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Ametek Hikes Dividend 11% as "Winners Remain Winners"

Ametek Inc. (AME) is a global manufacturer of high-tech industrial products with a presence in more than 30 countries around the world.

The company’s Electronic Instruments division is a leader in the design and manufacture of advanced instruments for process, power, industrial, and aerospace markets and generated 66% of the company’s total sales in 2020. Meanwhile, its Electromechanical division supplies precision motion control solutions, thermal management systems, specialty metals, and electrical interconnects and generated 34% of the company’s total sales.

In terms of geographic diversification, the company generated 48.7% of its sales outside of the United States, which were about evenly split between Europe and Asia.

‘Winners Remain Winners’

Ametek reported fourth quarter revenue that fell 7.7% to $1.2 billion, in line with consensus estimates, with non-GAAP earnings of $1.08 per share, beating consensus estimates by five cents. However, the company’s first quarter earnings guidance came in below expectations at $0.97 to $1.02 per share versus a $1.02 per share consensus estimate.

In December, Wells Fargo raised its price target from $115 to $135 after predicting that “winners [will] remain winners” among the industrials in 2021. It was also noted that large-cap names have been consistent outperformers since the Great Recession.

The company raised its quarterly dividend by 11.1% to $0.20 per share, which represents a 0.65% forward yield. The dividend is payable on March 31, 2021 to shareholders on record as of March 15, 2021.

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