KLP Kapitalforvaltning AS Invests $13.85 Million in AMETEK, Inc. (NYSE:AME)

KLP Kapitalforvaltning AS bought a new position in shares of AMETEK, Inc. (NYSE:AME) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 76,838 shares of the technology company’s stock, valued at approximately $13,851,000.

A number of other institutional investors and hedge funds also recently modified their holdings of AME. Principal Financial Group Inc. raised its position in shares of AMETEK by 72.0% during the third quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company’s stock worth $288,526,000 after purchasing an additional 703,501 shares during the period. Quest Partners LLC raised its position in shares of AMETEK by 802.5% during the third quarter. Quest Partners LLC now owns 2,139 shares of the technology company’s stock worth $367,000 after purchasing an additional 1,902 shares during the period. Prospera Financial Services Inc raised its position in shares of AMETEK by 6.9% during the third quarter. Prospera Financial Services Inc now owns 1,878 shares of the technology company’s stock worth $323,000 after purchasing an additional 121 shares during the period. Advisors Asset Management Inc. raised its position in shares of AMETEK by 276.9% during the third quarter. Advisors Asset Management Inc. now owns 1,990 shares of the technology company’s stock worth $342,000 after purchasing an additional 1,462 shares during the period. Finally, Pacer Advisors Inc. raised its position in shares of AMETEK by 21.3% during the third quarter. Pacer Advisors Inc. now owns 47,469 shares of the technology company’s stock worth $8,151,000 after purchasing an additional 8,347 shares during the period. 87.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AMETEK

In other news, Director Steven W. Kohlhagen sold 1,320 shares of the company’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 owns 22,029 shares in the company, valued at approximately $4,172,512.89. This represents a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

AMETEK Stock Performance

Shares of NYSE AME opened at $174.50 on Monday. The business’s 50-day moving average price is $182.92 and its two-hundred day moving average price is $180.62. 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 one year low of $149.03 and a one year high of $198.33. The company has a market capitalization of $40.26 billion, a P/E ratio of 29.43, a price-to-earnings-growth ratio of 2.73 and a beta of 1.14.

AMETEK (NYSE:AME) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.68 EPS. Analysts anticipate that AMETEK, Inc. will post 7.15 earnings per share for the current fiscal year.

AMETEK declared that its board has authorized a stock repurchase program on Friday, February 7th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the technology company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

AMETEK Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend 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 dividend payout ratio is 20.91%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. BNP Paribas upgraded AMETEK from a “neutral” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Thursday, January 16th. Truist Financial lifted their price target on AMETEK from $221.00 to $222.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Bank of America upgraded AMETEK from a “neutral” rating to a “buy” rating and lifted their price target for the company from $195.00 to $225.00 in a report on Monday, December 16th. StockNews.com upgraded AMETEK from a “hold” rating to a “buy” rating in a report on Sunday, March 9th. Finally, Robert W. Baird lowered their price target on AMETEK from $200.00 to $197.00 and set a “neutral” rating on the stock in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AMETEK has a consensus rating of “Moderate Buy” and a consensus price target of $204.67.

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.