AMETEK, Inc. (NYSE:AME) Shares Bought by Royal Bank of Canada

Royal Bank of Canada grew its position in shares of AMETEK, Inc. (NYSE:AME) by 16.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,387,670 shares of the technology company’s stock after purchasing an additional 194,635 shares during the period. Royal Bank of Canada owned approximately 0.60% of AMETEK worth $250,142,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new position in AMETEK during the fourth quarter worth $37,000. AdvisorNet Financial Inc lifted its stake in AMETEK by 1,176.5% during the fourth quarter. AdvisorNet Financial Inc now owns 217 shares of the technology company’s stock worth $39,000 after purchasing an additional 200 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in AMETEK by 42.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 233 shares of the technology company’s stock worth $42,000 after purchasing an additional 70 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in AMETEK during the fourth quarter worth $43,000. Finally, OFI Invest Asset Management acquired a new stake in shares of AMETEK in the fourth quarter valued at $43,000. 87.43% of the stock is currently owned by institutional investors and hedge funds.

AMETEK Stock Performance

NYSE:AME opened at $182.81 on Friday. The firm has a market capitalization of $42.21 billion, a PE ratio of 30.83, a price-to-earnings-growth ratio of 2.73 and a beta of 1.12. The business’s fifty day moving average price is $168.32 and its 200 day moving average price is $179.92. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.24 and a quick ratio of 0.75. AMETEK, Inc. has a 12 month low of $145.02 and a 12 month high of $198.33.

AMETEK (NYSE:AME) last posted its earnings results on Thursday, May 1st. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.69 by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.74 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. AMETEK’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.64 earnings per share. On average, sell-side analysts anticipate that AMETEK, Inc. will post 7.15 earnings per share for the current fiscal year.

AMETEK declared that its Board of Directors has initiated a stock repurchase program on Friday, February 7th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

AMETEK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Friday, June 13th. AMETEK’s payout ratio is 20.29%.

Insiders Place Their Bets

In other AMETEK news, Director Thomas A. Amato sold 710 shares of the firm’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $176.64, for a total transaction of $125,414.40. Following the transaction, the director now owns 10,560 shares of the company’s stock, valued at approximately $1,865,318.40. This trade represents a 6.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven W. Kohlhagen sold 1,320 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $189.41, for a total value of $250,021.20. Following the transaction, the director now directly owns 22,029 shares in the company, valued at approximately $4,172,512.89. The trade was a 5.65% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on AME shares. Robert W. Baird reduced their price objective on AMETEK from $197.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Royal Bank of Canada increased their price objective on AMETEK from $194.00 to $201.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Morgan Stanley started coverage on AMETEK in a research note on Monday, April 14th. They issued an “equal weight” rating and a $170.00 price objective on the stock. Truist Financial increased their price objective on AMETEK from $196.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, May 5th. Finally, StockNews.com upgraded AMETEK from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AMETEK currently has a consensus rating of “Moderate Buy” and an average price target of $196.90.

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.