.00 to $85.00 in a report on Tuesday, December 18th. Royal Bank of Canada reaffirmed a “buy” rating and set a $82.00 price target on shares of AMETEK in a report on Wednesday, December 19th. Finally, Zacks Investment Research downgraded AMETEK from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. Twelve research analysts have rated the stock with a buy rating, AMETEK presently has an average rating of “Buy” and an average price target of $86.10.
In other AMETEK news, CEO David A. Zapico sold 31,200 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $78.80, for a total transaction of $2,458,560.00. Following the transaction, the chief executive officer now owns 223,085 shares in the company, valued at approximately $17,579,098. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas C. Marecic sold 17,097 shares of the stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $79.00, for a total value of $1,350,663.00. Following the transaction, the insider now owns 42,319 shares in the company, valued at approximately $3,343,201. The disclosure for this sale can be found here. Insiders have sold a total of 111,069 shares of company stock valued at $8,816,614 in the last ninety days. Insiders own 2.00% of the company’s stock.
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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