Rosenblatt Securities assumed coverage on shares of IDEX (NYSE:IEX) in a research note issued to investors on Thursday, The Fly reports. The brokerage issued a buy rating and a $185.00 target price on the industrial products company’s stock.
A number of other research firms have also issued reports on IEX. Wells Fargo & Co reduced their price target on IDEX from $200.00 to $190.00 and set an outperform rating on the stock in a research report on Thursday, October 31st. Citigroup initiated coverage on IDEX in a research report on Monday, September 30th. They issued a neutral rating and a $175.00 price target on the stock. ValuEngine lowered IDEX from a buy rating to a hold rating in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus increased their price target on IDEX from $157.00 to $162.00 and gave the company a hold rating in a research report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. IDEX has a consensus rating of Hold and an average price target of $174.14.
IEX traded down $0.76 during mid-day trading on Thursday, hitting $159.62. 211,681 shares of the stock were exchanged, compared to its average volume of 464,973. The firm’s fifty day moving average is $159.81 and its two-hundred day moving average is $161.59. IDEX has a 1-year low of $117.72 and a 1-year high of $173.84. The company has a current ratio of 3.21, a quick ratio of 2.39 and a debt-to-equity ratio of 0.39. The company has a market cap of $12.21 billion, a PE ratio of 29.50, a PEG ratio of 2.76 and a beta of 1.21.
IDEX (NYSE:IEX) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.06. The firm had revenue of $624.20 million for the quarter, compared to analyst estimates of $641.66 million. IDEX had a return on equity of 21.28% and a net margin of 17.05%. IDEX’s revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. As a group, research analysts anticipate that IDEX will post 5.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Tuesday, October 15th. IDEX’s dividend payout ratio is currently 36.97%.
In other news, COO Eric D. Ashleman sold 2,922 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $165.75, for a total value of $484,321.50. Following the transaction, the chief operating officer now owns 22,453 shares in the company, valued at approximately $3,721,584.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William M. Cook sold 4,080 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $161.93, for a total value of $660,674.40. Following the completion of the transaction, the director now owns 22,308 shares in the company, valued at approximately $3,612,334.44. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Krane Funds Advisors LLC purchased a new position in shares of IDEX in the 2nd quarter valued at about $27,000. Squar Milner Financial Services LLC increased its holdings in shares of IDEX by 376.5% in the 3rd quarter. Squar Milner Financial Services LLC now owns 162 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 128 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of IDEX in the 2nd quarter valued at about $33,000. SRS Capital Advisors Inc. purchased a new position in shares of IDEX in the 2nd quarter valued at about $44,000. Finally, River & Mercantile Asset Management LLP purchased a new position in shares of IDEX in the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 95.25% of the company’s stock.
IDEX Company Profile
IDEX Corporation, through its subsidiaries, operates as an applied solutions company worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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