IDEX Corporation (NYSE:IEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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 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. With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the United States and international markets. In addition, the company is susceptible to volatility in raw material prices and availability that affects its cash flow and restricts its growth momentum to some extent.”
Several other equities research analysts also recently commented on IEX. BMO Capital Markets reiterated a “hold” rating and issued a $104.00 price objective on shares of IDEX Corporation in a report on Wednesday, May 24th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of IDEX Corporation in a report on Wednesday, May 24th. Stifel Nicolaus reiterated a “hold” rating and issued a $100.00 price objective on shares of IDEX Corporation in a report on Friday, May 26th. BidaskClub upgraded IDEX Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of IDEX Corporation in a report on Wednesday, June 21st. Eleven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. IDEX Corporation has an average rating of “Hold” and an average price target of $108.25.
IDEX Corporation (NYSE:IEX) traded up 0.785% during trading on Monday, reaching $122.545. 66,473 shares of the company traded hands. IDEX Corporation has a 52 week low of $82.05 and a 52 week high of $122.83. The company’s 50-day moving average price is $116.42 and its 200 day moving average price is $106.95. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of 32.845 and a beta of 1.19.
IDEX Corporation (NYSE:IEX) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, topping the 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 company had revenue of $573.40 million during the quarter, compared to the consensus estimate of $568.43 million. During the same period last year, the company earned $0.99 EPS. IDEX Corporation’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts expect that IDEX Corporation will post $4.23 EPS for the current year.
In other IDEX Corporation news, SVP Jeffrey D. Bucklew sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $116.79, for a total transaction of $467,160.00. Following the completion of the sale, the senior vice president now directly owns 6,726 shares in the company, valued at approximately $785,529.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the senior vice president now owns 33,762 shares of the company’s stock, valued at $3,894,109.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,000 shares of company stock valued at $6,909,200. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank purchased a new position in shares of IDEX Corporation during the 2nd quarter valued at about $106,000. Cookson Peirce & Co. Inc. lifted its position in shares of 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 buying an additional 2,620 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of 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 buying an additional 451 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of IDEX Corporation during the 2nd quarter valued at about $464,000. Finally, Grandeur Peak Global Advisors LLC lifted its position in shares of 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 buying an additional 5,700 shares in the last quarter. Institutional investors and hedge funds own 98.50% 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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