Picton Mahoney Asset Management Makes New Investment in AMETEK, Inc. (NYSE:AME)

Key Points

• Picton Mahoney Asset Management has invested approximately $10.40 million in AMETEK, Inc., acquiring 60,417 shares during the first quarter.
• AMETEK reported a quarterly earnings per share of $1.75, exceeding estimates, and has recently declared a quarterly dividend of $0.31 per share.
• 87.43% of AMETEK's shares are held by institutional investors, indicating strong support from larger funds in the market.

Picton Mahoney Asset Management bought a new position in shares of AMETEK, Inc. (NYSE:AME - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 60,417 shares of the technology company's stock, valued at approximately $10,401,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC increased its holdings in AMETEK by 0.8% in the first quarter. DAVENPORT & Co LLC now owns 7,125 shares of the technology company's stock valued at $1,226,000 after buying an additional 60 shares during the last quarter. Sowell Financial Services LLC bought a new stake in AMETEK in the first quarter valued at about $293,000. Wealth Enhancement Advisory Services LLC increased its holdings in AMETEK by 10.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 115,194 shares of the technology company's stock valued at $19,829,000 after buying an additional 10,685 shares during the last quarter. National Bank of Canada FI increased its holdings in AMETEK by 17.4% in the fourth quarter. National Bank of Canada FI now owns 142,093 shares of the technology company's stock valued at $25,616,000 after buying an additional 21,009 shares during the last quarter. Finally, Fenimore Asset Management Inc increased its holdings in AMETEK by 1.6% in the first quarter. Fenimore Asset Management Inc now owns 277,371 shares of the technology company's stock valued at $47,747,000 after buying an additional 4,502 shares during the last quarter. 87.43% of the stock is owned by hedge funds and other institutional investors.

AMETEK Stock Performance

Shares of NYSE AME traded down $3.29 during midday trading on Friday, hitting $181.57. 899,733 shares of the company's stock were exchanged, compared to its average volume of 1,384,726. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.41 and a quick ratio of 0.86. The stock's 50 day moving average price is $179.35 and its 200-day moving average price is $176.99. The firm has a market cap of $41.92 billion, a P/E ratio of 29.71, a PEG ratio of 2.65 and a beta of 1.09. AMETEK, Inc. has a twelve month low of $145.02 and a twelve month high of $198.33.

AMETEK (NYSE:AME - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.74 billion. AMETEK had a return on equity of 16.75% and a net margin of 20.43%. The business's revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.66 earnings per share. Equities research analysts anticipate that AMETEK, Inc. will post 7.15 EPS for the current year.

AMETEK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend yield of 0.7%. AMETEK's payout ratio is currently 20.29%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Mizuho boosted their price objective on AMETEK from $212.00 to $225.00 and gave the company an "outperform" rating in a report on Friday. KeyCorp boosted their price objective on AMETEK from $195.00 to $205.00 and gave the company an "overweight" rating in a report on Friday. Royal Bank Of Canada lifted their target price on AMETEK from $209.00 to $212.00 and gave the company an "outperform" rating in a research note on Friday. Melius Research upgraded AMETEK to a "hold" rating in a research note on Monday, July 14th. Finally, Morgan Stanley began coverage on AMETEK in a research note on Monday, April 14th. They issued an "equal weight" rating and a $170.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $198.70.

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.