Wells Fargo & Company MN Cuts Holdings in AMETEK, Inc. (AME)
Wells Fargo & Company MN trimmed its position in shares of AMETEK, Inc. (NYSE:AME) by 6.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,289,608 shares of the technology company’s stock after selling 89,009 shares during the quarter. Wells Fargo & Company MN owned approximately 0.56% of AMETEK worth $102,035,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Fort L.P. bought a new stake in shares of AMETEK in the 2nd quarter worth approximately $119,000. Signet Financial Management LLC bought a new stake in shares of AMETEK in the 2nd quarter worth approximately $124,000. ELM Advisors LLC bought a new stake in shares of AMETEK in the 3rd quarter worth approximately $142,000. Advisors Asset Management Inc. bought a new stake in shares of AMETEK in the 2nd quarter worth approximately $168,000. Finally, Piedmont Investment Advisors LLC bought a new position in AMETEK in the 2nd quarter valued at approximately $195,000. 85.17% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on AME shares. Morgan Stanley upped their price objective on AMETEK from $79.00 to $84.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 1st. Royal Bank of Canada reaffirmed a “buy” rating and issued a $86.00 price objective on shares of AMETEK in a research report on Wednesday, August 1st. Robert W. Baird upped their price objective on AMETEK from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, November 2nd. BMO Capital Markets lowered their price objective on AMETEK from $93.00 to $91.00 and set an “outperform” rating on the stock in a research report on Friday, November 2nd. Finally, ValuEngine raised AMETEK from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. AMETEK currently has a consensus rating of “Buy” and a consensus price target of $87.00.
AMETEK (NYSE:AME) last announced its earnings results on Thursday, November 1st. The technology company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.18 billion. AMETEK had a net margin of 17.06% and a return on equity of 17.08%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. Sell-side analysts expect that AMETEK, Inc. will post 3.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.77%. AMETEK’s dividend payout ratio is presently 21.46%.
In other AMETEK news, VP William Joseph Burke sold 15,600 shares of the business’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $80.00, for a total transaction of $1,248,000.00. Following the completion of the sale, the vice president now directly owns 68,289 shares in the company, valued at approximately $5,463,120. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Elizebeth R. Varet sold 3,000 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $77.00, for a total transaction of $231,000.00. Following the sale, the director now owns 107,810 shares of the company’s stock, valued at $8,301,370. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,925 shares of company stock valued at $4,580,360. Company insiders own 2.00% of the company’s stock.
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AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. Its Electronic Instruments Group segment offers advanced instruments for the process, power and industrial, and aerospace markets; process and analytical instruments for the oil, gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage markets; and instruments for the laboratory equipment, ultraprecision manufacturing, medical, and test and measurement markets.
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