IDEX Co. (IEX) to Issue Quarterly Dividend of $0.69 on January 31st

IDEX Co. (NYSE:IEX) announced a quarterly dividend on Wednesday, November 13th,RTT News reports. Stockholders of record on Friday, January 17th will be paid a dividend of 0.69 per share by the industrial products company on Friday, January 31st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Friday, January 17th.

IDEX has raised its dividend payment by an average of 8.0% annually over the last three years and has raised its dividend every year for the last 15 years. IDEX has a payout ratio of 32.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect IDEX to earn $8.50 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 32.5%.

IDEX Stock Down 0.7 %

IEX stock opened at $229.39 on Friday. The stock has a market capitalization of $17.37 billion, a PE ratio of 35.51, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96. IDEX has a 52 week low of $189.51 and a 52 week high of $246.36. The company has a quick ratio of 2.11, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average of $211.55 and a 200 day moving average of $207.74.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.01. The firm had revenue of $798.20 million for the quarter, compared to analyst estimates of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.12 earnings per share. Sell-side analysts forecast that IDEX will post 7.88 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IEX shares. Stifel Nicolaus upped their target price on IDEX from $232.00 to $244.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird cut their price objective on shares of IDEX from $245.00 to $241.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Oppenheimer decreased their target price on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. TD Cowen cut their price target on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada boosted their price objective on IDEX from $236.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, IDEX has an average rating of “Moderate Buy” and a consensus target price of $241.14.

IDEX Company Profile

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.