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

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

AMETEK Price Performance

Shares of AME opened at $166.56 on Friday. The company’s 50-day moving average is $179.64 and its 200-day moving average is $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. The firm has a market capitalization of $38.51 billion, a PE ratio of 29.27, a PEG ratio of 2.66 and a beta of 1.21. AMETEK has a fifty-two week low of $136.89 and a fifty-two week high of $186.32.

AMETEK Increases Dividend

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, CFO William Joseph Burke sold 17,437 shares of the business’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 owns 101,709 shares in the company, valued at $17,138,983.59. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Steven W. Kohlhagen sold 1,400 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 28,054 shares in the company, valued at approximately $5,066,271.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William Joseph Burke sold 17,437 shares of AMETEK stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $168.51, for a total transaction of $2,938,308.87. Following the sale, the chief financial officer now directly owns 101,709 shares in the company, valued at $17,138,983.59. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,881 shares of company stock valued at $10,689,758. 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.