IDEX Corporation (IEX) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of IDEX Corporation (NYSE:IEX) from a buy rating to a hold rating in a report published on Monday.

According to Zacks, “With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to boost its revenue. The company intends to optimize its cost structure, increase competitiveness and reallocate resources to improve profitability. IDEX further aims to increase its market exposure and improve sales mix by continually developing new products. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. IDEX outperformed the industry year to date. However, huge recurring R&D expenses increase operating costs and reduce price control over products, which often result in the loss of market share, poor sales and lower operating margins. IDEX’s performance is also exposed to the adverse impact of macroeconomic cycles in the United States and international markets. In addition, acquisitions entail huge integration costs which often become a drag on the profitability.”

A number of other equities research analysts have also commented on the stock. BMO Capital Markets reissued a hold rating and set a $110.00 price objective on shares of IDEX Corporation in a report on Wednesday, September 6th. Stifel Nicolaus reissued a hold rating and set a $120.00 price objective on shares of IDEX Corporation in a report on Sunday, September 3rd. BidaskClub lowered shares of IDEX Corporation from a buy rating to a hold rating in a report on Saturday, August 12th. Jefferies Group LLC reissued a hold rating and set a $91.00 price objective on shares of IDEX Corporation in a report on Friday, August 4th. Finally, Royal Bank Of Canada reissued a sector perform rating and set a $115.00 price objective (up previously from $109.00) on shares of IDEX Corporation in a report on Thursday, July 27th. Eleven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $107.25.

Shares of IDEX Corporation (NYSE:IEX) opened at 120.75 on Monday. The company has a market capitalization of $9.23 billion, a P/E ratio of 32.36 and a beta of 1.19. The firm’s 50 day moving average is $116.24 and its 200-day moving average is $106.75. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $122.22.

IDEX Corporation (NYSE:IEX) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. IDEX Corporation had a net margin of 13.12% and a return on equity of 19.01%. The firm had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. During the same quarter in the prior year, the firm earned $0.99 EPS. The company’s revenue was up 4.3% on a year-over-year basis. Equities research analysts anticipate that IDEX Corporation will post $4.23 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Monday, October 16th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.23%. IDEX Corporation’s payout ratio is presently 39.68%.

In other IDEX Corporation news, SVP Daniel J. Salliotte sold 6,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $115.34, for a total transaction of $692,040.00. Following the transaction, the senior vice president now directly owns 33,762 shares in the company, valued at approximately $3,894,109.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jeffrey D. Bucklew sold 4,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $116.79, for a total transaction of $467,160.00. Following the transaction, the senior vice president now owns 6,726 shares in the company, valued at $785,529.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,000 shares of company stock worth $6,909,200. Corporate insiders own 1.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank acquired a new position in IDEX Corporation during the 2nd quarter valued at about $106,000. Cookson Peirce & Co. Inc. lifted its position in IDEX Corporation by 2.4% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 112,615 shares of the industrial products company’s stock valued at $12,727,000 after purchasing an additional 2,620 shares during the period. Advisory Services Network LLC lifted its position in IDEX Corporation by 16.7% during the 2nd quarter. Advisory Services Network LLC now owns 3,153 shares of the industrial products company’s stock valued at $356,000 after purchasing an additional 451 shares during the period. Verition Fund Management LLC acquired a new position in IDEX Corporation during the 2nd quarter valued at about $464,000. Finally, Grandeur Peak Global Advisors LLC lifted its position in IDEX Corporation by 10.3% during the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 60,975 shares of the industrial products company’s stock valued at $6,891,000 after purchasing an additional 5,700 shares during the period. Institutional investors own 99.13% of the company’s stock.

IDEX Corporation Company Profile

IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST) and Fire & Safety/Diversified Products (FSDP).

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