5 Robotics Stocks That Will Own the Future

3. AMETEK, Inc. (NYSE:AME)

Number of Hedge Fund Shareholders: 40

AMETEK, Inc. (NYSE:AME) supplies automation tools and analytical instrumentation to companies in the industrial, medical, and aerospace industries, among others. The company delivered strong Q2 results, pulling in $1.51 billion in revenue and $1.38 in adjusted EPS, both of which handily topped estimates. The company subsequently raised its full-year earnings guidance, citing strong organic growth and broad-based demand. It expects earnings to grow by 13% to 14% year-over-year in 2022.

Hedge fund ownership of AMETEK, Inc. (NYSE:AME) ticked up during Q2 and has risen by 29% since March 2021. Israel Englander’s Millennium Management, Dmitry Balyasny’s Balyasny Asset Management, and Ken Griffin’s Citadel Investment Group all own more than 1 million shares of AME as of June 30.

The ClearBridge Mid Cap Strategy likes AMETEK, Inc. (NYSE:AME)’s long-term prospects, but decided to sell off its holding last year to reinvest in a more promising alternative, as revealed in the fund’s Q3 2021 investor letter:

“We sold AMETEK, in the industrials sector, and used the proceeds to add RBC Bearings, which manufactures precision engineered bearings and components for highly technical machines, such as aircrafts, submarines and power transmission systems. AMETEK is a company we have held for many years, and we continued to like their long-term prospects, but believe better upside was available in RBC Bearings due to a temporary stock price dislocation created by an equity offering for a highly accretive acquisition.”