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

AMETEK (NYSE:AME) released its earnings results on Thursday. The technology company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.05, Briefing.com reports. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.78 billion. AMETEK had a net margin of 19.91% and a return on equity of 17.96%. The business’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business 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 Price Performance

Shares of AMETEK stock traded up $3.15 during trading on Friday, hitting $166.49. 2,065,096 shares of the company’s stock traded hands, compared to its average volume of 972,476. The company has a market cap of $38.49 billion, a PE ratio of 29.36, a PEG ratio of 2.78 and a beta of 1.21. The firm’s fifty day moving average price is $179.88 and its 200 day moving average price is $165.94. AMETEK has a twelve month low of $136.89 and a twelve month high of $186.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.98 and a quick ratio of 0.59.

AMETEK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 8th were paid a $0.28 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 0.67%. AMETEK’s dividend payout ratio is currently 19.75%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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