AMETEK (NYSE:AME) Releases Q2 Earnings Guidance

AMETEK (NYSE:AME) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.63-$1.65 for the period, compared to the consensus estimate of $1.67. AMETEK also updated its FY24 guidance to $6.74-$6.86 EPS.

AMETEK Stock Up 2.0 %

Shares of NYSE AME traded up $3.22 during trading on Friday, reaching $166.56. 2,065,100 shares of the stock were exchanged, compared to its average volume of 956,196. The business’s 50-day moving average price is $179.64 and its 200 day moving average price is $166.05. AMETEK has a twelve month low of $136.89 and a twelve month 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 capitalization of $38.51 billion, a price-to-earnings ratio of 29.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21.

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, topping analysts’ consensus estimates of $1.59 by $0.05. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.78 billion. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The business’s 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 earnings per share. As a group, equities analysts forecast that AMETEK will post 6.81 EPS 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. This is a positive change 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 19.68%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other AMETEK 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 sale, the director now directly owns 10,240 shares in the company, valued at $1,863,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AMETEK news, Director Thomas A. Amato sold 780 shares of the company’s stock in a transaction 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 transaction, the director now owns 10,240 shares of the company’s stock, valued at $1,863,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas M. Montgomery sold 6,891 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $185.38, for a total value of $1,277,453.58. Following the completion of the transaction, the vice president now directly owns 21,543 shares in the company, valued at approximately $3,993,641.34. The disclosure for this sale can be found here. Insiders sold 59,881 shares of company stock worth $10,689,758 over the last ninety days. Company 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.