Primecap Management Co. CA Sells 34,500 Shares of AMETEK, Inc. (NYSE:AME)

Primecap Management Co. CA lessened its stake in shares of AMETEK, Inc. (NYSE:AME) by 8.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 352,400 shares of the technology company’s stock after selling 34,500 shares during the period. Primecap Management Co. CA owned 0.15% of AMETEK worth $58,749,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of AMETEK by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 25,578,270 shares of the technology company’s stock worth $4,217,601,000 after purchasing an additional 84,832 shares during the period. JPMorgan Chase & Co. raised its position in shares of AMETEK by 48.4% in the 1st quarter. JPMorgan Chase & Co. now owns 7,075,565 shares of the technology company’s stock valued at $1,294,121,000 after buying an additional 2,306,535 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in AMETEK by 0.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,536,231 shares of the technology company’s stock worth $1,195,478,000 after purchasing an additional 44,899 shares during the last quarter. Capital International Investors boosted its holdings in shares of AMETEK by 5.0% in the 4th quarter. Capital International Investors now owns 4,196,755 shares of the technology company’s stock valued at $692,051,000 after purchasing an additional 198,777 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of AMETEK by 34.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock valued at $600,615,000 after purchasing an additional 926,657 shares during the last quarter. 87.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial dropped their price objective on AMETEK from $204.00 to $201.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. TD Cowen reduced their price target on shares of AMETEK from $165.00 to $158.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Redburn Atlantic upgraded shares of AMETEK to a “strong-buy” rating in a research report on Friday, August 2nd. Robert W. Baird decreased their target price on shares of AMETEK from $171.00 to $166.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Oppenheimer upgraded AMETEK from a “market perform” rating to an “outperform” rating and set a $200.00 price target for the company in a research note on Wednesday, May 22nd. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $186.29.

AMETEK Stock Performance

NYSE AME opened at $168.57 on Wednesday. The company has a market capitalization of $39.02 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 2.71 and a beta of 1.17. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 0.20. AMETEK, Inc. has a twelve month low of $136.89 and a twelve month high of $186.32. The stock has a fifty day simple moving average of $166.41 and a 200 day simple moving average of $171.47.

AMETEK (NYSE:AME) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.02. AMETEK had a return on equity of 17.41% and a net margin of 19.51%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the company earned $1.57 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. Sell-side analysts expect that AMETEK, Inc. will post 6.77 EPS for the current year.

AMETEK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.66%. The ex-dividend date is Monday, September 16th. AMETEK’s dividend payout ratio (DPR) is presently 19.68%.

About AMETEK

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.