IDEX Corporation (IEX) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

IDEX Corporation (NYSE:IEX) announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.02, Bloomberg Earnings reports. The company had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a net margin of 13.12% and a return on equity of 19.01%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.99 earnings per share. IDEX Corporation updated its Q3 guidance to $1.04-1.06 EPS and its FY17 guidance to $4.18-4.23 EPS.

Shares of IDEX Corporation (NYSE:IEX) traded up 0.44% during midday trading on Friday, hitting $116.22. The company had a trading volume of 109,778 shares. The stock’s 50-day moving average price is $113.58 and its 200-day moving average price is $101.46. IDEX Corporation has a 12 month low of $82.05 and a 12 month high of $118.08. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 31.15 and a beta of 1.20.

The business also recently declared a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Friday, July 14th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend was Wednesday, July 12th. IDEX Corporation’s dividend payout ratio is presently 39.68%.

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In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total transaction of $5,750,000.00. Following the completion of the transaction, the chairman now directly owns 142,114 shares in the company, valued at approximately $16,343,110. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.00% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of IDEX Corporation by 7,037.4% in the first quarter. BlackRock Inc. now owns 6,425,051 shares of the industrial products company’s stock worth $600,808,000 after buying an additional 6,335,032 shares during the last quarter. Vanguard Group Inc. boosted its position in IDEX Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 6,246,396 shares of the industrial products company’s stock valued at $584,099,000 after buying an additional 327,970 shares during the last quarter. Wellington Management Group LLP boosted its position in IDEX Corporation by 1.4% in the first quarter. Wellington Management Group LLP now owns 2,830,339 shares of the industrial products company’s stock valued at $264,665,000 after buying an additional 39,295 shares during the last quarter. State Street Corp boosted its position in IDEX Corporation by 3.1% in the first quarter. State Street Corp now owns 1,986,385 shares of the industrial products company’s stock valued at $185,741,000 after buying an additional 59,393 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its position in IDEX Corporation by 52.8% in the first quarter. Clearbridge Investments LLC now owns 1,326,704 shares of the industrial products company’s stock valued at $124,060,000 after buying an additional 458,726 shares during the last quarter. Hedge funds and other institutional investors own 98.73% of the company’s stock.

IEX has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of IDEX Corporation from a “hold” rating to a “buy” rating and set a $117.00 price target on the stock in a research note on Wednesday, May 10th. Robert W. Baird reiterated a “buy” rating and issued a $104.00 price target on shares of IDEX Corporation in a research note on Friday, April 21st. BidaskClub upgraded shares of IDEX Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. BMO Capital Markets reiterated a “hold” rating and issued a $104.00 price target on shares of IDEX Corporation in a research note on Friday, April 21st. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $79.00 price target on shares of IDEX Corporation in a research note on Wednesday, April 12th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $103.50.

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).