IDEX Corporation (NYSE:IEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, May 10th. The firm presently has a $117.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 3.52% from the company’s current price.
According to Zacks, “IDEX started 2017 on a positive note with strong first-quarter results. The company also witnessed record order levels and modest organic growth after several quarters on diligent execution of operational plans. With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to continuously boost its revenue. Management further raised its earlier guidance for 2017 on solid quarterly results and robust demand patterns. The company intends to optimize its cost structure, increase its competitiveness and reallocate resources to improve profitability. The long-term growth prospects of the company, therefore, appear to be quite encouraging. IDEX also outperformed the industry over the last three months. However, IDEX’s performance is exposed to the frailties in the U.S. and international markets, while its acquisition binge often become a drag on the profitability.”
A number of other research analysts have also recently commented on IEX. Royal Bank Of Canada reissued a “sector perform” rating and issued a $102.00 price target (up from $99.00) on shares of IDEX Corporation in a report on Friday, April 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $79.00 price objective on shares of IDEX Corporation in a research note on Wednesday, April 12th. Janney Montgomery Scott downgraded IDEX Corporation from a “buy” rating to a “neutral” rating and set a $96.00 target price on the stock. in a research report on Thursday, March 2nd. Stifel Nicolaus reissued a “hold” rating and set a $100.00 target price (up previously from $94.00) on shares of IDEX Corporation in a research report on Friday, April 21st. Finally, BMO Capital Markets reissued a “hold” rating and set a $104.00 target price on shares of IDEX Corporation in a research report on Friday, April 21st. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $100.71.
IDEX Corporation (IEX) traded up 0.93% during trading on Wednesday, reaching $113.02. 246,538 shares of the company’s stock traded hands. The company’s 50 day moving average is $107.03 and its 200-day moving average is $96.27. IDEX Corporation has a 52-week low of $77.93 and a 52-week high of $113.04. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of 31.13 and a beta of 1.15.
IDEX Corporation (NYSE:IEX) last posted its quarterly earnings results on Wednesday, April 19th. The industrial products company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.10. IDEX Corporation had a return on equity of 19.19% and a net margin of 12.89%. The company had revenue of $553.60 million for the quarter, compared to analysts’ expectations of $533.14 million. During the same period in the previous year, the firm earned $0.89 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. On average, analysts anticipate that IDEX Corporation will post $4.07 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 15th were given a dividend of $0.37 per share. This is a positive change from IDEX Corporation’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a yield of 1.31%. The ex-dividend date was Thursday, May 11th. IDEX Corporation’s dividend payout ratio is currently 40.66%.
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In other news, VP Michael J. Yates sold 10,533 shares of the firm’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $104.30, for a total value of $1,098,591.90. Following the transaction, the vice president now owns 34,418 shares in the company, valued at $3,589,797.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jeffrey D. Bucklew sold 2,000 shares of the stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $103.09, for a total value of $206,180.00. Following the completion of the sale, the senior vice president now directly owns 2,726 shares of the company’s stock, valued at approximately $281,023.34. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Global X Management Co. LLC boosted its stake in IDEX Corporation by 1.3% in the first quarter. Global X Management Co. LLC now owns 2,869 shares of the industrial products company’s stock valued at $268,000 after buying an additional 36 shares during the period. US Bancorp DE boosted its stake in IDEX Corporation by 1.4% in the first quarter. US Bancorp DE now owns 2,646 shares of the industrial products company’s stock valued at $247,000 after buying an additional 37 shares during the period. Creative Planning boosted its stake in IDEX Corporation by 4.3% in the first quarter. Creative Planning now owns 1,422 shares of the industrial products company’s stock valued at $133,000 after buying an additional 59 shares during the period. GHP Investment Advisors Inc. boosted its stake in IDEX Corporation by 1.0% in the first quarter. GHP Investment Advisors Inc. now owns 7,422 shares of the industrial products company’s stock valued at $694,000 after buying an additional 72 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in IDEX Corporation by 1.9% in the first quarter. Stratos Wealth Partners LTD. now owns 4,611 shares of the industrial products company’s stock valued at $431,000 after buying an additional 84 shares during the period. 99.03% of the stock is owned by hedge funds and other institutional investors.
IDEX Corporation Company Profile
IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST) and Fire & Safety/Diversified Products (FSDP).
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