AMETEK (AME, Financial) (2.9%) (AME – $99.74 – NYSE) is a diversified supplier of highly engineered equipment used in a broad array of industrial end markets. The company offers a diverse product portfolio including test and measurement, metrology, and precision motion control equipment in addition to specialty materials and aftermarket services. Organic sales growth has remained strong thus far this year, up 4% year-over-year in the first nine months of 2019. Additionally, through October 2019, the company had spent $1.1 billion acquiring two businesses and still had another $1.3 billion of cash and availability on its revolver that it expects to deploy on additional acquisitions. AMETEK has begun to target software- and Internet of Things-based businesses that will allow the company to leverage the vast amounts of measurement and instrumentation data that it collects for customers to provide more recurring, service-based offerings.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund fourth-quarter 2019 shareholder commentary.
