Global electronic instruments and electrochemical devices designer and manufacturer, AMETEK Inc. (NYSE: AME), falls among the companies showcasing consistent performance. Though AME stock price took small steps, it attained its 52-week high. Investment management provider, HM Payson & Co., recently increased their stake in the company.
HM Payson’s recent filing with the Securities and Exchange Commission (SEC) suggests it accumulated 33,008 shares of AMETEK in Q1 2023. With the purchase, the institutional investor now holds 420,413 AME shares. The shares acquisition leap is an increment of up to 8%.
The value of overall AME shareholdings with HM Payson is worth $61,099,000. The holding of this number of shares makes the company the owner of 0.18% stake in the electronic instruments manufacturer, given the number of holding AME shares account for 1.5% of the overall investment portfolio of the investment management firm, the filing noted.
Growing Interest in AME Stock
Several other hedge funds and institutional investor firms have shown interest in AME stock. Covestor Ltd reported to increase the holdings by over 80%. Resurgent Financial Advisors LLC and Grey Fox Wealth Advisors are also said to purchase the stake in AMETEK.
Recent analysis from Zack Investment Research on AMETEK brought insights that could explain the growing interest in AME stock.
According to the investment research firm, the company has seen significant growth in its earnings. Though AME stock has an earnings per share (EPS) growth of 13.5% in the past, it is also suggested to keep an eye on the projected EPS.
AMETEK expected the EPS to grow by 7.6% this year. The expectation remains higher than the industry EPS growth expectation of 7.5%
Cash flow growth acts in favor of growth–oriented companies. The American multinational conglomerate currently stands at a cash flow growth of 14.9%, while the industry average is at 9.6%. The company’s cash growth rate by 15.7% per annum in the past several years is above the industry average of 7.4%.
AME Stock Price Analysis
At press time, AME stock price is trading at $160.14 after a slight uptick of 0.84% in the intraday session. With the level attained, AME stock price hits its all time high since its listing. Since May, the stock price moved upwards approx 20%.
Given the price movement on the chart, showcasing the W trading pattern, AME stock is likely to be in a bullish trend. Currently, it is holding a strong support zone at $147 to $143. The 50-day EMA also stalls at the similar price point.
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