AMETEK (NYSE:AME) Releases FY24 Earnings Guidance

AMETEK (NYSE:AME) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $6.74-$6.86 for the period, compared to the consensus estimate of $6.84. AMETEK also updated its Q2 guidance to $1.63-$1.65 EPS.

AMETEK Stock Performance

NYSE:AME traded up $3.22 during mid-day trading on Friday, reaching $166.56. 2,065,100 shares of the company’s stock were exchanged, compared to its average volume of 956,196. The business’s fifty day simple moving average is $179.64 and its two-hundred day simple moving average is $166.05. AMETEK has a one year low of $136.89 and a one year high of $186.32. The firm has a market capitalization of $38.51 billion, a PE ratio of 29.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.59 and a current ratio of 1.11.

AMETEK (NYSE:AME) last issued its quarterly earnings results on Thursday, May 2nd. The technology company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.05. AMETEK had a return on equity of 17.74% and a net margin of 19.57%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the previous year, the company posted $1.49 earnings per share. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. Analysts anticipate that AMETEK will post 6.81 earnings per share for the current fiscal year.

AMETEK Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on AME shares. Truist Financial assumed coverage on AMETEK in a research report on Thursday, March 14th. They set a buy rating and a $210.00 price objective for the company. Royal Bank of Canada dropped their price objective 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. StockNews.com cut shares of AMETEK from a buy rating to a hold rating in a research note on Saturday, March 2nd. Finally, KeyCorp boosted 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. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $180.78.

Insider Activity at AMETEK

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

AMETEK Company Profile

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.