IDEX Corporation’s (IEX) “Buy” Rating Reaffirmed at Robert W. Baird
IEX has been the topic of several other reports. Zacks Investment Research upgraded shares of IDEX Corporation from a hold rating to a buy rating and set a $138.00 price objective on the stock in a research report on Thursday, September 21st. Stifel Nicolaus restated a hold rating and set a $120.00 price objective on shares of IDEX Corporation in a research report on Sunday, September 3rd. Cowen and Company restated a hold rating and set a $95.00 price objective on shares of IDEX Corporation in a research report on Friday, October 6th. Finally, SunTrust Banks, Inc. restated a hold rating and set a $118.00 price objective on shares of IDEX Corporation in a research report on Tuesday. They noted that the move was a valuation call. Eleven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. IDEX Corporation presently has a consensus rating of Hold and an average price target of $113.78.
IDEX Corporation (NYSE IEX) traded up 0.91% on Friday, hitting $125.77. 266,431 shares of the stock were exchanged. The company has a 50-day moving average of $122.46 and a 200 day moving average of $112.47. IDEX Corporation has a 12 month low of $84.62 and a 12 month high of $125.80. The firm has a market cap of $9.60 billion, a P/E ratio of 32.24 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 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.02. The firm had revenue of $574.50 million for the quarter, compared to the consensus estimate of $563.23 million. IDEX Corporation had a net margin of 13.48% and a return on equity of 19.07%. The company’s revenue was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. Equities research analysts expect that IDEX Corporation will post $4.26 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 paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.48 annualized dividend and a yield of 1.18%. IDEX Corporation’s payout ratio is 37.95%.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the firm’s stock in a transaction 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 completion of 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jeffrey D. Bucklew sold 4,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $116.79, for a total transaction of $467,160.00. Following the transaction, the senior vice president now directly owns 6,726 shares of the company’s stock, valued at $785,529.54. The disclosure for this sale can be found here. Insiders have sold 60,000 shares of company stock valued at $6,909,200 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. grew its stake in IDEX Corporation by 468.9% during the second quarter. Prudential Financial Inc. now owns 368,154 shares of the industrial products company’s stock valued at $41,605,000 after acquiring an additional 303,440 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in IDEX Corporation by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the industrial products company’s stock valued at $2,249,000 after acquiring an additional 600 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in IDEX Corporation during the second quarter valued at $2,766,000. Nordea Investment Management AB purchased a new position in IDEX Corporation during the second quarter valued at $377,000. Finally, Paloma Partners Management Co grew its stake in shares of IDEX Corporation by 20.3% in the 1st quarter. Paloma Partners Management Co now owns 13,758 shares of the industrial products company’s stock worth $1,286,000 after buying an additional 2,318 shares in the last quarter. 98.49% of the stock is owned by institutional investors.
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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