AMETEK (NYSE:AME) Shares Gap Up – Here’s What Happened

AMETEK, Inc. (NYSE:AME)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $168.91, but opened at $179.62. AMETEK shares last traded at $181.23, with a volume of 248,832 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. TD Cowen downgraded shares of AMETEK from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Truist Financial increased their target price on shares of AMETEK from $201.00 to $219.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. StockNews.com downgraded shares of AMETEK from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Robert W. Baird lowered their price target on AMETEK from $171.00 to $166.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Mizuho raised their price target on AMETEK from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $193.29.

AMETEK Trading Up 7.7 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.26 and a quick ratio of 0.76. The company’s 50 day moving average is $168.59 and its two-hundred day moving average is $168.90. The firm has a market cap of $42.10 billion, a P/E ratio of 31.85, a PEG ratio of 2.77 and a beta of 1.17.

AMETEK (NYSE:AME) last released its earnings results on Thursday, August 1st. The technology company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.02. AMETEK had a net margin of 19.51% and a return on equity of 17.41%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the company earned $1.57 earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that AMETEK, Inc. will post 6.76 earnings per share for the current year.

AMETEK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, September 16th. AMETEK’s payout ratio is presently 19.68%.

Insider Activity at AMETEK

In related news, Director Steven W. Kohlhagen sold 1,460 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $171.59, for a total value of $250,521.40. Following the completion of the sale, the director now owns 23,349 shares in the company, valued at approximately $4,006,454.91. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AME. Norden Group LLC bought a new position in AMETEK during the first quarter worth about $2,508,000. First Trust Direct Indexing L.P. lifted its stake in AMETEK by 20.4% during the first quarter. First Trust Direct Indexing L.P. now owns 5,526 shares of the technology company’s stock worth $1,011,000 after purchasing an additional 936 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of AMETEK by 6.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,926 shares of the technology company’s stock valued at $6,571,000 after acquiring an additional 2,105 shares during the last quarter. Oak Ridge Investments LLC raised its stake in shares of AMETEK by 1.2% in the first quarter. Oak Ridge Investments LLC now owns 42,795 shares of the technology company’s stock valued at $7,827,000 after acquiring an additional 489 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of AMETEK by 150.3% in the first quarter. BNP Paribas Financial Markets now owns 206,728 shares of the technology company’s stock valued at $37,811,000 after acquiring an additional 124,130 shares during the last quarter. Institutional investors own 87.43% of the company’s stock.

AMETEK Company 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.