Envestnet Portfolio Solutions Inc. Reduces Position in AMETEK, Inc. (NYSE:AME)

Envestnet Portfolio Solutions Inc. reduced its position in shares of AMETEK, Inc. (NYSE:AME) by 26.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,780 shares of the technology company’s stock after selling 3,534 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in AMETEK were worth $1,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its holdings in AMETEK by 0.3% during the 3rd quarter. State Street Corp now owns 9,220,376 shares of the technology company’s stock worth $1,583,231,000 after buying an additional 24,072 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in AMETEK by 3.7% in the third quarter. JPMorgan Chase & Co. now owns 6,985,350 shares of the technology company’s stock valued at $1,199,454,000 after purchasing an additional 250,538 shares in the last quarter. Geode Capital Management LLC boosted its holdings in AMETEK by 0.8% in the third quarter. Geode Capital Management LLC now owns 5,401,656 shares of the technology company’s stock valued at $924,308,000 after purchasing an additional 45,459 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in AMETEK by 2.3% during the fourth quarter. Bank of New York Mellon Corp now owns 4,415,508 shares of the technology company’s stock worth $795,939,000 after purchasing an additional 99,505 shares in the last quarter. Finally, Flossbach Von Storch SE lifted its position in shares of AMETEK by 2.5% during the 4th quarter. Flossbach Von Storch SE now owns 3,724,352 shares of the technology company’s stock worth $671,352,000 after buying an additional 91,287 shares during the last quarter. Institutional investors and hedge funds own 87.43% of the company’s stock.

Insiders Place Their Bets

In other AMETEK news, 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 transaction of $250,021.20. Following the completion of the sale, the director now directly owns 22,029 shares in the company, valued at approximately $4,172,512.89. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by company insiders.

AMETEK Trading Down 0.8 %

AME opened at $174.50 on Friday. 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 $149.03 and a 12-month high of $198.33. The firm’s fifty day moving average price is $182.92 and its 200 day moving average price is $180.43. The stock has a market capitalization of $40.26 billion, a PE ratio of 29.43, a P/E/G ratio of 2.73 and a beta of 1.14.

AMETEK (NYSE:AME) last issued its earnings results on Tuesday, February 4th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.82 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. AMETEK’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 earnings per share. As a group, research analysts expect that AMETEK, Inc. will post 7.15 EPS for the current fiscal year.

AMETEK declared that its board has authorized a stock buyback plan on Friday, February 7th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

AMETEK Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from AMETEK’s previous quarterly dividend of $0.28. AMETEK’s payout ratio is currently 20.91%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Robert W. Baird dropped their target price on shares of AMETEK from $200.00 to $197.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 5th. StockNews.com upgraded AMETEK from a “hold” rating to a “buy” rating in a research report on Sunday, March 9th. Truist Financial boosted their price objective on AMETEK from $221.00 to $222.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. KeyCorp raised their price target on AMETEK from $205.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Finally, BNP Paribas raised shares of AMETEK from a “neutral” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $204.67.

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.