AMETEK (NYSE:AME) Releases FY24 Earnings Guidance

AMETEK (NYSE:AME) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $6.74-$6.86 for the period, compared to the consensus earnings per share estimate of $6.84. AMETEK also updated its Q2 guidance to $1.63-$1.65 EPS.

AMETEK Trading Up 2.0 %

AME stock traded up $3.22 during midday trading on Friday, hitting $166.56. The stock had a trading volume of 2,065,100 shares, compared to its average volume of 956,196. The company has a current ratio of 1.11, a quick ratio of 0.59 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average price of $179.64 and a two-hundred day moving average price of $166.05. AMETEK has a 1-year low of $136.89 and a 1-year high of $186.32. The firm has a market cap of $38.51 billion, a P/E ratio of 29.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21.

AMETEK (NYSE:AME) last announced its earnings results on Thursday, May 2nd. The technology company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.59 by $0.05. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.78 billion. AMETEK had a return on equity of 17.74% and a net margin of 19.57%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 EPS. On average, sell-side analysts predict that AMETEK will post 6.81 earnings per share for the current fiscal year.

AMETEK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 8th were given a dividend of $0.28 per share. 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 was Thursday, March 7th. AMETEK’s dividend payout ratio is currently 19.68%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Royal Bank of Canada decreased their price target on shares of AMETEK from $192.00 to $188.00 and set an outperform rating on the stock in a report on Wednesday, February 7th. KeyCorp raised their price target on AMETEK from $182.00 to $205.00 and gave the company an overweight rating in a research report on Tuesday, February 27th. StockNews.com cut AMETEK from a buy rating to a hold rating in a report on Saturday, March 2nd. Finally, Truist Financial assumed coverage on AMETEK in a research report on Thursday, March 14th. They issued a buy rating and a $210.00 target price for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $180.78.

Insider Buying and Selling

In related news, Director Steven W. Kohlhagen sold 1,400 shares of AMETEK stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $180.59, for a total transaction of $252,826.00. Following the completion of the transaction, the director now directly owns 28,054 shares of the company’s stock, valued at approximately $5,066,271.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other AMETEK news, CFO William Joseph Burke sold 5,973 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $168.90, for a total value of $1,008,839.70. Following the sale, the chief financial officer now directly owns 101,709 shares of the company’s stock, valued at $17,178,650.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven W. Kohlhagen sold 1,400 shares of AMETEK stock in a transaction dated Tuesday, March 12th. The stock was 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 of the company’s stock, valued at approximately $5,066,271.86. 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 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.