Rainier Investment Management LLC Has $1.23 Million Stake in AMTEK, Inc. (AME)

Rainier Investment Management LLC cut its stake in AMTEK, Inc. (NYSE:AME) by 70.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 20,310 shares of the technology company’s stock after selling 48,810 shares during the period. Rainier Investment Management LLC’s holdings in AMTEK were worth $1,230,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. DnB Asset Management AS boosted its stake in shares of AMTEK by 7.1% in the first quarter. DnB Asset Management AS now owns 34,658 shares of the technology company’s stock valued at $1,874,000 after buying an additional 2,300 shares during the period. State of Alaska Department of Revenue purchased a new position in AMTEK during the first quarter valued at approximately $248,000. Diversified Trust Co purchased a new position in AMTEK during the first quarter valued at approximately $238,000. Candriam Luxembourg S.C.A. raised its position in AMTEK by 36.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 23,550 shares of the technology company’s stock valued at $1,274,000 after buying an additional 6,321 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in AMTEK by 2.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 6,172 shares of the technology company’s stock valued at $312,000 after buying an additional 171 shares in the last quarter. Institutional investors and hedge funds own 89.49% of the company’s stock.

AMTEK, Inc. (NYSE AME) opened at 62.94 on Friday. The firm has a market cap of $14.53 billion, a P/E ratio of 27.62 and a beta of 1.34. AMTEK, Inc. has a 52-week low of $43.98 and a 52-week high of $64.97. The company’s 50 day moving average is $62.23 and its 200-day moving average is $58.14.

AMTEK (NYSE:AME) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. AMTEK had a return on equity of 16.28% and a net margin of 13.26%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. AMTEK’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities analysts predict that AMTEK, Inc. will post $2.53 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.57%. AMTEK’s dividend payout ratio is currently 15.79%.

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AME has been the topic of several recent analyst reports. Zacks Investment Research raised shares of AMTEK from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Monday, August 7th. Cowen and Company reaffirmed an “outperform” rating and set a $66.00 price target (up from $62.00) on shares of AMTEK in a report on Friday, July 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $69.00 price target (up from $66.00) on shares of AMTEK in a report on Thursday, June 8th. BMO Capital Markets lifted their price target on shares of AMTEK from $67.00 to $69.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. Finally, BidaskClub lowered shares of AMTEK from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $65.09.

In related news, VP Thomas M. Montgomery sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $64.49, for a total transaction of $96,735.00. Following the completion of the transaction, the vice president now directly owns 21,747 shares in the company, valued at approximately $1,402,464.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Timothy N. Jones sold 39,955 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $61.95, for a total value of $2,475,212.25. Following the transaction, the insider now owns 40,025 shares of the company’s stock, valued at $2,479,548.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 53,055 shares of company stock valued at $3,303,253. Corporate insiders own 2.10% of the company’s stock.

AMTEK Company Profile

AMETEK, Inc is a manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. The Company operates through two segments: Electronic Instruments (EIG) and Electromechanical (EMG). EIG designs and manufactures instruments for the process, power and industrial and aerospace markets.