Glenmede Trust Co. NA Sells 5,183 Shares of AMETEK, Inc. $AME

Key Points

• Glenmede Trust reduced its AMETEK stake by 1.4%, selling 5,183 shares and retaining 368,504 shares valued at approximately $79 million. Institutional investors collectively own 87.43% of the company.
• AMETEK reported quarterly EPS of $1.97, exceeding estimates of $1.90, while revenue rose 11.3% year over year to $1.93 billion. Analysts expect full-year EPS of approximately $8.14.
• Shares opened at $242.19, near their 12-month high, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $256.29. The company also pays a quarterly dividend of $0.34, yielding about 0.6% annually.

Glenmede Trust Co. NA lessened its stake in AMETEK, Inc. (NYSE:AME - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,504 shares of the technology company's stock after selling 5,183 shares during the period. Glenmede Trust Co. NA owned approximately 0.16% of AMETEK worth $78,993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in AME. Sivia Capital Partners LLC purchased a new position in AMETEK in the second quarter worth $295,000. Baird Financial Group Inc. raised its position in AMETEK by 16.1% during the second quarter. Baird Financial Group Inc. now owns 16,784 shares of the technology company's stock valued at $3,037,000 after purchasing an additional 2,323 shares in the last quarter. NewEdge Advisors LLC raised its position in AMETEK by 65.0% during the second quarter. NewEdge Advisors LLC now owns 3,946 shares of the technology company's stock valued at $714,000 after purchasing an additional 1,555 shares in the last quarter. Sei Investments Co. lifted its stake in AMETEK by 38.2% during the second quarter. Sei Investments Co. now owns 223,227 shares of the technology company's stock worth $40,392,000 after purchasing an additional 61,672 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of AMETEK by 105.3% in the 2nd quarter. Squarepoint Ops LLC now owns 158,274 shares of the technology company's stock worth $28,641,000 after purchasing an additional 81,178 shares in the last quarter. Hedge funds and other institutional investors own 87.43% of the company's stock.

AMETEK Stock Up 0.9%

AME opened at $242.19 on Friday. AMETEK, Inc. has a 12 month low of $179.24 and a 12 month high of $244.97. The company has a current ratio of 1.14, a quick ratio of 0.72 and a debt-to-equity ratio of 0.10. The business's 50-day moving average price is $233.57 and its 200-day moving average price is $228.52. The company has a market cap of $55.51 billion, a P/E ratio of 36.58, a P/E/G ratio of 3.36 and a beta of 0.99.

AMETEK (NYSE:AME - Get Free Report) last issued its earnings results on Thursday, April 30th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.07. AMETEK had a return on equity of 16.63% and a net margin of 20.11%.The company 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 business posted $1.75 EPS. AMETEK's quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts expect that AMETEK, Inc. will post 8.14 EPS for the current year.

AMETEK Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AME. Mizuho set a $270.00 price objective on AMETEK in a report on Friday, May 1st. Weiss Ratings lowered AMETEK from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. Robert W. Baird set a $244.00 price target on shares of AMETEK in a research report on Friday, May 1st. DA Davidson reissued a "buy" rating and set a $265.00 price target on shares of AMETEK in a research note on Monday, May 4th. Finally, Royal Bank Of Canada boosted their price objective on shares of AMETEK from $259.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. One equities research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.