AMETEK (NYSE:AME) Issues FY24 Earnings Guidance

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

AMETEK Stock Performance

Shares of NYSE:AME traded up $3.22 during trading on Friday, hitting $166.56. The company’s stock had a trading volume of 2,065,100 shares, compared to its average volume of 956,196. The company has a 50-day moving average of $179.64 and a 200-day moving average of $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 cap of $38.51 billion, a price-to-earnings ratio of 29.27, a P/E/G ratio of 2.66 and a beta of 1.21. AMETEK has a 12 month low of $136.89 and a 12 month high of $186.32.

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

AMETEK Increases Dividend

The company also recently disclosed 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 represents a $1.12 annualized dividend and a dividend yield of 0.67%. This is an increase from AMETEK’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, March 7th. AMETEK’s dividend payout ratio (DPR) is presently 19.68%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, VP Thomas M. Montgomery sold 6,891 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $185.38, for a total value of $1,277,453.58. Following the completion of the sale, the vice president now directly owns 21,543 shares in the company, valued at $3,993,641.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Thomas A. Amato sold 780 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $182.00, for a total transaction of $141,960.00. Following the completion of the transaction, the director now owns 10,240 shares in the company, valued at approximately $1,863,680. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Thomas M. Montgomery sold 6,891 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $185.38, for a total value of $1,277,453.58. Following the completion of the sale, the vice president now owns 21,543 shares in the company, valued at approximately $3,993,641.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,881 shares of company stock valued at $10,689,758. 0.61% of the stock is currently owned by insiders.

About AMETEK

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.