AMETEK, Inc. $AME Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its AMETEK stake by 2.6% in the first quarter, selling 10,199 shares and retaining 387,696 shares valued at approximately $83.1 million. Institutional investors collectively own 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 also declared a quarterly dividend of $0.34 per share, yielding about 0.6% annually.
• AMETEK shares recently traded at $235.74, down 2.4%, while analysts maintain a “Moderate Buy” consensus with an average price target of $256.29.

California State Teachers Retirement System lowered its position in shares of AMETEK, Inc. (NYSE:AME - Free Report) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 387,696 shares of the technology company's stock after selling 10,199 shares during the quarter. California State Teachers Retirement System owned 0.17% of AMETEK worth $83,107,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in AMETEK by 2.0% during the fourth quarter. State Street Corp now owns 9,956,361 shares of the technology company's stock worth $2,044,140,000 after purchasing an additional 192,677 shares in the last quarter. Geode Capital Management LLC increased its position in AMETEK by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 5,891,236 shares of the technology company's stock worth $1,204,722,000 after purchasing an additional 37,651 shares during the period. Invesco Ltd. raised its stake in shares of AMETEK by 4.9% during the 3rd quarter. Invesco Ltd. now owns 4,463,518 shares of the technology company's stock worth $839,141,000 after buying an additional 209,043 shares in the last quarter. Norges Bank acquired a new stake in shares of AMETEK in the 4th quarter valued at approximately $831,372,000. Finally, Morgan Stanley boosted its stake in shares of AMETEK by 2.9% in the fourth quarter. Morgan Stanley now owns 3,963,062 shares of the technology company's stock valued at $813,657,000 after buying an additional 110,037 shares in the last quarter. Hedge funds and other institutional investors own 87.43% of the company's stock.

AMETEK Trading Down 2.4%

Shares of AMETEK stock opened at $235.74 on Thursday. AMETEK, Inc. has a 1 year low of $175.61 and a 1 year high of $244.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.14 and a quick ratio of 0.72. The business has a 50 day moving average price of $232.88 and a 200 day moving average price of $228.22. The company has a market capitalization of $54.03 billion, a P/E ratio of 35.61, a P/E/G ratio of 3.38 and a beta of 0.99.

AMETEK (NYSE:AME - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.97 earnings per share 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 the consensus estimate 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 last year, the business posted $1.75 earnings per share. Sell-side analysts anticipate that AMETEK, Inc. will post 8.14 EPS for the current fiscal year.

AMETEK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, June 15th. AMETEK's dividend payout ratio is 20.54%.

Analyst Ratings Changes

Several research firms have issued reports on AME. Weiss Ratings cut AMETEK from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Robert W. Baird set a $244.00 target price on shares of AMETEK in a research report on Friday, May 1st. Citigroup initiated coverage on shares of AMETEK in a research note on Monday, June 15th. They set a "neutral" rating and a $257.00 price target on the stock. Wall Street Zen cut shares of AMETEK from a "buy" rating to a "hold" rating in a research note on Sunday, May 10th. Finally, Mizuho set a $270.00 price objective on shares of AMETEK in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, AMETEK currently has a consensus rating of "Moderate Buy" and a consensus 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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