IDEX Co. Plans Quarterly Dividend of $0.50 (NYSE:IEX)
IDEX Co. (NYSE:IEX) declared a quarterly dividend on Tuesday, June 18th, RTT News reports. Stockholders of record on Tuesday, July 16th will be given a dividend of 0.50 per share by the industrial products company on Wednesday, July 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Monday, July 15th.
IDEX has raised its dividend payment by an average of 10.2% per year over the last three years and has increased its dividend annually for the last 9 consecutive years. IDEX has a payout ratio of 37.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect IDEX to earn $6.15 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 32.5%.
IEX stock opened at $170.83 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.45 and a current ratio of 3.33. The firm has a market cap of $12.93 billion, a price-to-earnings ratio of 30.72, a P/E/G ratio of 2.94 and a beta of 1.24. IDEX has a 12-month low of $117.72 and a 12-month high of $173.84. The firm’s 50 day moving average price is $163.07.
Several equities research analysts recently issued reports on IEX shares. Stifel Nicolaus raised QUALCOMM from a “hold” rating to a “buy” rating and upped their price target for the company from $57.00 to $100.00 in a research report on Tuesday, April 16th. Berenberg Bank reissued a “buy” rating and set a GBX 150 ($1.96) price target on shares of Tharisa in a research report on Wednesday, May 15th. Janney Montgomery Scott lowered Xylem from a “buy” rating to a “neutral” rating in a research report on Friday, March 29th. DA Davidson reissued a “neutral” rating on shares of IDEX in a research report on Friday, April 26th. Finally, Oppenheimer dropped their price target on 2U from $83.00 to $67.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 8th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. IDEX currently has a consensus rating of “Hold” and a consensus price target of $154.00.
In other IDEX news, Chairman Andrew K. Silvernail sold 81,120 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $155.11, for a total value of $12,582,523.20. Following the sale, the chairman now directly owns 173,947 shares of the company’s stock, valued at $26,980,919.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael J. Yates sold 15,178 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $156.97, for a total value of $2,382,490.66. Following the completion of the sale, the vice president now directly owns 38,590 shares in the company, valued at $6,057,472.30. The disclosure for this sale can be found here. Insiders sold 103,423 shares of company stock worth $16,055,566 over the last ninety days. 1.20% of the stock is owned by corporate insiders.
IDEX Company Profile
IDEX Corporation, through its subsidiaries, operates as an applied solutions company worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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