Convergence Financial LLC Purchases 536 Shares of AMETEK, Inc. (NYSE:AME)

Convergence Financial LLC boosted its holdings in shares of AMETEK, Inc. (NYSE:AME) by 5.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,694 shares of the technology company’s stock after buying an additional 536 shares during the period. Convergence Financial LLC’s holdings in AMETEK were worth $1,747,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of AME. State Street Corp lifted its position in shares of AMETEK by 0.3% during the 3rd quarter. State Street Corp now owns 9,220,376 shares of the technology company’s stock worth $1,583,231,000 after buying an additional 24,072 shares during the period. JPMorgan Chase & Co. raised its stake in AMETEK by 3.7% during the third quarter. JPMorgan Chase & Co. now owns 6,985,350 shares of the technology company’s stock worth $1,199,454,000 after acquiring an additional 250,538 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of AMETEK by 0.8% during the third quarter. Geode Capital Management LLC now owns 5,401,656 shares of the technology company’s stock valued at $924,308,000 after acquiring an additional 45,459 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of AMETEK by 2.3% in the 4th quarter. Bank of New York Mellon Corp now owns 4,415,508 shares of the technology company’s stock valued at $795,939,000 after purchasing an additional 99,505 shares in the last quarter. Finally, Flossbach Von Storch SE boosted its stake in shares of AMETEK by 2.5% in the 4th quarter. Flossbach Von Storch SE now owns 3,724,352 shares of the technology company’s stock valued at $671,352,000 after purchasing an additional 91,287 shares in the last quarter. Institutional investors own 87.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AME shares. StockNews.com raised shares of AMETEK from a “hold” rating to a “buy” rating in a report on Friday, February 21st. Mizuho lifted their target price on shares of AMETEK from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Robert W. Baird dropped their price target on AMETEK from $200.00 to $197.00 and set a “neutral” rating for the company in a report on Wednesday, February 5th. Truist Financial boosted their target price on shares of AMETEK from $221.00 to $222.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Bank of America raised AMETEK from a “neutral” rating to a “buy” rating and lifted their target price for the company from $195.00 to $225.00 in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $204.67.

AMETEK Stock Up 0.6 %

Shares of AMETEK stock opened at $188.12 on Thursday. AMETEK, Inc. has a 12 month low of $149.03 and a 12 month high of $198.33. The business has a fifty day simple moving average of $183.03 and a 200 day simple moving average of $178.81. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 0.15. The stock has a market cap of $43.51 billion, a PE ratio of 31.72, a price-to-earnings-growth ratio of 2.73 and a beta of 1.16.

AMETEK (NYSE:AME) last announced its quarterly earnings results on Tuesday, February 4th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the business posted $1.68 EPS. AMETEK’s revenue was up 1.8% on a year-over-year basis. Research analysts predict that AMETEK, Inc. will post 7.15 EPS for the current year.

AMETEK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.66%. This is a boost from AMETEK’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, March 14th. AMETEK’s dividend payout ratio (DPR) is currently 18.89%.

AMETEK announced that its board has approved a share buyback plan on Friday, February 7th that permits the company to repurchase $1.25 billion in shares. This repurchase authorization permits the technology company to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

AMETEK Company 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.