AMETEK (NYSE:AME) Issues Quarterly Earnings Results

AMETEK (NYSE:AME - Get Free Report) issued its quarterly earnings results on Thursday. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.06, Zacks reports. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.74 billion. AMETEK had a return on equity of 16.94% and a net margin of 19.83%. The company's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.64 earnings per share.

AMETEK Price Performance

Shares of NYSE AME traded up $2.89 during mid-day trading on Friday, hitting $170.15. 1,160,346 shares of the stock were exchanged, compared to its average volume of 1,294,036. AMETEK has a twelve month low of $145.02 and a twelve month high of $198.33. The stock's fifty day simple moving average is $170.16 and its two-hundred day simple moving average is $179.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.75 and a current ratio of 1.24. The company has a market cap of $39.26 billion, a P/E ratio of 28.69, a PEG ratio of 2.73 and a beta of 1.14.

AMETEK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.31 per share. This is an increase from AMETEK's previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Friday, March 14th. AMETEK's dividend payout ratio (DPR) is currently 20.91%.

AMETEK announced that its Board of Directors has authorized a stock buyback program on Friday, February 7th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AME. Royal Bank of Canada increased their price target on shares of AMETEK from $194.00 to $201.00 and gave the company an "outperform" rating in a report on Friday. Truist Financial reduced their target price on shares of AMETEK from $216.00 to $196.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Robert W. Baird lowered their price target on AMETEK from $200.00 to $197.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 5th. StockNews.com downgraded AMETEK from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Finally, BNP Paribas upgraded AMETEK from a "neutral" rating to an "outperform" rating and set a $210.00 price objective on the stock in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $197.20.

Insider Transactions at AMETEK

In other news, Director Steven W. Kohlhagen sold 1,320 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $189.41, for a total transaction of $250,021.20. Following the transaction, the director now directly owns 22,029 shares in the company, valued at approximately $4,172,512.89. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas A. Amato sold 710 shares of the stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $176.64, for a total transaction of $125,414.40. Following the sale, the director now directly owns 10,560 shares in the company, valued at $1,865,318.40. This trade represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.