AMETEK (NYSE:AME) Hits New 52-Week High – Here’s What Happened

AMETEK, Inc. (NYSE:AME) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $227.79 and last traded at $224.3780, with a volume of 1294016 shares changing hands. The stock had previously closed at $226.62.

Analyst Ratings Changes

Several brokerages have weighed in on AME. Barclays boosted their price objective on AMETEK from $205.00 to $210.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 7th. Robert W. Baird boosted their price target on shares of AMETEK from $198.00 to $204.00 and gave the stock a “neutral” rating in a research note on Monday, November 3rd. DA Davidson raised their price objective on shares of AMETEK from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Truist Financial upped their target price on shares of AMETEK from $219.00 to $229.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, TD Cowen upgraded AMETEK from a “sell” rating to a “buy” rating in a research report on Tuesday, December 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $229.82.

AMETEK Stock Up 1.7%

The stock has a market capitalization of $52.44 billion, a price-to-earnings ratio of 35.93, a P/E/G ratio of 3.05 and a beta of 1.03. The firm’s fifty day simple moving average is $207.72 and its 200 day simple moving average is $194.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 1.16.

AMETEK (NYSE:AME) last released its earnings results on Thursday, October 30th. The technology company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.81 billion. AMETEK had a return on equity of 16.66% and a net margin of 20.50%.The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 EPS. On average, sell-side analysts forecast that AMETEK, Inc. will post 7.15 earnings per share for the current year.

AMETEK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $0.31 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.24 annualized dividend and a dividend yield of 0.5%. AMETEK’s dividend payout ratio (DPR) is presently 19.56%.

Insider Buying and Selling at AMETEK

In other AMETEK news, insider Thomas C. Marecic sold 14,310 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $202.11, for a total transaction of $2,892,194.10. Following the transaction, the insider owned 42,589 shares of the company’s stock, valued at $8,607,662.79. The trade was a 25.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas M. Montgomery sold 6,388 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $205.05, for a total transaction of $1,309,859.40. Following the sale, the vice president directly owned 22,116 shares in the company, valued at $4,534,885.80. This trade represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 137,088 shares of company stock worth $27,212,340 over the last ninety days. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AMETEK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC bought a new stake in shares of AMETEK during the 2nd quarter worth about $25,000. CoreCap Advisors LLC boosted its holdings in shares of AMETEK by 84.3% during the fourth quarter. CoreCap Advisors LLC now owns 129 shares of the technology company’s stock worth $26,000 after acquiring an additional 59 shares during the period. NewSquare Capital LLC grew its position in shares of AMETEK by 129.7% in the second quarter. NewSquare Capital LLC now owns 170 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the last quarter. TruNorth Capital Management LLC bought a new position in shares of AMETEK during the third quarter worth approximately $31,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in AMETEK during the 4th quarter worth approximately $32,000. 87.43% of the stock is owned by institutional investors.

About AMETEK

AMETEK, Inc is a global manufacturer of electronic instruments and electromechanical devices that serves a broad range of industries. Headquartered in Berwyn, Pennsylvania, the company designs and produces precision instruments, electronic measurement devices, specialty sensors, and electric motors and motion control systems. Its product portfolio includes analytical and monitoring instruments, calibration equipment, power supplies, embedded electronics, and industrial motors and drives used for critical applications.

The company operates through two primary business platforms — an electronic instruments group focused on analytical, test and measurement and sensor products, and an electromechanical group that supplies motors, actuators, and related power and motion solutions.