AMETEK (NYSE:AME) Reaches New 52-Week High – Here’s Why

Shares of AMETEK, Inc. (NYSE:AMEGet Free Report) reached a new 52-week high on Friday . The company traded as high as $244.97 and last traded at $241.54, with a volume of 48080 shares traded. The stock had previously closed at $240.01.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AME shares. Wall Street Zen downgraded shares of AMETEK from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. DA Davidson reissued a “buy” rating and issued a $265.00 price objective on shares of AMETEK in a research report on Monday, May 4th. Truist Financial upped their target price on shares of AMETEK from $275.00 to $303.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Mizuho set a $270.00 target price on shares of AMETEK in a research report on Friday, May 1st. Finally, Robert W. Baird set a $244.00 price target on AMETEK in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $256.29.

Read Our Latest Research Report on AMETEK

AMETEK Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.72 and a debt-to-equity ratio of 0.10. The firm has a market cap of $55.40 billion, a P/E ratio of 36.50, a PEG ratio of 3.30 and a beta of 0.99. The firm has a 50-day simple moving average of $233.22 and a 200-day simple moving average of $228.42.

AMETEK (NYSE:AMEGet Free Report) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.90 by $0.07. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.91 billion. AMETEK had a return on equity of 16.63% and a net margin of 20.11%.The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.75 EPS. As a group, analysts forecast that AMETEK, Inc. will post 8.14 EPS for the current year.

AMETEK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 0.6%. The ex-dividend date was Monday, June 15th. AMETEK’s payout ratio is 20.54%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. State Street Corp lifted its position in AMETEK by 2.0% during the fourth quarter. State Street Corp now owns 9,956,361 shares of the technology company’s stock valued at $2,044,140,000 after acquiring an additional 192,677 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AMETEK by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 5,891,236 shares of the technology company’s stock worth $1,204,722,000 after purchasing an additional 37,651 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of AMETEK by 4.9% during the 3rd quarter. Invesco Ltd. now owns 4,463,518 shares of the technology company’s stock valued at $839,141,000 after purchasing an additional 209,043 shares during the last quarter. Norges Bank purchased a new stake in shares of AMETEK during the 4th quarter valued at $831,372,000. Finally, Morgan Stanley boosted its position in shares of AMETEK by 2.9% in the 4th quarter. Morgan Stanley now owns 3,963,062 shares of the technology company’s stock worth $813,657,000 after purchasing an additional 110,037 shares in the last quarter. Institutional investors own 87.43% of the company’s stock.

AMETEK Company Profile

(Get Free Report)

AMETEK, Inc is a global manufacturer of electronic instruments and electromechanical devices that serves a broad range of industries. Headquartered in Berwyn, Pennsylvania, the company designs and produces precision instruments, electronic measurement devices, specialty sensors, and electric motors and motion control systems. Its product portfolio includes analytical and monitoring instruments, calibration equipment, power supplies, embedded electronics, and industrial motors and drives used for critical applications.

The company operates through two primary business platforms — an electronic instruments group focused on analytical, test and measurement and sensor products, and an electromechanical group that supplies motors, actuators, and related power and motion solutions.

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