Assenagon Asset Management S.A. Decreases Stock Holdings in AMETEK, Inc. (NYSE:AME)

Posted by Defense World Staff on Oct 18th, 2023

Assenagon Asset Management S.A. trimmed its holdings in shares of AMETEK, Inc. (NYSE:AME – Free Report) by 90.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,139 shares of the technology company’s stock after selling 39,471 shares during the quarter. Assenagon Asset Management S.A.’s holdings in AMETEK were worth $670,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in AMETEK by 1.9% in the first quarter. Vanguard Group Inc. now owns 24,608,566 shares of the technology company’s stock worth $3,277,369,000 after buying an additional 463,926 shares during the last quarter. BlackRock Inc. increased its position in AMETEK by 4.2% in the first quarter. BlackRock Inc. now owns 16,215,102 shares of the technology company’s stock worth $2,356,541,000 after buying an additional 658,629 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its position in AMETEK by 97,096.7% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 13,834,006 shares of the technology company’s stock worth $2,239,449,000 after buying an additional 13,819,773 shares during the last quarter. FMR LLC increased its position in AMETEK by 34.9% in the first quarter. FMR LLC now owns 10,042,152 shares of the technology company’s stock worth $1,459,426,000 after buying an additional 2,597,135 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in AMETEK by 61.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,393,918 shares of the technology company’s stock worth $929,229,000 after buying an additional 2,440,787 shares during the last quarter. 85.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AME shares. BNP Paribas started coverage on AMETEK in a research report on Thursday, October 5th. They issued a “neutral” rating and a $159.00 target price for the company. KeyCorp raised their price target on AMETEK from $165.00 to $176.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Wells Fargo & Company raised their price target on AMETEK from $180.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $182.00 price target on shares of AMETEK in a report on Thursday, September 21st. Finally, StockNews.com began coverage on AMETEK in a report on Thursday, October 5th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $173.25.

View Our Latest Analysis on AMETEK

AMETEK Price Performance

NYSE:AME opened at $149.75 on Wednesday. The firm has a market capitalization of $34.55 billion, a price-to-earnings ratio of 28.04, a P/E/G ratio of 2.64 and a beta of 1.22. AMETEK, Inc. has a 52-week low of $114.25 and a 52-week high of $164.75. The stock has a fifty day moving average of $153.69 and a 200 day moving average of $151.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.34 and a current ratio of 2.16.

AMETEK (NYSE:AME – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The technology company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.05. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. AMETEK had a return on equity of 18.32% and a net margin of 19.23%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company earned $1.38 earnings per share. On average, research analysts expect that AMETEK, Inc. will post 6.26 EPS for the current fiscal year.

AMETEK Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, September 14th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Wednesday, September 13th. AMETEK’s dividend payout ratio is 18.73%.

Insider Buying and Selling at AMETEK

In other AMETEK news, CFO William Joseph Burke sold 33,930 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $160.29, for a total transaction of $5,438,639.70. Following the sale, the chief financial officer now owns 101,937 shares in the company, valued at $16,339,481.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AMETEK news, Director Steven W. Kohlhagen sold 1,645 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $152.74, for a total transaction of $251,257.30. Following the sale, the director now owns 30,264 shares in the company, valued at $4,622,523.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Joseph Burke sold 33,930 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $160.29, for a total value of $5,438,639.70. Following the sale, the chief financial officer now owns 101,937 shares in the company, valued at approximately $16,339,481.73. The disclosure for this sale can be found here. Insiders have sold 37,140 shares of company stock worth $5,940,876 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

AMETEK Profile

(Free Report)

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in North America, Europe, Asia, and South America. It operates in two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.Its EMG segment offers engineered electrical connectors and electronics packaging to protect sensitive devices and mission-critical electronics; precision motion control products for data storage, medical devices, business equipment, automation, and other applications; high-purity powdered metals, strips and foils, specialty clad metals, and metal matrix composites; motor-blower systems and heat exchangers for use in thermal management, military, commercial aircraft, and military ground vehicles; and motors for use in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps, and industrial blowers.