Rosenblatt Securities assumed coverage on shares of IDEX (NYSE:IEX) in a report issued on Thursday, The Fly reports. The firm issued a buy rating and a $185.00 price objective on the industrial products company’s stock.
IEX has been the topic of several other research reports. Stifel Nicolaus boosted their price objective on IDEX from $157.00 to $162.00 and gave the stock a hold rating in a research report on Monday, July 29th. Citigroup began coverage on IDEX in a research report on Monday, September 30th. They issued a neutral rating and a $175.00 price objective on the stock. ValuEngine cut IDEX from a buy rating to a hold rating in a research report on Tuesday, October 1st. Finally, Wells Fargo & Co cut their price objective on IDEX from $200.00 to $190.00 and set an outperform rating on the stock in a research report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $174.14.
IDEX stock traded down $0.76 during trading on Thursday, hitting $159.62. 211,681 shares of the company were exchanged, compared to its average volume of 464,973. The business’s 50 day moving average is $159.81 and its 200 day moving average is $161.59. IDEX has a 52 week low of $117.72 and a 52 week high of $173.84. The company has a market capitalization of $12.21 billion, a P/E ratio of 29.50, a PEG ratio of 2.76 and a beta of 1.21. The company has a current ratio of 3.21, a quick ratio of 2.39 and a debt-to-equity ratio of 0.39.
IDEX (NYSE:IEX) last announced its quarterly 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. IDEX had a return on equity of 21.28% and a net margin of 17.05%. The business had revenue of $624.20 million during the quarter, compared to the consensus estimate of $641.66 million. During the same quarter in the prior year, the company posted $1.41 earnings per share. IDEX’s revenue was up .2% compared to the same quarter last year. Equities analysts expect that IDEX will post 5.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were given a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.25%. IDEX’s dividend payout ratio is presently 36.97%.
In other news, Director William M. Cook sold 4,080 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $161.93, for a total transaction of $660,674.40. Following the transaction, the director now owns 22,308 shares of the company’s stock, valued at approximately $3,612,334.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric D. Ashleman sold 2,922 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $165.75, for a total value of $484,321.50. Following the transaction, the chief operating officer now directly owns 22,453 shares in the company, valued at approximately $3,721,584.75. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of IDEX by 2.0% during the 2nd quarter. BlackRock Inc. now owns 8,206,026 shares of the industrial products company’s stock valued at $1,412,586,000 after buying an additional 157,873 shares during the last quarter. Atlanta Capital Management Co. L L C lifted its position in shares of IDEX by 1.0% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 1,956,871 shares of the industrial products company’s stock valued at $336,856,000 after buying an additional 19,000 shares during the last quarter. Invesco Ltd. lifted its position in shares of IDEX by 69.3% during the 2nd quarter. Invesco Ltd. now owns 1,469,664 shares of the industrial products company’s stock valued at $252,989,000 after buying an additional 601,539 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in IDEX by 1.0% during the 2nd quarter. Impax Asset Management Group plc now owns 1,360,284 shares of the industrial products company’s stock worth $234,159,000 after purchasing an additional 12,822 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in IDEX by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 959,823 shares of the industrial products company’s stock worth $165,223,000 after purchasing an additional 7,988 shares in the last quarter. 95.25% of the stock is currently owned by hedge funds and other institutional investors.
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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