AMETEK (NYSE:AME) Reaches New 52-Week High - Here's Why

Key Points

• AMETEK shares reached a new 52-week high, trading as high as $244.97 and closing around $241.54. The stock is up about 0.7%, with its 50-day and 200-day moving averages at $233.22 and $228.42, respectively.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $256.29; Truist Financial recently raised its target to $303.
• AMETEK’s latest quarterly results exceeded expectations, with adjusted earnings of $1.97 per share and revenue of $1.93 billion, while revenue increased 11.3% year over year. The company also declared a quarterly dividend of $0.34 per share.

Shares of AMETEK, Inc. (NYSE:AME - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $244.97 and last traded at $241.54, with a volume of 48080 shares trading hands. The stock had previously closed at $240.01.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AME shares. Barclays boosted their target price on AMETEK from $220.00 to $230.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Truist Financial raised their price target on AMETEK from $275.00 to $303.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Robert W. Baird set a $244.00 price target on AMETEK in a research report on Friday, May 1st. Rothschild & Co Redburn set a $265.00 price target on shares of AMETEK in a research note on Thursday, June 18th. Finally, Weiss Ratings downgraded shares of AMETEK from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, AMETEK presently has a consensus rating of "Moderate Buy" and an average target price of $256.29.

AMETEK Stock Up 0.7%

The company has a market cap of $55.40 billion, a PE ratio of 36.50, a PEG ratio of 3.30 and a beta of 0.99. The company has a quick ratio of 0.72, a current ratio of 1.14 and a debt-to-equity ratio of 0.10. The company's fifty day moving average is $233.22 and its 200-day moving average is $228.42.

AMETEK (NYSE:AME - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.90 by $0.07. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.91 billion. AMETEK had a return on equity of 16.63% and a net margin of 20.11%.AMETEK's revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.75 earnings per share. On average, analysts predict that AMETEK, Inc. will post 8.14 EPS for the current year.

AMETEK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.6%. AMETEK's payout ratio is presently 20.54%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AME. Norges Bank purchased a new position in AMETEK during the fourth quarter valued at $831,372,000. Wellington Management Group LLP boosted its stake in shares of AMETEK by 302.9% during the 4th quarter. Wellington Management Group LLP now owns 2,807,664 shares of the technology company's stock worth $576,441,000 after purchasing an additional 2,110,818 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of AMETEK by 539.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,070,555 shares of the technology company's stock valued at $219,796,000 after buying an additional 903,061 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of AMETEK by 35.7% during the third quarter. Lazard Asset Management LLC now owns 2,645,977 shares of the technology company's stock valued at $497,444,000 after buying an additional 695,419 shares during the last quarter. Finally, Man Group plc raised its holdings in shares of AMETEK by 411.8% in the third quarter. Man Group plc now owns 785,020 shares of the technology company's stock worth $147,584,000 after buying an additional 631,649 shares during the period. 87.43% of the stock is currently owned by institutional investors.

AMETEK Company Profile

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.

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