AMETEK (NYSE:AME – Get Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.36-$1.38 for the period, compared to the consensus earnings per share estimate of $1.37. The company issued revenue guidance of -. AMETEK also updated its FY 2022 guidance to $5.46-$5.54 EPS.
Analysts Set New Price Targets
Several research analysts have issued reports on AME shares. Robert W. Baird dropped their target price on AMETEK from $156.00 to $140.00 and set a neutral rating on the stock in a research report on Tuesday, May 10th. Bank of America downgraded AMETEK from a buy rating to a neutral rating and decreased their target price for the company from $170.00 to $122.00 in a research note on Monday, July 11th. Loop Capital decreased their target price on AMETEK from $170.00 to $155.00 and set a buy rating on the stock in a research note on Tuesday, July 19th. Mizuho lifted their target price on AMETEK from $135.00 to $140.00 and gave the company a buy rating in a research note on Wednesday. Finally, KeyCorp reduced their price objective on AMETEK from $155.00 to $145.00 in a research note on Wednesday, May 4th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AMETEK has a consensus rating of Moderate Buy and an average target price of $147.13.
AMETEK Price Performance
Shares of AMETEK stock traded up $0.87 during mid-day trading on Friday, reaching $126.25. 789,817 shares of the stock traded hands, compared to its average volume of 1,076,158. The business has a 50-day moving average of $115.29 and a 200 day moving average of $124.48. AMETEK has a fifty-two week low of $106.17 and a fifty-two week high of $148.07. The stock has a market capitalization of $29.15 billion, a PE ratio of 26.86, a PEG ratio of 2.53 and a beta of 1.26. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.31.
AMETEK Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.70%. AMETEK’s payout ratio is 18.72%.
AMETEK declared that its Board of Directors has authorized a stock repurchase program on Friday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of AME. Orion Portfolio Solutions LLC increased its position in shares of AMETEK by 4.1% during the first quarter. Orion Portfolio Solutions LLC now owns 3,840 shares of the technology company’s stock worth $511,000 after purchasing an additional 152 shares in the last quarter. Beacon Pointe Advisors LLC increased its position in AMETEK by 90.5% during the first quarter. Beacon Pointe Advisors LLC now owns 3,825 shares of the technology company’s stock worth $509,000 after buying an additional 1,817 shares in the last quarter. Quantamental Technologies LLC purchased a new position in AMETEK during the first quarter worth $457,000. Brown Brothers Harriman & Co. lifted its stake in shares of AMETEK by 23.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 3,035 shares of the technology company’s stock worth $404,000 after purchasing an additional 582 shares during the period. Finally, Cetera Investment Advisers increased its holdings in shares of AMETEK by 45.1% during the 1st quarter. Cetera Investment Advisers now owns 2,974 shares of the technology company’s stock worth $396,000 after buying an additional 924 shares during the last quarter. 86.72% of the stock is currently owned by hedge funds and other institutional investors.
AMETEK Company Profile
AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. It operates in two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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