AMETEK (NYSE:AME) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

AMETEK (NYSE:AME) released its earnings results on Thursday. The technology company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.05, Briefing.com reports. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the company earned $1.49 EPS. AMETEK’s quarterly revenue was up 9.0% compared to the same quarter last year. AMETEK updated its Q2 guidance to $1.63-$1.65 EPS and its FY24 guidance to $6.74-$6.86 EPS.

AMETEK Stock Performance

Shares of AME stock traded up $3.22 on Friday, hitting $166.56. 2,065,100 shares of the stock were exchanged, compared to its average volume of 956,196. The firm’s 50 day moving average is $179.88 and its two-hundred day moving average is $165.94. AMETEK has a one year low of $136.89 and a one year high of $186.32. The firm has a market capitalization of $38.51 billion, a PE ratio of 29.26, a P/E/G ratio of 2.61 and a beta of 1.21. The company has a current ratio of 1.11, a quick ratio of 0.59 and a debt-to-equity ratio of 0.21.

AMETEK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 8th were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from AMETEK’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a dividend yield of 0.67%. AMETEK’s payout ratio is presently 19.68%.

Insider Buying and Selling at AMETEK

In other news, CFO William Joseph Burke sold 27,400 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $185.05, for a total transaction of $5,070,370.00. Following the completion of the transaction, the chief financial officer now directly owns 106,512 shares in the company, valued at approximately $19,710,045.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AMETEK news, Director Steven W. Kohlhagen sold 1,400 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $180.59, for a total transaction of $252,826.00. Following the transaction, the director now directly owns 28,054 shares in the company, valued at $5,066,271.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Joseph Burke sold 27,400 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $185.05, for a total transaction of $5,070,370.00. Following the completion of the sale, the chief financial officer now owns 106,512 shares of the company’s stock, valued at $19,710,045.60. The disclosure for this sale can be found here. Insiders have sold a total of 59,881 shares of company stock valued at $10,689,758 over the last three months. 0.61% of the stock is currently owned by insiders.

Analyst Ratings Changes

AME has been the subject of several research reports. StockNews.com downgraded AMETEK from a “buy” rating to a “hold” rating in a research note on Saturday, March 2nd. KeyCorp upped 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. Truist Financial initiated coverage on shares of AMETEK in a report on Thursday, March 14th. They issued a “buy” rating and a $210.00 target price for the company. Finally, 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 report on Wednesday, February 7th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, AMETEK has an average rating of “Moderate Buy” and an average price target of $180.78.

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.