IDEX Corporation (IEX) Upgraded to Buy at Zacks Investment Research

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 Thursday. The brokerage currently has $138.00 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 is currently striving to expand its businesses in the emerging markets by focusing on organic growth. The company has historically generated a healthy cash flow that allows management the opportunity to invest in product innovations, acquisitions and business development. IDEX outperformed the industry year to date. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. 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 analysts have also recently commented on IEX. BMO Capital Markets reaffirmed a hold rating and set a $104.00 price target on shares of IDEX Corporation in a research report on Wednesday, May 24th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of IDEX Corporation in a research report on Wednesday, May 24th. Stifel Nicolaus reaffirmed a hold rating and set a $100.00 price target on shares of IDEX Corporation in a research report on Friday, May 26th. BidaskClub raised IDEX Corporation from a buy rating to a strong-buy rating in a research report on Tuesday, June 20th. Finally, Seaport Global Securities reaffirmed a neutral rating on shares of IDEX Corporation in a research report on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the company. IDEX Corporation presently has an average rating of Hold and a consensus target price of $108.63.

IDEX Corporation (NYSE:IEX) opened at 123.12 on Thursday. The firm has a 50-day moving average price of $116.81 and a 200-day moving average price of $107.55. The company has a market cap of $9.41 billion, a P/E ratio of 33.00 and a beta of 1.19. IDEX Corporation has a 12-month low of $82.05 and a 12-month high of $124.11.

IDEX Corporation (NYSE:IEX) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.02. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The firm had revenue of $573.40 million for the quarter, compared to the consensus estimate of $568.43 million. During the same period in the previous year, the business earned $0.99 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts forecast that IDEX Corporation will post $4.23 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Monday, October 16th will be issued 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 presently 39.68%.

In other news, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $5,750,000.00. Following the completion of the transaction, the chairman now owns 142,114 shares of the company’s stock, valued at approximately $16,343,110. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Daniel J. Salliotte sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $115.34, for a total value of $692,040.00. Following the completion of the transaction, the senior vice president now directly owns 33,762 shares of the company’s stock, valued at approximately $3,894,109.08. The disclosure for this sale can be found here. In the last three months, insiders sold 60,000 shares of company stock valued at $6,909,200. Insiders own 1.00% of the company’s stock.

Several hedge funds have recently modified their holdings of IEX. US Bancorp DE lifted its holdings in shares of IDEX Corporation by 1.4% in the 1st quarter. US Bancorp DE now owns 2,646 shares of the industrial products company’s stock valued at $247,000 after buying an additional 37 shares during the period. World Asset Management Inc lifted its holdings in shares of IDEX Corporation by 14.4% in the 1st quarter. World Asset Management Inc now owns 5,611 shares of the industrial products company’s stock valued at $525,000 after buying an additional 708 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of IDEX Corporation by 5.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 81,522 shares of the industrial products company’s stock valued at $7,623,000 after buying an additional 4,432 shares during the period. Karp Capital Management Corp acquired a new position in shares of IDEX Corporation in the 1st quarter valued at about $2,637,000. Finally, Eagle Asset Management Inc. lifted its holdings in shares of IDEX Corporation by 66.3% in the 1st quarter. Eagle Asset Management Inc. now owns 14,929 shares of the industrial products company’s stock valued at $1,396,000 after buying an additional 5,950 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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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