Convergence Financial LLC Purchases 3,980 Shares of AMETEK, Inc. (NYSE:AME)

Convergence Financial LLC raised its position in AMETEK, Inc. (NYSE:AME) by 76.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,158 shares of the technology company’s stock after acquiring an additional 3,980 shares during the quarter. Convergence Financial LLC’s holdings in AMETEK were worth $1,573,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AME. Washington Trust Advisors Inc. purchased a new position in AMETEK during the 1st quarter valued at about $37,000. Family Firm Inc. bought a new stake in shares of AMETEK in the 2nd quarter worth approximately $39,000. Headlands Technologies LLC purchased a new position in shares of AMETEK during the first quarter valued at approximately $43,000. Industrial Alliance Investment Management Inc. bought a new position in shares of AMETEK during the second quarter valued at approximately $42,000. Finally, Crewe Advisors LLC lifted its stake in AMETEK by 168.8% in the second quarter. Crewe Advisors LLC now owns 293 shares of the technology company’s stock worth $49,000 after acquiring an additional 184 shares during the period. Hedge funds and other institutional investors own 87.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Robert W. Baird reduced their price objective on shares of AMETEK from $171.00 to $166.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Redburn Atlantic raised shares of AMETEK to a “strong-buy” rating in a research note on Friday, August 2nd. StockNews.com lowered shares of AMETEK from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Truist Financial upped their target price on AMETEK from $201.00 to $219.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wolfe Research upgraded AMETEK to a “hold” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AMETEK has a consensus rating of “Moderate Buy” and a consensus target price of $193.29.

Insiders Place Their Bets

In other news, Director Steven W. Kohlhagen sold 1,460 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $171.59, for a total transaction of $250,521.40. Following the sale, the director now owns 23,349 shares in the company, valued at $4,006,454.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.61% of the company’s stock.

AMETEK Stock Performance

Shares of AME opened at $166.96 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 0.20. The stock has a market cap of $38.65 billion, a P/E ratio of 29.34, a P/E/G ratio of 2.77 and a beta of 1.17. The business’s 50 day moving average price is $168.32 and its 200-day moving average price is $169.33. AMETEK, Inc. has a 52 week low of $136.89 and a 52 week high of $186.32.

AMETEK (NYSE:AME) last released its earnings results on Thursday, August 1st. The technology company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.64 by $0.02. AMETEK had a return on equity of 17.41% and a net margin of 19.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts anticipate that AMETEK, Inc. will post 6.76 earnings per share for the current fiscal year.

AMETEK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.28 per share. The ex-dividend date was Monday, September 16th. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. AMETEK’s dividend payout ratio is currently 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.