Sumitomo Mitsui Trust Holdings Inc. Cuts Position in AMETEK, Inc. (NYSE:AME)

Posted by Defense World Staff on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. cut its stake in AMETEK, Inc. (NYSE:AME – Get Rating) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 644,472 shares of the technology company’s stock after selling 9,838 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.28% of AMETEK worth $90,046,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Guggenheim Capital LLC increased its holdings in shares of AMETEK by 3.6% in the 3rd quarter. Guggenheim Capital LLC now owns 67,775 shares of the technology company’s stock valued at $7,686,000 after acquiring an additional 2,374 shares during the period. Kestra Advisory Services LLC grew its stake in AMETEK by 256.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 16,672 shares of the technology company’s stock worth $1,891,000 after buying an additional 11,996 shares during the last quarter. Everence Capital Management Inc. purchased a new position in AMETEK during the 3rd quarter worth $525,000. National Bank of Canada FI grew its stake in AMETEK by 19.9% during the 3rd quarter. National Bank of Canada FI now owns 44,172 shares of the technology company’s stock worth $5,180,000 after buying an additional 7,343 shares during the last quarter. Finally, Intech Investment Management LLC grew its stake in AMETEK by 583.1% during the 3rd quarter. Intech Investment Management LLC now owns 87,010 shares of the technology company’s stock worth $9,868,000 after buying an additional 74,273 shares during the last quarter. 85.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on AME. Loop Capital boosted their target price on AMETEK from $160.00 to $164.00 in a research note on Thursday, January 12th. Wolfe Research lowered AMETEK from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 23rd. Morgan Stanley increased their price objective on AMETEK from $152.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Mizuho upped their target price on AMETEK from $145.00 to $153.00 and gave the stock a “buy” rating in a research note on Friday, January 13th. Finally, StockNews.com began coverage on AMETEK in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $151.11.

Insiders Place Their Bets

In other AMETEK news, Director Anthony James Conti sold 3,440 shares of the firm’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $139.57, for a total transaction of $480,120.80. Following the completion of the sale, the director now owns 26,078 shares of the company’s stock, valued at $3,639,706.46. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Ronald J. Oscher sold 6,500 shares of AMETEK stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $145.28, for a total value of $944,320.00. Following the completion of the sale, the insider now directly owns 28,563 shares of the company’s stock, valued at $4,149,632.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anthony James Conti sold 3,440 shares of AMETEK stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $139.57, for a total value of $480,120.80. Following the completion of the sale, the director now directly owns 26,078 shares of the company’s stock, valued at $3,639,706.46. The disclosure for this sale can be found here. Insiders sold a total of 18,160 shares of company stock valued at $2,605,294 over the last quarter. 0.72% of the stock is owned by insiders.

AMETEK Stock Performance

NYSE AME opened at $138.45 on Friday. The company has a market cap of $31.88 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 2.59 and a beta of 1.22. The stock’s 50 day simple moving average is $141.04 and its 200-day simple moving average is $136.69. AMETEK, Inc. has a 1-year low of $106.17 and a 1-year high of $148.06. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.62 and a quick ratio of 0.95.

AMETEK (NYSE:AME – Get Rating) last released its earnings results on Thursday, February 2nd. The technology company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.59 billion. AMETEK had a return on equity of 18.46% and a net margin of 18.85%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 earnings per share. As a group, equities research analysts anticipate that AMETEK, Inc. will post 5.98 EPS for the current fiscal year.

AMETEK Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 10th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend was Thursday, March 9th. This is a boost from AMETEK’s previous quarterly dividend of $0.22. AMETEK’s dividend payout ratio (DPR) is currently 19.96%.

AMETEK Profile

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AMETEK, Inc engages in the manufacture of electronic instruments and electromechanical devices. It operates through the following two segments: Electronic Instruments (EIG) and Electromechanical (EMG). The EIG segment designs and manufactures advanced instruments for the process, aerospace, power and industrial markets.