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

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

AMETEK Trading Up 2.0 %

Shares of NYSE:AME traded up $3.22 on Friday, reaching $166.56. 2,065,100 shares of the company traded hands, compared to its average volume of 956,196. AMETEK has a 52 week low of $136.89 and a 52 week high of $186.32. The company has a current ratio of 1.11, a quick ratio of 0.59 and a debt-to-equity ratio of 0.21. The business’s 50-day simple moving average is $179.88 and its 200 day simple moving average is $165.94. The stock has a market capitalization of $38.51 billion, a P/E ratio of 29.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.21.

AMETEK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 8th were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from AMETEK’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 0.67%. AMETEK’s payout ratio is currently 19.68%.

Insider Activity at AMETEK

In other AMETEK news, CFO William Joseph Burke sold 17,437 shares of AMETEK stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $168.51, for a total value of $2,938,308.87. Following the transaction, the chief financial officer now directly owns 101,709 shares of the company’s stock, valued at approximately $17,138,983.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Steven W. Kohlhagen sold 1,400 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $180.59, for a total value of $252,826.00. Following the sale, the director now directly owns 28,054 shares of the company’s stock, valued at $5,066,271.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Joseph Burke sold 17,437 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $168.51, for a total value of $2,938,308.87. Following the transaction, the chief financial officer now owns 101,709 shares in the company, valued at approximately $17,138,983.59. The disclosure for this sale can be found here. Insiders sold 59,881 shares of company stock worth $10,689,758 in the last ninety days. 0.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AME has been the topic of a number of recent analyst reports. KeyCorp increased their price objective on AMETEK from $182.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. StockNews.com lowered AMETEK from a “buy” rating to a “hold” rating in a report on Saturday, March 2nd. Truist Financial assumed coverage on shares of AMETEK in a research note on Thursday, March 14th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Royal Bank of Canada cut their price target 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. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.