BERWYN, PA—John Wesley Hardin, President of Electronic Instruments at Ametek Inc . (NYSE:AME), recently sold 19,450 shares of the company's common stock, totaling approximately $3.8 million. The shares were sold at prices ranging from $195.77 to $196.51 per share.
On the same day, Hardin exercised stock options to acquire 19,450 shares at a price of $73.45 each, resulting in a transaction valued at $1,428,602. Following these transactions, Hardin holds 69,402 shares of Ametek common stock directly, along with additional holdings in a 401k plan and other stock holdings.
These transactions reflect Hardin's ongoing involvement with the company while managing his personal investment portfolio. Ametek, based in Berwyn, Pennsylvania, specializes in industrial instruments for measurement, display, and control.
In other recent news, Ametek Inc. has been making headlines with its strong third-quarter performance. The company's earnings per diluted share surpassed expectations, reaching $1.66, which led to an upward revision of their full-year 2024 earnings per share (EPS) guidance to $6.77-$6.82. The company's third-quarter sales also marked a 5% increase, reaching $1.71 billion.
Several analyst firms have updated their outlook on Ametek following these results. Baird increased its price target to $186, maintaining a Neutral rating, while Truist Securities raised its price target to $221 and held a Buy rating. RBC Capital Markets adjusted its price target to $210, sustaining an Outperform rating, all highlighting the company's robust performance.
Ametek's recent successes are attributed to a margin-driven EPS beat and strong free cash flow generation. The company's total orders grew by 12% and the book-to-bill ratio exceeded 1.0, suggesting a healthy demand for its products. Furthermore, Ametek's backlog reached near-record levels at $3.44 billion, providing visibility for future earnings.
These recent developments highlight Ametek's resilience in navigating through a period of inventory destocking and broader macroeconomic concerns. The company continues to focus on long-term growth, investing an additional $90 million in growth initiatives for 2024, and maintaining a strong pipeline of potential acquisitions.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Ametek's financial position and market performance. The company's market capitalization stands at an impressive $45.17 billion, reflecting its significant presence in the industrial instruments sector. Ametek's revenue for the last twelve months as of Q3 2024 reached $6.91 billion, with a solid revenue growth of 6.45% over the same period.
InvestingPro Tips highlight Ametek's strong financial health and market performance. The company has maintained dividend payments for 54 consecutive years, demonstrating a commitment to shareholder returns. This is particularly relevant in the context of John Wesley Hardin's recent stock transactions, as it underscores the long-term value proposition for Ametek shareholders.
Another InvestingPro Tip notes that Ametek's stock is trading near its 52-week high, with a robust one-year price total return of 28.98%. This aligns with the timing of Hardin's stock sale, potentially indicating a favorable market valuation for the company's shares.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips on Ametek, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.