Concentric Capital Strategies LP Invests $5.11 Million in AMETEK, Inc. (NYSE:AME)

Concentric Capital Strategies LP purchased a new stake in AMETEK, Inc. (NYSE:AME - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 28,330 shares of the technology company's stock, valued at approximately $5,107,000.

A number of other large investors have also recently modified their holdings of the stock. Principal Financial Group Inc. increased its stake in AMETEK by 72.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company's stock valued at $288,526,000 after purchasing an additional 703,501 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in AMETEK by 3.7% during the third quarter. JPMorgan Chase & Co. now owns 6,985,350 shares of the technology company's stock valued at $1,199,454,000 after purchasing an additional 250,538 shares in the last quarter. Versant Capital Management Inc boosted its holdings in AMETEK by 3,116.7% in the 4th quarter. Versant Capital Management Inc now owns 193 shares of the technology company's stock worth $35,000 after buying an additional 187 shares during the period. Nordea Investment Management AB lifted its holdings in AMETEK by 9.3% in the 4th quarter. Nordea Investment Management AB now owns 28,330 shares of the technology company's stock worth $5,129,000 after purchasing an additional 2,406 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. boosted its position in shares of AMETEK by 5.0% during the fourth quarter. Canandaigua National Bank & Trust Co. now owns 3,343 shares of the technology company's stock worth $603,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 87.43% of the company's stock.

AMETEK Stock Down 1.3 %

Shares of AME stock opened at $167.99 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 0.15. AMETEK, Inc. has a twelve month low of $145.02 and a twelve month high of $198.33. The stock has a 50 day moving average of $169.42 and a 200 day moving average of $179.41. The stock has a market cap of $38.76 billion, a P/E ratio of 28.33, a P/E/G ratio of 2.73 and a beta of 1.12.

AMETEK (NYSE:AME - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.69 by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.74 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. The business's revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 earnings per share. As a group, sell-side analysts expect that AMETEK, Inc. will post 7.15 EPS for the current year.

AMETEK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.31 dividend. This is an increase from AMETEK's previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend was Friday, March 14th. AMETEK's dividend payout ratio is currently 20.29%.

AMETEK declared that its board has authorized a share buyback program on Friday, February 7th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

AME has been the topic of several analyst reports. BNP Paribas upgraded shares of AMETEK from a "neutral" rating to an "outperform" rating and set a $210.00 price target on the stock in a report on Thursday, January 16th. Robert W. Baird cut their price target on AMETEK from $200.00 to $197.00 and set a "neutral" rating on the stock in a report on Wednesday, February 5th. Truist Financial upped their price target on AMETEK from $196.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday. Royal Bank of Canada boosted their target price on shares of AMETEK from $194.00 to $201.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, StockNews.com lowered AMETEK from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $197.60.

Insider Buying and Selling

In other AMETEK news, Director Steven W. Kohlhagen sold 1,320 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $189.41, for a total transaction of $250,021.20. Following the completion of the transaction, the director now owns 22,029 shares in the company, valued at $4,172,512.89. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas A. Amato sold 710 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $176.64, for a total value of $125,414.40. Following the sale, the director now owns 10,560 shares of the company's stock, valued at approximately $1,865,318.40. The trade was a 6.30 % decrease in their position. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.

About AMETEK

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.

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