AMETEK, Inc. $AME Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its AMETEK stake by 7.5% in the first quarter, owning 1.65 million shares valued at approximately $353.3 million. Institutional investors and hedge funds collectively hold 87.43% of the company.
• AMETEK reported quarterly earnings of $1.97 per share, exceeding estimates of $1.90, while revenue rose 11.3% year over year to $1.93 billion. The company’s stock opened at $242.19, near its 52-week high of $244.97.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $256.29; Truist recently raised its target to $303. AMETEK also pays a quarterly dividend of $0.34 per share, yielding about 0.6% annually.

Bank of America Corp DE lifted its stake in shares of AMETEK, Inc. (NYSE:AME - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,648,119 shares of the technology company's stock after purchasing an additional 115,311 shares during the period. Bank of America Corp DE owned approximately 0.72% of AMETEK worth $353,291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in shares of AMETEK in the fourth quarter worth about $831,372,000. Wellington Management Group LLP raised its holdings in shares of AMETEK by 302.9% during the fourth quarter. Wellington Management Group LLP now owns 2,807,664 shares of the technology company's stock valued at $576,441,000 after acquiring an additional 2,110,818 shares during the period. Balyasny Asset Management L.P. raised its holdings 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 acquiring an additional 903,061 shares during the period. Lazard Asset Management LLC lifted its position in shares of AMETEK by 35.7% in the 3rd quarter. Lazard Asset Management LLC now owns 2,645,977 shares of the technology company's stock valued at $497,444,000 after acquiring an additional 695,419 shares in the last quarter. Finally, Man Group plc boosted its stake in AMETEK by 411.8% in the 3rd quarter. Man Group plc now owns 785,020 shares of the technology company's stock worth $147,584,000 after purchasing an additional 631,649 shares during the period. Institutional investors and hedge funds own 87.43% of the company's stock.

AMETEK Stock Up 0.2%

AMETEK stock opened at $242.19 on Monday. The company has a current ratio of 1.14, a quick ratio of 0.72 and a debt-to-equity ratio of 0.10. AMETEK, Inc. has a 1-year low of $179.24 and a 1-year high of $244.97. The firm's fifty day simple moving average is $233.57 and its 200-day simple moving average is $228.65. The company has a market capitalization of $55.51 billion, a P/E ratio of 36.58, a P/E/G ratio of 3.39 and a beta of 0.99.

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

AMETEK Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders 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 yield of 0.6%. AMETEK's dividend payout ratio is presently 20.54%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AME. Truist Financial lifted their price objective on shares of AMETEK from $275.00 to $303.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Rothschild & Co Redburn set a $265.00 target price on AMETEK in a research report on Thursday, June 18th. Royal Bank Of Canada lifted their price target on AMETEK from $259.00 to $260.00 and gave the company an "outperform" rating in a report on Friday, May 1st. Barclays upped their price target on AMETEK from $220.00 to $230.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Finally, Mizuho set a $270.00 price objective on AMETEK in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $256.29.

AMETEK 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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