AMETEK (NYSE:AME) Issues Earnings Results, Beats Estimates By $0.05 EPS

AMETEK (NYSE:AME) posted its quarterly earnings results on Thursday. The technology company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.59 by $0.05, Briefing.com reports. AMETEK had a net margin of 19.91% and a return on equity of 17.96%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the previous year, the business posted $1.49 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. AMETEK updated its Q2 guidance to $1.63-$1.65 EPS and its FY24 guidance to $6.74-$6.86 EPS.

AMETEK Stock Performance

AME stock traded up $3.15 during trading on Friday, hitting $166.49. The company had a trading volume of 2,065,096 shares, compared to its average volume of 972,476. The firm has a 50-day moving average price of $179.88 and a 200-day moving average price of $165.94. The company has a quick ratio of 0.59, a current ratio of 0.98 and a debt-to-equity ratio of 0.22. The firm has a market cap of $38.49 billion, a PE ratio of 29.36, a price-to-earnings-growth ratio of 2.78 and a beta of 1.21. AMETEK has a 1-year low of $136.89 and a 1-year high of $186.32.

AMETEK Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 8th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.67%. This is a positive change from AMETEK’s previous quarterly dividend of $0.25. AMETEK’s dividend payout ratio (DPR) is currently 19.75%.

Insiders Place Their Bets

In other news, CFO William Joseph Burke sold 27,400 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $185.05, for a total value of $5,070,370.00. Following the transaction, the chief financial officer now owns 106,512 shares of the company’s stock, valued at $19,710,045.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO William Joseph Burke sold 27,400 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $185.05, for a total value of $5,070,370.00. Following the completion of the sale, the chief financial officer now owns 106,512 shares in the company, valued at approximately $19,710,045.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas M. Montgomery sold 6,891 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $185.38, for a total transaction of $1,277,453.58. Following the transaction, the vice president now owns 21,543 shares in the company, valued at $3,993,641.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,881 shares of company stock valued at $10,689,758. 0.61% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on AME. Royal Bank of Canada lowered their target price on shares of AMETEK from $192.00 to $188.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. KeyCorp raised their target price on AMETEK from $182.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. Truist Financial started coverage on shares of AMETEK in a report on Thursday, March 14th. They issued a “buy” rating and a $210.00 target price for the company. Finally, StockNews.com lowered AMETEK from a “buy” rating to a “hold” rating in a report on Saturday, March 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, AMETEK currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.78.

About AMETEK

AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices in the North America, Europe, Asia, and South America, and internationally. The company's EIG segment offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets; power quality monitoring and c devices, uninterruptible power supplies, programmable power and electromagnetic compatibility test equipment, and sensors for gas turbines and dashboard instruments; heavy trucks, instrumentation, and controls for the food and beverage industries; and aircraft and engine sensors, power supplies, embedded computing, monitoring, fuel and fluid measurement, and data acquisition systems for aerospace and defense industry.