AMETEK (NYSE:AME) Releases Earnings Results, Beats Expectations By $0.05 EPS

AMETEK (NYSE:AME) posted its quarterly earnings data on Thursday. The technology company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.05, Briefing.com reports. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.78 billion. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 earnings per share. AMETEK updated its Q2 guidance to $1.63-$1.65 EPS and its FY24 guidance to $6.74-$6.86 EPS.

AMETEK Stock Up 2.0 %

Shares of AME traded up $3.22 during mid-day trading on Friday, reaching $166.56. The company’s stock had a trading volume of 2,065,100 shares, compared to its average volume of 956,196. AMETEK has a 1 year low of $136.89 and a 1 year high of $186.32. The company has a quick ratio of 0.59, a current ratio of 1.11 and a debt-to-equity ratio of 0.21. The company has a market cap of $38.51 billion, a price-to-earnings ratio of 29.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.21. The business has a fifty day moving average of $179.88 and a 200 day moving average of $165.94.

AMETEK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 8th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.67%. This is a boost from AMETEK’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, March 7th. AMETEK’s payout ratio is presently 19.68%.

Insider Activity at AMETEK

In other news, Director Thomas A. Amato sold 780 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $182.00, for a total value of $141,960.00. Following the transaction, the director now owns 10,240 shares in the company, valued at approximately $1,863,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Thomas A. Amato sold 780 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $182.00, for a total value of $141,960.00. Following the transaction, the director now directly owns 10,240 shares of the company’s stock, valued at $1,863,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Joseph Burke sold 5,973 shares of AMETEK stock in a transaction on Monday, February 12th. The shares were sold at an average price of $168.90, for a total value of $1,008,839.70. Following the sale, the chief financial officer now directly owns 101,709 shares of the company’s stock, valued at approximately $17,178,650.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,881 shares of company stock valued at $10,689,758. Company insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

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