DA Davidson Comments on AMETEK, Inc.’s Q2 2024 Earnings (NYSE:AME)

AMETEK, Inc. (NYSE:AME) – DA Davidson issued their Q2 2024 earnings estimates for shares of AMETEK in a research note issued on Friday, May 3rd. DA Davidson analyst M. Summerville expects that the technology company will post earnings of $1.65 per share for the quarter. The consensus estimate for AMETEK’s current full-year earnings is $6.81 per share.

Other analysts have also recently issued reports about the company. Truist Financial started coverage on AMETEK in a research note on Thursday, March 14th. They set a “buy” rating and a $210.00 target price for the company. KeyCorp increased their price objective on shares of AMETEK from $182.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. Royal Bank of Canada cut 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. Finally, StockNews.com lowered shares of AMETEK from a “buy” rating to a “hold” rating in a research note on Saturday, March 2nd. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $180.78.

AMETEK Stock Performance

NYSE AME opened at $166.56 on Monday. The stock has a market capitalization of $38.51 billion, a price-to-earnings ratio of 29.27, a PEG ratio of 2.66 and a beta of 1.21. The stock has a 50-day moving average of $179.64 and a 200 day moving average of $166.32. The company has a current ratio of 1.11, a quick ratio of 0.59 and a debt-to-equity ratio of 0.21. AMETEK has a twelve month low of $136.89 and a twelve month high of $186.32.

AMETEK (NYSE:AME) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.05. AMETEK had a net margin of 19.57% and a return on equity of 17.74%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the previous year, the company earned $1.49 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis.

AMETEK Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 8th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. This is a positive change from AMETEK’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, March 7th. AMETEK’s dividend payout ratio (DPR) is 19.68%.

Insider Transactions at AMETEK

In other news, CFO William Joseph Burke sold 17,437 shares of AMETEK stock in a transaction 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 transaction, the chief financial officer now owns 101,709 shares in the company, valued at approximately $17,138,983.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO William Joseph Burke sold 17,437 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $168.51, for a total value of $2,938,308.87. Following the completion of the sale, the chief financial officer now owns 101,709 shares of the company’s stock, valued at approximately $17,138,983.59. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $141,960.00. Following the sale, the director now directly owns 10,240 shares in the company, valued at approximately $1,863,680. The disclosure for this sale can be found here. Insiders have sold a total of 59,881 shares of company stock worth $10,689,758 in the last ninety days. Insiders own 0.61% of the company’s stock.

Institutional Trading of AMETEK

Hedge funds and other institutional investors have recently modified their holdings of the business. McGlone Suttner Wealth Management Inc. purchased a new position in AMETEK during the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in AMETEK in the 4th quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in AMETEK in the 4th quarter valued at approximately $26,000. Bruce G. Allen Investments LLC purchased a new stake in AMETEK in the fourth quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. acquired a new position in AMETEK during the fourth quarter worth $31,000. 87.43% of the stock is owned by institutional investors and hedge funds.

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.