Meritage Portfolio Management Cuts Stake in AMETEK, Inc. (NYSE:AME)

Meritage Portfolio Management reduced its position in shares of AMETEK, Inc. (NYSE:AME - Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 91,681 shares of the technology company's stock after selling 2,018 shares during the period. AMETEK accounts for about 1.0% of Meritage Portfolio Management's holdings, making the stock its 18th biggest position. Meritage Portfolio Management's holdings in AMETEK were worth $15,782,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in AMETEK by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 26,147,772 shares of the technology company's stock worth $4,713,397,000 after acquiring an additional 282,208 shares during the period. FMR LLC raised its position in AMETEK by 1.1% in the fourth quarter. FMR LLC now owns 8,956,329 shares of the technology company's stock worth $1,614,468,000 after acquiring an additional 98,546 shares during the period. Capital World Investors raised its position in AMETEK by 70.0% in the fourth quarter. Capital World Investors now owns 5,760,017 shares of the technology company's stock worth $1,038,301,000 after acquiring an additional 2,371,062 shares during the period. Geode Capital Management LLC raised its position in AMETEK by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 5,526,369 shares of the technology company's stock worth $993,546,000 after acquiring an additional 124,713 shares during the period. Finally, Norges Bank bought a new stake in AMETEK in the fourth quarter worth about $697,080,000. 87.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AME has been the topic of several research reports. Royal Bank Of Canada boosted their price target on shares of AMETEK from $194.00 to $201.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley initiated coverage on shares of AMETEK in a research report on Monday, April 14th. They issued an "equal weight" rating and a $170.00 price target on the stock. Truist Financial boosted their price target on shares of AMETEK from $196.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Robert W. Baird lowered their price target on shares of AMETEK from $197.00 to $190.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised shares of AMETEK from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $197.89.

AMETEK Price Performance

AME stock traded up $2.20 during midday trading on Friday, reaching $184.19. The company had a trading volume of 719,336 shares, compared to its average volume of 1,303,844. The firm has a 50-day moving average price of $177.30 and a 200-day moving average price of $177.02. The company has a market capitalization of $42.53 billion, a P/E ratio of 30.15, a P/E/G ratio of 2.76 and a beta of 1.09. AMETEK, Inc. has a 1 year low of $145.02 and a 1 year high of $198.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.41 and a quick ratio of 0.86.

AMETEK (NYSE:AME - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.74 billion. AMETEK had a net margin of 20.43% and a return on equity of 16.75%. The business's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.64 EPS. On average, research analysts anticipate that AMETEK, Inc. will post 7.15 earnings per share for the current fiscal year.

AMETEK Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. AMETEK's payout ratio is 20.29%.

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.