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

AMETEK (NYSE:AME) issued 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. AMETEK had a net margin of 19.91% and a return on equity of 17.96%. The business 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 company earned $1.49 EPS. The business’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 Price Performance

Shares of AME traded up $3.15 during mid-day trading on Friday, reaching $166.49. The company had a trading volume of 2,065,096 shares, compared to its average volume of 972,476. The company has a market capitalization of $38.49 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 2.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 0.98. The company’s 50 day simple moving average is $179.88 and its 200 day simple moving average is $165.94. AMETEK has a 1-year low of $136.89 and a 1-year high of $186.32.

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. This is an increase from AMETEK’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.12 annualized dividend and a yield of 0.67%. AMETEK’s payout ratio is presently 19.75%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Thomas A. Amato sold 780 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $182.00, for a total value of $141,960.00. Following the completion of the transaction, the director now owns 10,240 shares of the company’s stock, valued at $1,863,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other AMETEK news, Director Thomas A. Amato sold 780 shares of AMETEK stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $182.00, for a total transaction of $141,960.00. Following the transaction, the director now directly owns 10,240 shares of the company’s stock, valued at approximately $1,863,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Joseph Burke sold 27,400 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,881 shares of company stock valued at $10,689,758. 0.61% of the stock is currently owned by insiders.

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.