DnB Asset Management AS Buys 5,400 Shares of AMETEK, Inc. (AME)
DnB Asset Management AS raised its stake in AMETEK, Inc. (NYSE:AME) by 13.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,958 shares of the technology company’s stock after acquiring an additional 5,400 shares during the period. DnB Asset Management AS’s holdings in AMETEK were worth $3,244,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Adviser Investments LLC purchased a new stake in shares of AMETEK during the first quarter valued at $103,000. Three Peaks Capital Management LLC purchased a new stake in shares of AMETEK during the first quarter valued at $111,000. Rampart Investment Management Company LLC purchased a new stake in shares of AMETEK during the first quarter valued at $178,000. Wetherby Asset Management Inc. purchased a new stake in shares of AMETEK during the first quarter valued at $210,000. Finally, Princeton Portfolio Strategies Group LLC purchased a new stake in shares of AMETEK during the first quarter valued at $211,000. 84.07% of the stock is currently owned by hedge funds and other institutional investors.
In other AMETEK news, Director Elizebeth R. Varet sold 2,000 shares of the stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $75.56, for a total value of $151,120.00. Following the transaction, the director now owns 113,810 shares of the company’s stock, valued at $8,599,483.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Elizebeth R. Varet sold 3,000 shares of the stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $72.07, for a total value of $216,210.00. Following the completion of the transaction, the director now directly owns 113,810 shares in the company, valued at approximately $8,202,286.70. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
AMETEK (NYSE:AME) last posted its earnings results on Wednesday, May 2nd. The technology company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. AMETEK had a return on equity of 16.64% and a net margin of 16.21%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company earned $0.61 earnings per share. AMETEK’s revenue was up 16.4% on a year-over-year basis. equities analysts predict that AMETEK, Inc. will post 3.13 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Friday, June 15th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Thursday, June 14th. AMETEK’s dividend payout ratio is 21.46%.
Several equities research analysts recently commented on the company. Zacks Investment Research cut AMETEK from a “buy” rating to a “hold” rating in a research report on Monday, May 14th. DA Davidson assumed coverage on AMETEK in a research report on Thursday, April 12th. They set a “buy” rating and a $85.00 price objective on the stock. Morgan Stanley increased their price objective on AMETEK from $76.00 to $79.00 and gave the company an “equal weight” rating in a research report on Thursday, May 3rd. ValuEngine cut AMETEK from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, BMO Capital Markets increased their price objective on AMETEK from $90.00 to $92.00 and gave the company an “outperform” rating in a research report on Thursday, May 3rd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $82.17.
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. Its Electronic Instruments Group segment offers advanced instruments for the process, power and industrial, and aerospace markets; process and analytical instruments for the oil, gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage markets; and instruments for the laboratory equipment, ultraprecision manufacturing, medical, and test and measurement markets.
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