AMETEK (NYSE:AME) Updates Q2 Earnings Guidance

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

AMETEK Stock Up 2.0 %

NYSE:AME traded up $3.22 during trading hours on Friday, reaching $166.56. 2,065,100 shares of the stock were exchanged, compared to its average volume of 956,196. The stock has a market cap of $38.51 billion, a PE ratio of 29.27, a PEG ratio of 2.66 and a beta of 1.21. The firm has a 50 day moving average of $179.64 and a 200 day moving average of $166.05. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.11 and a quick ratio of 0.59. AMETEK has a twelve month low of $136.89 and a twelve month high of $186.32.

AMETEK (NYSE:AME) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.05. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the company posted $1.49 earnings per share. The business’s revenue was up 9.0% on a year-over-year basis. On average, equities analysts expect that AMETEK will post 6.81 earnings per share for the current year.

AMETEK Increases Dividend

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

Analyst Ratings Changes

A number of research firms have weighed in on AME. Royal Bank of Canada dropped their target price 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. Truist Financial began coverage on shares of AMETEK in a research report on Thursday, March 14th. They issued a buy rating and a $210.00 price target on the stock. StockNews.com lowered shares of AMETEK from a buy rating to a hold rating in a research note on Saturday, March 2nd. Finally, KeyCorp raised their price target on AMETEK from $182.00 to $205.00 and gave the stock an overweight rating in a report on Tuesday, February 27th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $180.78.

Insider Activity at AMETEK

In other news, CFO William Joseph Burke sold 17,437 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $17,138,983.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO William Joseph Burke sold 17,437 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven W. Kohlhagen sold 1,400 shares of the company’s 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 transaction, the director now directly owns 28,054 shares in the company, valued at approximately $5,066,271.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,881 shares of company stock valued at $10,689,758. 0.61% of the stock is owned by company 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.