AMETEK (NYSE:AME) Issues Q2 Earnings Guidance

AMETEK (NYSE:AME) updated its second quarter earnings guidance on Thursday. 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 AMETEK stock traded up $3.22 during trading hours on Friday, reaching $166.56. 2,065,100 shares of the company were exchanged, compared to its average volume of 956,196. The firm 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 company has a debt-to-equity ratio of 0.21, a quick ratio of 0.59 and a current ratio of 1.11. AMETEK has a 1 year low of $136.89 and a 1 year high of $186.32. The stock’s fifty day moving average is $179.64 and its 200 day moving average is $166.05.

AMETEK (NYSE:AME) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.05. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.78 billion. AMETEK had a return on equity of 17.74% and a net margin of 19.57%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.49 EPS. As a group, equities research analysts forecast that AMETEK will post 6.81 earnings per share for the current year.

AMETEK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 8th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. 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. AMETEK’s payout ratio is currently 19.68%.

Analyst Upgrades and Downgrades

AME has been the topic of several research reports. StockNews.com lowered AMETEK from a buy rating to a hold rating in a report on Saturday, March 2nd. Truist Financial assumed coverage on shares of AMETEK in a report on Thursday, March 14th. They set a buy rating and a $210.00 target price for the company. Royal Bank of Canada reduced 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. Finally, KeyCorp raised their price objective on shares of AMETEK from $182.00 to $205.00 and gave the stock an overweight rating in a research note on Tuesday, February 27th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $180.78.

Insider Buying and Selling

In other news, Director Thomas A. Amato sold 780 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $182.00, for a total value of $141,960.00. Following the completion of the transaction, the director now directly owns 10,240 shares in the company, valued at $1,863,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Thomas A. Amato sold 780 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,863,680. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William Joseph Burke sold 17,437 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,881 shares of company stock valued at $10,689,758. Corporate 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.