IDEX Corporation (IEX) Lifted 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 report report published on Thursday morning. They currently have $139.00 target price 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. Strategic acquisitions further expand its geographic reach, fill technology gaps and strengthen foothold in the existing markets while expanding its product lines. With diligent execution of operational plans, 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 equities research analysts have also recently commented on IEX. Robert W. Baird reissued a buy rating and issued a $129.00 price objective on shares of IDEX Corporation in a research note on Wednesday. Jefferies Group LLC reissued a hold rating and issued a $91.00 price objective on shares of IDEX Corporation in a research note on Friday, August 4th. BidaskClub cut IDEX Corporation from a buy rating to a hold rating in a research note on Saturday, August 12th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of IDEX Corporation in a research note on Thursday, September 21st. Finally, BMO Capital Markets reissued a hold rating and issued a $110.00 price objective on shares of IDEX Corporation in a research note on Friday, July 28th. Ten investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. IDEX Corporation currently has a consensus rating of Hold and a consensus price target of $111.88.
IDEX Corporation (NYSE IEX) traded up 0.11% during midday trading on Thursday, reaching $123.88. The company’s stock had a trading volume of 301,949 shares. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $125.42. The firm has a market cap of $9.47 billion, a P/E ratio of 33.20 and a beta of 1.19. The firm has a 50 day moving average of $119.72 and a 200 day moving average of $110.17.
IDEX Corporation (NYSE:IEX) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $568.43 million. During the same quarter last year, the firm posted $0.99 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts anticipate that IDEX Corporation will post $4.23 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Monday, October 16th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, October 13th. This represents a $1.48 annualized dividend and a dividend yield of 1.19%. IDEX Corporation’s payout ratio is 39.68%.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction that occurred 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 transaction, the chairman now owns 142,114 shares of the company’s stock, valued at $16,343,110. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Daniel J. Salliotte sold 6,000 shares of IDEX Corporation stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $115.34, for a total value of $692,040.00. Following the transaction, the senior vice president now directly owns 33,762 shares in the company, valued at approximately $3,894,109.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,000 shares of company stock worth $6,909,200. 1.00% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank bought a new stake in IDEX Corporation during the second quarter worth $106,000. Strs Ohio bought a new stake in IDEX Corporation during the second quarter worth $112,000. Acrospire Investment Management LLC lifted its holdings in IDEX Corporation by 1,000.0% during the second quarter. Acrospire Investment Management LLC now owns 1,100 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 1,000 shares during the period. Robeco Institutional Asset Management B.V. bought a new stake in IDEX Corporation during the second quarter worth $134,000. Finally, IHT Wealth Management LLC lifted its holdings in IDEX Corporation by 258.5% during the second quarter. IHT Wealth Management LLC now owns 527 shares of the industrial products company’s stock worth $165,000 after acquiring an additional 380 shares during the period. Institutional investors and hedge funds own 98.50% 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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