AMETEK (NYSE:AME) Releases Q3 Earnings Guidance

AMETEK (NYSE:AME) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.60-1.62 for the period, compared to the consensus estimate of $1.73. The company issued revenue guidance of up mid single digits, compared to the consensus revenue estimate of $1.83 billion. AMETEK also updated its FY 2024 guidance to 6.700-6.800 EPS.

AMETEK Stock Down 6.6 %

AMETEK stock opened at $162.05 on Thursday. The company has a 50-day simple moving average of $169.57 and a 200-day simple moving average of $172.67. The firm has a market capitalization of $37.51 billion, a P/E ratio of 30.48, a P/E/G ratio of 2.77 and a beta of 1.18. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 1.11. AMETEK has a one year low of $136.89 and a one year high of $186.32.

AMETEK (NYSE:AME) last posted its quarterly earnings data 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. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.78 billion. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 earnings per share. As a group, equities analysts expect that AMETEK will post 6.81 earnings per share for the current year.

AMETEK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Friday, June 14th. AMETEK’s payout ratio is currently 19.68%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Robert W. Baird cut their price target on shares of AMETEK from $173.00 to $171.00 and set a neutral rating for the company in a report on Monday, May 6th. Oppenheimer raised shares of AMETEK from a market perform rating to an outperform rating and set a $200.00 price target for the company in a report on Wednesday, May 22nd. Truist Financial cut their price objective on AMETEK from $210.00 to $204.00 and set a buy rating on the stock in a report on Tuesday, July 2nd. Finally, StockNews.com upgraded AMETEK from a hold rating to a buy rating in a report on Monday. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, AMETEK presently has an average rating of Moderate Buy and an average target price of $181.20.

Insider Buying and Selling

In related news, Director Steven W. Kohlhagen sold 1,440 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $173.93, for a total value of $250,459.20. Following the transaction, the director now owns 24,809 shares in the company, valued at $4,315,029.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other AMETEK news, Director Steven W. Kohlhagen sold 1,440 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $173.93, for a total transaction of $250,459.20. Following the completion of the sale, the director now owns 24,809 shares of the company’s stock, valued at $4,315,029.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven W. Kohlhagen sold 1,470 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $170.20, for a total value of $250,194.00. Following the sale, the director now directly owns 26,249 shares of the company’s stock, valued at approximately $4,467,579.80. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by corporate 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.