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Ametek Inc. recently announced that its board of directors increased the amount of stock the company is authorized to repurchase by $50 million.

There was $18 million left from an earlier authorization so the company is authorized to buy up to $68 million worth of stock, the Paoli, Pa.-based maker of electronic instruments (NYSE:AME) said.

The company also said Monday it is buying Xantrex Technology Inc.'s programmable power business for $120 million in cash.

Ametek Chairman and Chief Executive Frank S. Hermance said the acquisition of Xantrex, a power supply manufacturer, boosts its presence in the niche market for programmable power sources.

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the third quarter.

Xantrex's programmable power unit tests electronic products and has annual revenue of about $80 million, Ametek said.

The stock trades for 12x cash flow.

Lower on the market-cap ladder is electronic-instruments maker Ametek (AME), a diversified manufacturer with $5 billion in shares outstanding. Ametek stamps out unusual items like vacuum-cleaner motors. "They generate mid-teens growth out of a very dull business," he says. "They're proof that manufacturing of this sort can still be done in the United States."

Earnings Stability Rating: 5. Test instrument maker’s sales growth slowed from 27% to 17% in 2007. %. Five-year earnings growth rate: 21%.

Ametek (AME) was upgraded from Market Perform to Outperform, Friedman, Billings Ramsey said. Estimates also raised, to reflect strong electronic instrument and electromechanical sales. $48 price target.

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Ametek, Inc.

Ametek (AME) was downgraded from Outperform to Market Perform, Friedman, Billings Ramsey said. Valuation call, based on a $46 price target. Fundamental outlook remains strong.