AMETEK (NYSE:AME) Updates FY24 Earnings Guidance

AMETEK (NYSE:AME - Get Free Report) 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 Down 6.1 %

AMETEK stock traded down $10.67 during midday trading on Thursday, reaching $163.31. The stock had a trading volume of 2,896,004 shares, compared to its average volume of 959,624. The stock's 50-day simple moving average is $179.88 and its 200 day simple moving average is $165.94. The stock has a market capitalization of $37.76 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 2.79 and a beta of 1.21. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 0.98. AMETEK has a twelve month low of $136.89 and a twelve month high of $186.32.

AMETEK (NYSE:AME - Get Free Report) last announced its earnings results on Tuesday, February 6th. The technology company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.62 by $0.06. AMETEK had a return on equity of 17.96% and a net margin of 19.91%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business posted $1.52 EPS. The company's revenue was up 6.1% on a year-over-year basis. Analysts expect that AMETEK will post 6.82 EPS for the current year.

AMETEK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 dividend yield of 0.69%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from AMETEK's previous quarterly dividend of $0.25. AMETEK's dividend payout ratio is currently 19.75%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AME. Truist Financial began coverage on AMETEK in a report on Thursday, March 14th. They issued a buy rating and a $210.00 price target on the stock. Royal Bank of Canada dropped their price objective 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 upped their target price on shares of AMETEK from $182.00 to $205.00 and gave the stock an overweight rating in a research report on Tuesday, February 27th. Finally, StockNews.com cut AMETEK from a buy rating to a hold rating in a report on Saturday, March 2nd. Three research 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 presently has an average rating of Moderate Buy and a consensus target price of $180.78.

Insider Activity

In other AMETEK news, Director Thomas A. Amato sold 780 shares of the business's stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $182.00, for a total value of $141,960.00. Following the sale, the director now directly owns 10,240 shares in the company, valued at $1,863,680. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AMETEK news, Director Thomas A. Amato sold 780 shares of AMETEK stock in a transaction that occurred 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 transaction, the director now owns 10,240 shares in the company, valued at $1,863,680. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven W. Kohlhagen sold 1,400 shares of the stock in a transaction 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 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 sold a total of 59,881 shares of company stock worth $10,689,758 over the last 90 days. 0.61% of the stock is currently owned by company 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.