IDEX Corporation (NYSE:IEX) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of IDEX Corporation (NYSE:IEX) from a hold rating to a buy rating in a report published on Friday. The firm currently has $129.00 target price on the industrial products company’s stock.
According to Zacks, “IDEX reported solid second-quarter 2017 results, driven by healthy year-over-year increase in earnings and revenues that also beat the respective Zacks Consensus Estimates. With a flexible yet disciplined focus on cost and productivity, the company expects to successfully tap newer markets to continuously boost its revenue. IDEX further intends to optimize its cost structure, increase competitiveness and reallocate resources to improve margins. IDEX generated solid order levels and witnessed significantly higher demand in the North American industrial markets with a marked improvement in larger capital projects. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. IDEX outperformed the industry year to date. However, IDEX’s performance is exposed to the frailties in the U.S. and international markets, while its acquisition spree often becomes a drag on the profitability.”
IEX has been the topic of several other reports. BidaskClub upgraded IDEX Corporation from a buy rating to a strong-buy rating in a research note on Tuesday, June 20th. Robert W. Baird reiterated a buy rating and issued a $104.00 target price on shares of IDEX Corporation in a research note on Friday, April 21st. BMO Capital Markets reiterated a hold rating and issued a $104.00 target price on shares of IDEX Corporation in a research note on Friday, April 21st. Jefferies Group LLC reiterated a hold rating and issued a $79.00 target price on shares of IDEX Corporation in a research note on Wednesday, April 12th. Finally, Royal Bank Of Canada reiterated a hold rating and issued a $99.00 target price on shares of IDEX Corporation in a research note on Tuesday, April 11th. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. IDEX Corporation presently has an average rating of Hold and an average price target of $103.50.
IDEX Corporation (NYSE IEX) traded up 0.03% during mid-day trading on Friday, reaching $116.57. 54,749 shares of the company traded hands. The firm’s 50-day moving average is $113.46 and its 200 day moving average is $101.28. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $118.08. The stock has a market capitalization of $8.91 billion, a PE ratio of 31.24 and a beta of 1.19.
IDEX Corporation (NYSE:IEX) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $568.43 million. During the same period last year, the business posted $0.99 earnings per share. The firm’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 $4.20 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Friday, July 14th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date was Wednesday, July 12th. IDEX Corporation’s payout ratio is currently 39.68%.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction dated 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 directly owns 142,114 shares of the company’s stock, valued at $16,343,110. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in IDEX Corporation by 7,037.4% in the first quarter. BlackRock Inc. now owns 6,425,051 shares of the industrial products company’s stock worth $600,808,000 after buying an additional 6,335,032 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of 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 buying an additional 458,726 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 327,970 shares in the last quarter. Impax Asset Management LTD boosted its position in shares of IDEX Corporation by 19.4% in the first quarter. Impax Asset Management LTD now owns 853,006 shares of the industrial products company’s stock worth $79,765,000 after buying an additional 138,374 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of IDEX Corporation by 14.1% in the second quarter. Bessemer Group Inc. now owns 835,342 shares of the industrial products company’s stock worth $94,403,000 after buying an additional 103,201 shares in the last quarter. 98.73% of the stock is currently owned by hedge funds and other institutional investors.
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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