IDEX Corporation (IEX) Price Target Raised to $126.00 at Royal Bank Of Canada
IDEX Corporation (NYSE:IEX) had its price objective raised by equities research analysts at Royal Bank Of Canada from $124.00 to $126.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “sector perform” rating on the industrial products company’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 1.45% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the stock. BidaskClub cut shares of IDEX Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of IDEX Corporation from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Tuesday, July 11th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $129.00 target price on shares of IDEX Corporation in a research note on Wednesday, October 4th. Eleven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $113.78.
IDEX Corporation (NYSE IEX) opened at 124.20 on Wednesday. IDEX Corporation has a 12 month low of $82.05 and a 12 month high of $125.59. The company has a 50-day moving average of $121.35 and a 200 day moving average of $111.60. The company has a market cap of $9.49 billion, a PE ratio of 33.29 and a beta of 1.19.
IDEX Corporation (NYSE:IEX) last announced its quarterly earnings data on Monday, October 16th. The industrial products company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.02. The business had revenue of $574.50 million for the quarter, compared to analysts’ expectations of $563.23 million. IDEX Corporation had a net margin of 13.48% and a return on equity of 19.58%. The business’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share. On average, equities analysts forecast that IDEX Corporation will post $4.24 earnings per share for the current fiscal year.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were 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 in the company, valued at $16,343,110. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Daniel J. Salliotte sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $115.34, for a total transaction of $692,040.00. Following the transaction, the senior vice president now 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 90 days, insiders have sold 60,000 shares of company stock worth $6,909,200. 1.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IEX. BlackRock Inc. raised its position 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 acquiring an additional 568,369 shares during the period. Clearbridge Investments LLC raised 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 worth $124,060,000 after acquiring an additional 458,726 shares during the period. State Street Corp raised 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 acquiring an additional 409,654 shares during the period. Principal Financial Group Inc. raised its position in IDEX Corporation by 59.5% in the second quarter. Principal Financial Group Inc. now owns 904,398 shares of the industrial products company’s stock worth $102,206,000 after acquiring an additional 337,382 shares during the period. Finally, Vanguard Group Inc. raised 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 worth $584,099,000 after acquiring an additional 327,970 shares during the period. Institutional investors and hedge funds own 98.49% 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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