AMETEK, Inc. (NYSE:AME) rose 6.8% on Thursday following a better than expected earnings announcement. The company traded as high as $71.95 and last traded at $71.63. Approximately 2,606,330 shares were traded during trading, an increase of 110% from the average daily volume of 1,241,421 shares. The stock had previously closed at $67.08.
The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.04. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.18 billion. AMETEK had a net margin of 16.65% and a return on equity of 16.94%. AMETEK’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share.
AME has been the topic of several research analyst reports. ValuEngine raised shares of AMETEK from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Morgan Stanley increased their target price on shares of AMETEK from $79.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 1st. Royal Bank of Canada reissued a “buy” rating and set a $86.00 target price on shares of AMETEK in a research note on Wednesday, August 1st. Oppenheimer increased their target price on shares of AMETEK from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Finally, Bank of America increased their target price on shares of AMETEK from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. AMETEK currently has an average rating of “Buy” and a consensus price target of $86.83.
In other AMETEK news, VP William Joseph Burke sold 15,600 shares of the firm’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $80.00, for a total value of $1,248,000.00. Following the transaction, the vice president now directly owns 68,289 shares of the company’s stock, valued at $5,463,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Wesley Hardin sold 29,955 shares of the firm’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $81.55, for a total transaction of $2,442,830.25. Following the completion of the transaction, the insider now directly owns 70,016 shares in the company, valued at $5,709,804.80. The disclosure for this sale can be found here. Insiders sold 59,925 shares of company stock worth $4,811,210 over the last ninety days. Insiders own 2.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. raised its holdings in shares of AMETEK by 14.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 279,275 shares of the technology company’s stock valued at $22,097,000 after purchasing an additional 34,778 shares during the last quarter. Pinnacle Financial Partners Inc. purchased a new stake in shares of AMETEK in the third quarter valued at about $800,000. Arizona State Retirement System raised its holdings in shares of AMETEK by 1.3% in the third quarter. Arizona State Retirement System now owns 128,338 shares of the technology company’s stock valued at $10,154,000 after purchasing an additional 1,622 shares during the last quarter. Mendel Money Management purchased a new stake in shares of AMETEK in the third quarter valued at about $2,467,000. Finally, NN Investment Partners Holdings N.V. purchased a new stake in shares of AMETEK in the third quarter valued at about $1,500,000. 85.13% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $15.39 billion, a P/E ratio of 27.44, a PEG ratio of 1.89 and a beta of 1.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.19 and a current ratio of 1.71.
About AMETEK (NYSE:AME)
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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