Zacks Investment Research upgraded shares of IDEX Corporation (NYSE:IEX) from a hold rating to a buy rating in a research note issued to investors on Friday. The brokerage currently has $135.00 price target on the industrial products company’s stock.
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. IDEX has historically generated a healthy cash flow that allows management the opportunity to invest in product innovations, acquisitions and business development. 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.”
A number of other research firms have also recently weighed in on IEX. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of IDEX Corporation in a report on Wednesday, May 24th. Stifel Nicolaus reaffirmed a hold rating and issued a $120.00 price objective on shares of IDEX Corporation in a report on Sunday, September 3rd. BMO Capital Markets reaffirmed a hold rating and issued a $110.00 price objective on shares of IDEX Corporation in a report on Friday, July 28th. Seaport Global Securities reaffirmed a neutral rating on shares of IDEX Corporation in a report on Wednesday, June 21st. Finally, Cowen and Company lifted their price objective on shares of IDEX Corporation from $80.00 to $95.00 and gave the company a market perform rating in a report on Wednesday, July 5th. Eleven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. IDEX Corporation has an average rating of Hold and a consensus price target of $108.25.
IDEX Corporation (NYSE IEX) opened at 123.50 on Friday. The company has a market cap of $9.44 billion, a P/E ratio of 33.10 and a beta of 1.19. IDEX Corporation has a one year low of $82.05 and a one year high of $123.70. The company has a 50-day moving average of $116.61 and a 200 day moving average of $107.34.
IDEX Corporation (NYSE:IEX) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share for the quarter, beating 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 company had revenue of $573.40 million during the quarter, compared to analysts’ expectations of $568.43 million. During the same quarter in the previous year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts anticipate that IDEX Corporation will post $4.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Monday, October 16th will be given a $0.37 dividend. The ex-dividend date is Friday, October 13th. This represents a $1.48 annualized dividend and a dividend yield of 1.20%. IDEX Corporation’s dividend payout ratio (DPR) is 39.68%.
In other news, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $5,750,000.00. Following the sale, the chairman now owns 142,114 shares in the company, valued at $16,343,110. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Daniel J. Salliotte sold 6,000 shares of IDEX Corporation 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 completion of the sale, the senior vice president now owns 33,762 shares in the company, valued at approximately $3,894,109.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,000 shares of company stock worth $6,909,200. Company insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in IEX. IHT Wealth Management LLC boosted its position in IDEX Corporation by 258.5% during the second quarter. IHT Wealth Management LLC now owns 527 shares of the industrial products company’s stock worth $165,000 after acquiring an additional 380 shares during the last quarter. Toronto Dominion Bank acquired a new position in IDEX Corporation during the second quarter worth about $106,000. Strs Ohio acquired a new position in IDEX Corporation during the second quarter worth about $112,000. Acrospire Investment Management LLC boosted its position in IDEX Corporation by 1,000.0% during the second quarter. Acrospire Investment Management LLC now owns 1,100 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. acquired a new position in IDEX Corporation during the second quarter worth about $134,000. Institutional investors and hedge funds own 98.50% of the company’s stock.
About IDEX Corporation
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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