Pacer Advisors Inc. Purchases 35,534 Shares of AMETEK, Inc. (NYSE:AME)

Key Points

• Pacer Advisors Inc. increased its stake in AMETEK, Inc. by 78.9% in Q1, acquiring an additional 35,534 shares, bringing its total to 80,576 shares valued at approximately $13.87 million.
• AMETEK reported Q1 earnings of $1.75 per share, exceeding estimates, with revenue slightly decreasing by 0.2% compared to the previous year.
• Brokerages have increased their price targets for AMETEK, with Royal Bank of Canada raising it from $194.00 to $201.00, reflecting a positive outlook on the stock.

Pacer Advisors Inc. raised its position in AMETEK, Inc. (NYSE:AME - Free Report) by 78.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,576 shares of the technology company's stock after buying an additional 35,534 shares during the period. Pacer Advisors Inc.'s holdings in AMETEK were worth $13,870,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of AMETEK by 1.1% during the fourth quarter. FMR LLC now owns 8,956,329 shares of the technology company's stock worth $1,614,468,000 after purchasing an additional 98,546 shares in the last quarter. Capital World Investors lifted its holdings in AMETEK by 70.0% in the fourth quarter. Capital World Investors now owns 5,760,017 shares of the technology company's stock valued at $1,038,301,000 after buying an additional 2,371,062 shares during the period. Geode Capital Management LLC raised its holdings 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 purchasing an additional 124,713 shares during the period. Flossbach Von Storch SE raised its holdings in AMETEK by 1.2% in the first quarter. Flossbach Von Storch SE now owns 3,770,066 shares of the technology company's stock worth $648,979,000 after purchasing an additional 45,714 shares during the period. Finally, Northern Trust Corp raised its holdings in AMETEK by 16.8% in the fourth quarter. Northern Trust Corp now owns 2,375,972 shares of the technology company's stock worth $428,293,000 after purchasing an additional 342,589 shares during the period. 87.43% of the stock is currently owned by institutional investors and hedge funds.

AMETEK Trading Down 0.8%

NYSE AME traded down $1.48 during mid-day trading on Wednesday, reaching $177.48. 544,355 shares of the stock were exchanged, compared to its average volume of 1,363,165. AMETEK, Inc. has a one year low of $145.02 and a one year high of $198.33. The stock has a 50 day simple moving average of $179.25 and a 200-day simple moving average of $176.93. The stock has a market cap of $40.98 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.68 and a beta of 1.09. 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 announced its earnings results on Thursday, May 1st. The technology company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.06. AMETEK had a net margin of 20.43% and a return on equity of 16.75%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the firm earned $1.64 earnings per share. AMETEK's quarterly revenue was down .2% on a year-over-year basis. On average, analysts anticipate that AMETEK, Inc. will post 7.15 EPS for the current year.

AMETEK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.31 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.70%. AMETEK's dividend payout ratio is presently 20.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AME shares. Truist Financial increased their price objective on shares of AMETEK from $196.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Wall Street Zen upgraded shares of AMETEK from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Morgan Stanley initiated coverage on shares of AMETEK in a research note on Monday, April 14th. They issued an "equal weight" rating and a $170.00 price objective for the company. Royal Bank Of Canada lifted their price objective on shares of AMETEK from $194.00 to $201.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Robert W. Baird dropped their price objective on shares of AMETEK from $197.00 to $190.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $197.30.

AMETEK Company 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.