Bank of Nova Scotia Has $44.93 Million Stake in AMETEK, Inc. (NYSE:AME)

Key Points

• The Bank of Nova Scotia reduced its stake in AMETEK, Inc. by **41.8%** during the first quarter, owning approximately **$44.93 million** worth of shares at the end of the period.
• AMETEK's latest quarterly earnings showed an **EPS of $1.78**, exceeding estimates, with revenue reaching **$1.78 billion** and reflecting a year-over-year growth of **2.5%**.
• An analyst consensus rating for AMETEK is currently a **"Moderate Buy"**, with price targets ranging broadly but averaging around **$200.18**.

Bank of Nova Scotia lowered its position in AMETEK, Inc. (NYSE:AME - Free Report) by 41.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 260,992 shares of the technology company's stock after selling 187,208 shares during the period. Bank of Nova Scotia owned 0.11% of AMETEK worth $44,927,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AME. DAVENPORT & Co LLC grew its stake in shares of AMETEK by 0.8% in the first quarter. DAVENPORT & Co LLC now owns 7,125 shares of the technology company's stock worth $1,226,000 after acquiring an additional 60 shares during the last quarter. Alps Advisors Inc. grew its stake in shares of AMETEK by 1.0% in the first quarter. Alps Advisors Inc. now owns 6,260 shares of the technology company's stock worth $1,078,000 after acquiring an additional 60 shares during the last quarter. EWA LLC grew its stake in shares of AMETEK by 4.9% in the first quarter. EWA LLC now owns 1,382 shares of the technology company's stock worth $238,000 after acquiring an additional 65 shares during the last quarter. Buckhead Capital Management LLC grew its stake in shares of AMETEK by 0.3% in the first quarter. Buckhead Capital Management LLC now owns 22,830 shares of the technology company's stock worth $3,930,000 after acquiring an additional 65 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of AMETEK by 1.5% in the first quarter. Signaturefd LLC now owns 4,625 shares of the technology company's stock worth $796,000 after acquiring an additional 67 shares during the last quarter. Institutional investors and hedge funds own 87.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. DA Davidson boosted their price target on shares of AMETEK from $210.00 to $215.00 and gave the company a "buy" rating in a report on Friday. Morgan Stanley assumed coverage on shares of AMETEK in a report on Monday, April 14th. They issued an "equal weight" rating and a $170.00 price target on the stock. Wall Street Zen raised shares of AMETEK from a "hold" rating to a "buy" rating in a report on Monday, May 12th. 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 report on Monday, May 5th. Finally, Royal Bank Of Canada boosted their price target on shares of AMETEK from $209.00 to $212.00 and gave the company an "outperform" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $200.18.

AMETEK Stock Down 1.4%

AME opened at $182.18 on Friday. The firm's 50-day simple moving average is $179.44 and its 200-day simple moving average is $176.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 1.63. AMETEK, Inc. has a twelve month low of $145.02 and a twelve month high of $198.33. The firm has a market cap of $42.06 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 2.73 and a beta of 1.10.

AMETEK (NYSE:AME - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The technology company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.09. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. AMETEK had a net margin of 20.60% and a return on equity of 16.53%. The firm's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 EPS. Equities research analysts anticipate that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.

AMETEK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.31 per share. The ex-dividend date was Friday, June 13th. This represents a $1.24 annualized dividend and a yield of 0.7%. AMETEK's dividend 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.

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