AMETEK, Inc. (NYSE:AME – Get Rating) – Zacks Research increased their FY2022 earnings per share (EPS) estimates for shares of AMETEK in a report issued on Friday, September 23rd. Zacks Research analyst S. Mete now expects that the technology company will post earnings of $5.51 per share for the year, up from their previous estimate of $5.49. The consensus estimate for AMETEK's current full-year earnings is $5.52 per share. Zacks Research also issued estimates for AMETEK's Q2 2023 earnings at $1.44 EPS, Q3 2023 earnings at $1.42 EPS, Q1 2024 earnings at $1.46 EPS, Q2 2024 earnings at $1.54 EPS and FY2024 earnings at $6.15 EPS.
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AMETEK (NYSE:AME – Get Rating) last released its quarterly earnings results on Tuesday, August 2nd. The technology company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.29 by $0.09. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.46 billion. AMETEK had a net margin of 18.49% and a return on equity of 18.20%. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.15 EPS.
Other equities analysts also recently issued research reports about the stock. Loop Capital lowered their target price on shares of AMETEK from $170.00 to $155.00 and set a "buy" rating for the company in a research note on Tuesday, July 19th. Royal Bank of Canada reiterated an "outperform" rating on shares of AMETEK in a research note on Wednesday, August 3rd. Morgan Stanley increased their target price on shares of AMETEK from $135.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 3rd. Bank of America cut shares of AMETEK from a "buy" rating to a "neutral" rating and cut their price target for the stock from $170.00 to $122.00 in a report on Monday, July 11th. Finally, Mizuho increased their price target on shares of AMETEK from $135.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $148.56.
AMETEK Stock Down 0.9 %
Shares of NYSE AME opened at $114.43 on Monday. AMETEK has a 52-week low of $106.17 and a 52-week high of $148.07. The business's 50 day moving average is $122.17 and its two-hundred day moving average is $122.18. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.31. The firm has a market cap of $26.27 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 2.22 and a beta of 1.26.
AMETEK Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Tuesday, September 13th. AMETEK's dividend payout ratio is presently 18.72%.
Insider Activity
In related news, Director Steven W. Kohlhagen sold 3,100 shares of AMETEK stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $123.75, for a total transaction of $383,625.00. Following the sale, the director now owns 42,864 shares of the company's stock, valued at approximately $5,304,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Steven W. Kohlhagen sold 3,000 shares of the business's stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $126.81, for a total value of $380,430.00. Following the completion of the sale, the director now owns 45,964 shares of the company's stock, valued at approximately $5,828,694.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven W. Kohlhagen sold 3,100 shares of the business's stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $123.75, for a total transaction of $383,625.00. Following the completion of the sale, the director now directly owns 42,864 shares of the company's stock, valued at approximately $5,304,420. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.
Institutional Investors Weigh In On AMETEK
Several hedge funds and other institutional investors have recently modified their holdings of AME. O Shaughnessy Asset Management LLC increased its position in shares of AMETEK by 38.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,176 shares of the technology company's stock worth $320,000 after purchasing an additional 602 shares during the last quarter. ETF Managers Group LLC acquired a new position in shares of AMETEK in the 4th quarter valued at about $410,000. LPL Financial LLC boosted its holdings in shares of AMETEK by 15.8% in the 4th quarter. LPL Financial LLC now owns 51,282 shares of the technology company's stock valued at $7,541,000 after buying an additional 6,993 shares during the period. State Street Corp boosted its holdings in shares of AMETEK by 0.7% in the 4th quarter. State Street Corp now owns 9,295,593 shares of the technology company's stock valued at $1,366,824,000 after buying an additional 60,786 shares during the period. Finally, Alpha Paradigm Partners LLC boosted its holdings in shares of AMETEK by 73.1% in the 4th quarter. Alpha Paradigm Partners LLC now owns 1,501 shares of the technology company's stock valued at $221,000 after buying an additional 634 shares during the period. Institutional investors own 85.46% of the company's stock.
About AMETEK
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AMETEK, Inc manufactures and sells electronic instruments and electromechanical devices worldwide. It operates in two segments, Electronic Instruments (EIG) and Electromechanical (EMG). 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; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets.
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