Short Interest in AMETEK, Inc. (NYSE:AME) Decreases By 26.2%

AMETEK, Inc. (NYSE:AME) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,580,000 shares, a drop of 26.2% from the September 15th total of 2,140,000 shares. Based on an average daily volume of 1,000,000 shares, the short-interest ratio is currently 1.6 days.

A number of brokerages have recently commented on AME. KeyCorp raised their target price on shares of AMETEK from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Wednesday. Zacks Investment Research raised shares of AMETEK from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Thursday, July 16th. Wells Fargo & Company raised their target price on shares of AMETEK from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Morgan Stanley raised their target price on shares of AMETEK from $105.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, October 13th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $104.54.

AME stock traded up $0.84 during mid-day trading on Friday, hitting $109.85. 1,475,830 shares of the company were exchanged, compared to its average volume of 1,414,616. The company has a market capitalization of $25.22 billion, a PE ratio of 28.46, a price-to-earnings-growth ratio of 3.99 and a beta of 1.28. The company has a current ratio of 2.47, a quick ratio of 1.86 and a debt-to-equity ratio of 0.50. AMETEK has a twelve month low of $54.82 and a twelve month high of $110.82. The firm has a fifty day simple moving average of $101.32 and a 200 day simple moving average of $91.08.

AMETEK (NYSE:AME) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.11. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $988.87 million. AMETEK had a net margin of 18.52% and a return on equity of 17.13%. The firm’s revenue for the quarter was down 21.6% compared to the same quarter last year. During the same period last year, the business earned $1.05 EPS. As a group, sell-side analysts anticipate that AMETEK will post 3.76 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 14th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.66%. The ex-dividend date was Friday, September 11th. AMETEK’s dividend payout ratio is currently 17.18%.

In other AMETEK news, VP William D. Eginton sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $101.11, for a total transaction of $1,011,100.00. Following the transaction, the vice president now owns 54,408 shares of the company’s stock, valued at $5,501,192.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven W. Kohlhagen sold 3,740 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $102.37, for a total transaction of $382,863.80. Following the transaction, the director now directly owns 62,799 shares in the company, valued at approximately $6,428,733.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 123,849 shares of company stock worth $12,488,958. 0.74% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. boosted its holdings in shares of AMETEK by 62.6% in the 1st quarter. Meeder Asset Management Inc. now owns 431 shares of the technology company’s stock valued at $31,000 after buying an additional 166 shares during the period. Balentine LLC boosted its holdings in shares of AMETEK by 36.0% in the 2nd quarter. Balentine LLC now owns 446 shares of the technology company’s stock valued at $40,000 after buying an additional 118 shares during the period. Norway Savings Bank acquired a new position in shares of AMETEK in the 3rd quarter valued at about $50,000. Assetmark Inc. boosted its holdings in shares of AMETEK by 55.7% in the 2nd quarter. Assetmark Inc. now owns 548 shares of the technology company’s stock valued at $49,000 after buying an additional 196 shares during the period. Finally, Ovata Capital Management Ltd acquired a new position in shares of AMETEK in the 2nd quarter valued at about $61,000. 85.52% of the stock is owned by institutional investors.

AMETEK Company Profile

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. It operates through two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.

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