ING Groep NV Trims Stake in AMETEK, Inc. (NYSE:AME)

Key Points

• ING Groep NV reduced its stake in AMETEK, Inc. by 63.3%, selling 51,007 shares and now owning 29,536 shares, with holdings worth approximately $5.08 million.
• The quarterly earnings report indicated that AMETEK, Inc. earned $1.78 per share, surpassing expectations, with a revenue of $1.78 billion, reflecting a 2.5% increase from the previous year.
• Brokerages have raised their price targets for AMETEK, with Mizuho increasing it to $225.00 and DA Davidson to $215.00, showing a consensus recommendation of "Moderate Buy."

ING Groep NV trimmed its stake in AMETEK, Inc. (NYSE:AME - Free Report) by 63.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,536 shares of the technology company's stock after selling 51,007 shares during the quarter. ING Groep NV's holdings in AMETEK were worth $5,084,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. DAVENPORT & Co LLC lifted its holdings in AMETEK by 0.8% in the 1st quarter. DAVENPORT & Co LLC now owns 7,125 shares of the technology company's stock worth $1,226,000 after purchasing an additional 60 shares in the last quarter. Alps Advisors Inc. lifted its holdings 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 buying an additional 60 shares in the last quarter. EWA LLC boosted its position in shares of AMETEK by 4.9% during 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 boosted its holdings in shares of AMETEK by 0.3% during the 1st quarter. Buckhead Capital Management LLC now owns 22,830 shares of the technology company's stock valued at $3,930,000 after purchasing an additional 65 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of AMETEK by 1.5% during the first quarter. Signaturefd LLC now owns 4,625 shares of the technology company's stock valued at $796,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 87.43% of the company's stock.

AMETEK Stock Down 1.8%

AMETEK stock traded down $3.28 during midday trading on Thursday, hitting $182.20. 1,088,176 shares of the company's stock were exchanged, compared to its average volume of 1,533,829. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.63. The company has a market cap of $42.08 billion, a PE ratio of 29.34, a P/E/G ratio of 2.68 and a beta of 1.10. The firm has a 50-day moving average of $179.79 and a two-hundred day moving average of $177.10. AMETEK, Inc. has a 12 month low of $145.02 and a 12 month high of $198.33.

AMETEK (NYSE:AME - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported $1.78 EPS for the quarter, beating analysts' consensus estimates of $1.69 by $0.09. The company had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $1.74 billion. AMETEK had a net margin of 20.60% and a return on equity of 16.53%. AMETEK's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.66 earnings per share. As a group, analysts expect that AMETEK, Inc. will post 7.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

AME has been the topic of a number of recent research reports. Melius Research raised shares of AMETEK to a "hold" rating in a research note on Monday, July 14th. Morgan Stanley initiated coverage on shares of AMETEK in a research report on Monday, April 14th. They set an "equal weight" rating and a $170.00 target price on the stock. Truist Financial boosted their price objective on AMETEK from $196.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Royal Bank Of Canada raised their price objective on AMETEK from $209.00 to $212.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Melius lowered AMETEK from a "buy" rating to a "hold" rating and set a $192.00 price target on the stock. in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $205.20.

AMETEK Profile

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.