Westpac Banking Corp decreased its position in shares of AMETEK, Inc. (NYSE:AME) by 9.6% during the second quarter, HoldingsChannel reports. The firm owned 129,966 shares of the technology company’s stock after selling 13,778 shares during the period. Westpac Banking Corp’s holdings in AMETEK were worth $11,806,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its holdings in shares of AMETEK by 55.2% in the first quarter. Cornerstone Advisors Inc. now owns 388 shares of the technology company’s stock worth $32,000 after buying an additional 138 shares during the period. Liberty Wealth Management LLC purchased a new position in shares of AMETEK in the first quarter worth about $40,000. Berman Capital Advisors LLC increased its holdings in shares of AMETEK by 51.3% in the second quarter. Berman Capital Advisors LLC now owns 454 shares of the technology company’s stock worth $41,000 after buying an additional 154 shares during the period. Ibex Wealth Advisors purchased a new position in shares of AMETEK in the second quarter worth about $52,000. Finally, Legacy Advisors LLC purchased a new position in shares of AMETEK in the second quarter worth about $55,000. Institutional investors and hedge funds own 85.37% of the company’s stock.
Shares of NYSE AME traded down $2.66 during trading hours on Wednesday, hitting $83.43. The company’s stock had a trading volume of 17,844 shares, compared to its average volume of 1,207,796. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.53 and a current ratio of 2.17. The stock has a market capitalization of $19.48 billion, a PE ratio of 25.63, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22. AMETEK, Inc. has a 12 month low of $63.14 and a 12 month high of $92.30. The stock has a 50-day moving average price of $88.98.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 0.67%. AMETEK’s payout ratio is presently 17.02%.
AME has been the topic of several analyst reports. KeyCorp lifted their price objective on AMETEK from $94.00 to $100.00 in a report on Wednesday, July 31st. Berenberg Bank initiated coverage on AMETEK in a report on Wednesday, May 15th. They issued a “buy” rating and a $100.00 price objective on the stock. Royal Bank of Canada set a $95.00 price objective on AMETEK and gave the stock a “buy” rating in a report on Wednesday, July 31st. DA Davidson lifted their price objective on AMETEK to $101.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, ValuEngine downgraded AMETEK from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. AMETEK presently has a consensus rating of “Buy” and a consensus target price of $94.36.
In other AMETEK news, CFO William Joseph Burke sold 16,322 shares of AMETEK stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $86.51, for a total transaction of $1,412,016.22. Following the sale, the chief financial officer now directly owns 86,727 shares of the company’s stock, valued at approximately $7,502,752.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David A. Zapico sold 58,760 shares of AMETEK stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $86.35, for a total value of $5,073,926.00. Following the sale, the insider now directly owns 258,226 shares in the company, valued at $22,297,815.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,010 shares of company stock worth $7,786,522. Insiders own 0.80% of the company’s stock.
AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. The company's Electronic Instruments segment offers advanced instruments for the process, aerospace, power, and industrial markets; process control instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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