AMETEK, Inc. (AME) will raise its quarterly dividend by 11.1 percent to 20 cents per share in 2020. This comes after a dividend hike of 28.6 percent to $0.18 per share in the first quarter of 2020. This is the second dividend hike since 2018 for the company.
The next dividend is payable on March 31, 2021 to shareholders of record as of March 15, 2021. The new annual dividend rate of $0.80 per share yields 0.7% at a stock price of $121.
"AMETEK continues to deliver strong performance through its proven growth model and portfolio of highly differentiated businesses," said David A. Zapico, AMETEK Chairman and Chief Executive Officer in the company's press release announcing this dividend hike. "Our ability to generate strong cash flows enables us to both invest in our strategic growth initiatives and deploy meaningful capital on strategic acquisitions, driving long term shareholder value. We remain focused on deploying our free cash flow primarily on strategic acquisitions, while also seeking to reward our shareholders with a consistent and growing dividend."
AMETEK, Inc. is a manufacturer of electronic instruments and electromechanical devices. The company has operations in North America, Europe, Asia and South America. Its end markets include medical, automation, petrochemical and other industrial markets. AME operates a network of aviation maintenance, repair and overhaul (MRO) facilities. The company has paid a dividend every year to shareholders since 1997.