Zacks Research Analysts Decrease Earnings Estimates for IDEX Co. (NYSE:IEX)

IDEX Co. (NYSE:IEX) – Equities researchers at Zacks Research dropped their FY2024 earnings estimates for shares of IDEX in a note issued to investors on Tuesday, April 16th. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings per share of $8.37 for the year, down from their previous estimate of $8.40. The consensus estimate for IDEX’s current full-year earnings is $8.34 per share. Zacks Research also issued estimates for IDEX’s Q4 2024 earnings at $2.28 EPS, Q2 2025 earnings at $2.51 EPS, Q4 2025 earnings at $2.31 EPS and Q1 2026 earnings at $2.44 EPS.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.05. The business had revenue of $788.90 million for the quarter, compared to the consensus estimate of $767.96 million. IDEX had a net margin of 18.21% and a return on equity of 18.56%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.01 earnings per share.

Several other analysts also recently weighed in on the stock. StockNews.com raised shares of IDEX from a “hold” rating to a “buy” rating in a report on Tuesday. Stifel Nicolaus upgraded shares of IDEX from a “hold” rating to a “buy” rating and raised their price objective for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer raised their price objective on shares of IDEX from $245.00 to $252.00 and gave the company an “outperform” rating in a research note on Thursday. Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price objective on shares of IDEX in a research note on Thursday, March 21st. Finally, Citigroup raised their price objective on shares of IDEX from $254.00 to $277.00 and gave the company a “buy” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, IDEX presently has a consensus rating of “Moderate Buy” and an average price target of $238.78.

IDEX Stock Up 0.4 %

Shares of NYSE:IEX opened at $227.04 on Thursday. The company has a market cap of $17.18 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 2.27 and a beta of 0.97. The firm’s 50-day simple moving average is $236.41 and its 200-day simple moving average is $216.02. The company has a quick ratio of 2.05, a current ratio of 2.89 and a debt-to-equity ratio of 0.37. IDEX has a fifty-two week low of $183.76 and a fifty-two week high of $246.36.

Hedge Funds Weigh In On IDEX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IEX. Morgan Stanley raised its position in IDEX by 274.1% during the fourth quarter. Morgan Stanley now owns 2,151,334 shares of the industrial products company’s stock worth $491,214,000 after acquiring an additional 1,576,263 shares during the last quarter. Norges Bank purchased a new stake in shares of IDEX during the fourth quarter worth about $237,425,000. Price T Rowe Associates Inc. MD grew its holdings in shares of IDEX by 12.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,409,706 shares of the industrial products company’s stock worth $1,608,722,000 after buying an additional 833,772 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in shares of IDEX by 420.8% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock worth $169,600,000 after buying an additional 631,172 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in shares of IDEX by 4,080.8% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 313,725 shares of the industrial products company’s stock worth $68,113,000 after buying an additional 306,221 shares in the last quarter. Institutional investors and hedge funds own 97.96% of the company’s stock.

About IDEX

IDEX Corporation, together with its subsidiaries, provides applied solutions 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, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.