IDEX Corporation’s (IEX) Buy Rating Reaffirmed at Robert W. Baird
Robert W. Baird restated their buy rating on shares of IDEX Corporation (NYSE:IEX) in a research note released on Wednesday. The firm currently has a $129.00 price objective on the industrial products company’s stock.
A number of other analysts have also recently commented on IEX. BidaskClub upgraded IDEX Corporation from a buy rating to a strong-buy rating in a research report on Tuesday, June 20th. Seaport Global Securities restated a neutral rating on shares of IDEX Corporation in a research report on Wednesday, June 21st. Cowen and Company boosted their price objective on IDEX Corporation from $80.00 to $95.00 and gave the company a market perform rating in a research report on Wednesday, July 5th. Zacks Investment Research upgraded IDEX Corporation from a hold rating to a buy rating and set a $128.00 price objective for the company in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada restated a sector perform rating and issued a $115.00 price objective (up from $109.00) on shares of IDEX Corporation in a research report on Thursday, July 27th. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $111.88.
IDEX Corporation (NYSE:IEX) traded down 0.47% on Wednesday, reaching $123.75. The company’s stock had a trading volume of 186,549 shares. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 33.17 and a beta of 1.19. IDEX Corporation has a 12-month low of $82.05 and a 12-month high of $125.42. The firm has a 50-day moving average of $119.22 and a 200 day moving average of $109.84.
IDEX Corporation (NYSE:IEX) last posted 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. The business had revenue of $573.40 million during the quarter, compared to analysts’ expectations of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 earnings per share. On average, equities research analysts anticipate that IDEX Corporation will post $4.23 EPS for the current fiscal year.
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The company also recently declared 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. This represents a $1.48 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, October 13th. IDEX Corporation’s payout ratio is 39.68%.
In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s 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 completion of the sale, the chairman now directly owns 142,114 shares in the company, valued at $16,343,110. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jeffrey D. Bucklew sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $116.79, for a total value of $467,160.00. Following the sale, the senior vice president now 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 quarter. 1.00% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of IEX. Toronto Dominion Bank purchased a new stake in shares of IDEX Corporation during the second quarter worth approximately $106,000. Strs Ohio acquired a new position in IDEX Corporation during the second quarter worth $112,000. Acrospire Investment Management LLC boosted its stake 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 buying an additional 1,000 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in IDEX Corporation during the second quarter worth $134,000. Finally, IHT Wealth Management LLC boosted its stake 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 buying an additional 380 shares during the last quarter. Hedge funds and other institutional investors 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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