Jefferies Group LLC restated their hold rating on shares of IDEX Corporation (NYSE:IEX) in a research report released on Friday, August 4th. The firm currently has a $91.00 target price on the industrial products company’s stock.
Several other research firms have also recently issued reports on IEX. Zacks Investment Research cut IDEX Corporation from a buy rating to a hold rating in a report on Monday, May 22nd. Royal Bank Of Canada restated a hold rating and set a $99.00 target price on shares of IDEX Corporation in a report on Tuesday, April 11th. Oppenheimer Holdings, Inc. restated a hold rating on shares of IDEX Corporation in a report on Wednesday, May 24th. BMO Capital Markets restated a hold rating and set a $110.00 target price on shares of IDEX Corporation in a report on Friday, July 28th. Finally, Seaport Global Securities reiterated a neutral rating on shares of IDEX Corporation in a report on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $105.00.
Shares of IDEX Corporation (NYSE:IEX) traded up 0.37% during midday trading on Friday, hitting $115.18. 164,445 shares of the company’s stock were exchanged. IDEX Corporation has a 1-year low of $82.05 and a 1-year high of $118.08. The stock’s 50 day moving average is $114.31 and its 200-day moving average is $102.94. The stock has a market cap of $8.80 billion, a PE ratio of 30.87 and a beta of 1.20.
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, beating the Zacks’ consensus estimate of $1.06 by $0.02. The company had revenue of $573.40 million during the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.99 earnings per share. Analysts predict that IDEX Corporation will post $4.22 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Friday, July 14th were paid a dividend of $0.37 per share. The ex-dividend date was Wednesday, July 12th. This represents a $1.48 annualized dividend and a dividend yield of 1.28%. IDEX Corporation’s dividend payout ratio is currently 39.68%.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s stock in a transaction on 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 sale, the chairman now directly owns 142,114 shares in the company, valued at approximately $16,343,110. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in IDEX Corporation by 8.8% in the second quarter. BlackRock Inc. now owns 6,993,420 shares of the industrial products company’s stock worth $790,326,000 after buying an additional 568,369 shares during the last quarter. Vanguard Group Inc. boosted its position in IDEX Corporation by 2.1% in the second quarter. Vanguard Group Inc. now owns 6,380,482 shares of the industrial products company’s stock worth $721,058,000 after buying an additional 134,086 shares during the period. Capital World Investors boosted its position in IDEX Corporation by 0.4% in the second quarter. Capital World Investors now owns 5,989,771 shares of the industrial products company’s stock worth $676,904,000 after buying an additional 24,401 shares during the period. 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 worth $264,665,000 after buying an additional 39,295 shares during the period. Finally, State Street Corp boosted its position in IDEX Corporation by 20.6% in the second quarter. State Street Corp now owns 2,396,039 shares of the industrial products company’s stock worth $270,781,000 after buying an additional 409,654 shares during the period. Hedge funds and other institutional investors own 98.67% 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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