CIBC Asset Management Inc Trims Position in AMETEK, Inc. (NYSE:AME)

CIBC Asset Management Inc lowered its position in AMETEK, Inc. (NYSE:AME) by 30.6% in the third quarter, HoldingsChannel reports. The firm owned 34,159 shares of the technology company’s stock after selling 15,041 shares during the period. CIBC Asset Management Inc’s holdings in AMETEK were worth $5,865,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AME. Bank of New York Mellon Corp increased its holdings in shares of AMETEK by 34.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,602,753 shares of the technology company’s stock worth $600,615,000 after buying an additional 926,657 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new stake in AMETEK during the third quarter worth $130,579,000. Principal Financial Group Inc. raised its position in AMETEK by 72.0% in the third quarter. Principal Financial Group Inc. now owns 1,680,309 shares of the technology company’s stock valued at $288,526,000 after purchasing an additional 703,501 shares during the period. James Hambro & Partners LLP acquired a new position in shares of AMETEK in the 3rd quarter valued at $60,188,000. Finally, Ceredex Value Advisors LLC purchased a new position in shares of AMETEK during the 3rd quarter worth $40,811,000. 87.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AMETEK

In other news, Director Steven W. Kohlhagen sold 1,460 shares of the company’s stock in a transaction on 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 transaction, the director now owns 23,349 shares in the company, valued at approximately $4,006,454.91. This represents a 5.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David F. Hermance sold 6,243 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.99, for a total transaction of $1,192,350.57. Following the completion of the transaction, the insider now owns 36,731 shares of the company’s stock, valued at approximately $7,015,253.69. The trade was a 14.53 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

AMETEK Price Performance

Shares of AME opened at $193.10 on Monday. AMETEK, Inc. has a fifty-two week low of $149.03 and a fifty-two week high of $196.70. The firm’s 50 day moving average price is $173.59 and its 200 day moving average price is $169.76. The company has a market cap of $44.67 billion, a P/E ratio of 33.64, a PEG ratio of 3.15 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.18.

AMETEK (NYSE:AME) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.04. AMETEK had a net margin of 19.27% and a return on equity of 16.88%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the firm posted $1.64 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts forecast that AMETEK, Inc. will post 6.81 earnings per share for the current fiscal year.

AMETEK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Friday, December 6th. AMETEK’s dividend payout ratio is presently 19.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wolfe Research upgraded shares of AMETEK to a “hold” rating in a report on Wednesday, September 18th. Robert W. Baird lifted their price objective on AMETEK from $166.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. StockNews.com lowered AMETEK from a “buy” rating to a “hold” rating in a research note on Friday. Royal Bank of Canada dropped their target price on AMETEK from $216.00 to $215.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen lowered shares of AMETEK from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AMETEK presently has an average rating of “Moderate Buy” and an average target price of $197.86.

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.