Ametek, Inc. (NYSE: AME) has announced a 12% increase in its quarterly cash dividend on common stock, raising it to $0.28 per share from $0.25 per share. The dividend is payable on March 28, 2024, to shareholders of record as of March 8, 2024. This increase brings the indicated annual rate to $1.12 per share.
David A. Zapico, Chairman and CEO of Ametek, expressed confidence in the company's performance, stating, "Ametek continues to perform exceptionally well, delivering strong growth, outstanding cash flow generation, and excellent operating results. We remain focused on deploying our cash flows on strategic acquisitions, driving long-term shareholder value as we integrate companies into the Ametek growth model. Our robust cash flows also allow us to provide our shareholders with a higher and consistently increasing cash dividend."
Ametek, a leading global provider of industrial technology solutions with annualized sales over $7.0 billion, follows a growth model that integrates operational excellence, new product development, global and market expansion, and strategic acquisitions with a disciplined focus on cash generation and capital deployment. The company's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital.
In response to this news, the company's shares have moved 1.1% and are now trading at a price of $168.06.
The company's full 8-K submission is available here.
