IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.15-$8.45 for the period, compared to the consensus estimate of $8.33. IDEX also updated its Q2 guidance to $2.00-$2.05 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IEX shares. Stifel Nicolaus raised 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. Royal Bank of Canada reissued an outperform rating and issued a $255.00 price objective on shares of IDEX in a research note on Thursday, March 21st. 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, April 18th. StockNews.com raised shares of IDEX from a hold rating to a buy rating in a research note on Tuesday, April 16th. Finally, Citigroup raised their target price on shares of IDEX from $254.00 to $277.00 and gave the company a buy rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, IDEX has an average rating of Moderate Buy and an average target price of $238.78.

IDEX Stock Performance

NYSE:IEX traded up $2.38 during mid-day trading on Tuesday, reaching $232.27. The stock had a trading volume of 381,827 shares, compared to its average volume of 376,136. The firm has a market capitalization of $17.58 billion, a price-to-earnings ratio of 29.74, a PEG ratio of 2.27 and a beta of 0.97. The business has a 50 day simple moving average of $236.47 and a 200 day simple moving average of $216.31. IDEX has a twelve month low of $183.76 and a twelve month high of $246.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.05 and a current ratio of 2.89.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.78 by $0.05. The business had revenue of $788.90 million during the quarter, compared to analysts’ expectations of $767.96 million. IDEX had a return on equity of 18.56% and a net margin of 18.21%. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $2.01 EPS. On average, analysts expect that IDEX will post 8.34 earnings per share for the current fiscal year.

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.